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Hacking of PM Modi Happened at Bad Time for Indian Crypto Industry

Narendra Modi. Supply: A video screenshot, Youtube/Narendra Modi

An obvious hacking of Indian Prime Minister Narendra Modi’s Twitter account by attackers looking for to rip-off folks into sending cryptocurrency got here at a nasty time for the trade in India, the place the federal government remains to be understanding what its stance on crypto actually is.

The hack, which focused a Twitter account with greater than 2.5 million followers affiliated with the Prime Minister’s private web site, requested followers to donate bitcoin (BTC) and ethereum (ETH) to the Prime Minister’s Nationwide Reduction Fund for COVID-19.

The incident was confirmed by Twitter on Thursday, with the corporate saying in a press assertion that they’re “actively investigating the state of affairs,” whereas including “we aren’t conscious of further accounts being impacted.”

The account in query is totally different from Modi’s major Twitter account, which has greater than 61 million followers.

Twitter customers referred to as out the assault on the social media, apparently sharing screenshots of a number of the tweets that have been printed by the compromised account:

Hacking of PM Modi Happened at Bad Time for Indian Crypto Industry 102
Supply: @Man_Banarasiya, through Twitter.

And regardless of managing to hijack the Twitter account, the hackers didn’t look like very proficient with cryptocurrency, asking followers within the third tweet posted to ship BTC to an ETH handle.

Wanting up each the ETH handle and the BTC handle shared, it appears that evidently the payoff from the hack has additionally been meager, with account balances of lower than USD 1, and just one transaction recorded on every of the addresses.

However though the payoff this time was low, and entry to the account was restored comparatively rapidly, the assault might effectively put bitcoin and crypto extra broadly in a nasty mild in India, the place regulators are nonetheless making an attempt to finalize the nation’s crypto coverage and a doable crypto ban has not been formally dominated out.

Commenting on the present standing of the crypto trade in India earlier this summer season, Jay Hao, CEO of crypto alternate OKEx, which not too long ago launched a peer-to-peer buying and selling platform in India, instructed Cryptonews.com that they don’t consider the federal government will impose an “outright ban on cryptocurrencies.” He added that their impression from Indian companions is that the federal government is now “extra receptive to cryptocurrencies than it was earlier than,” though considerations in regards to the potential for scams stay.

With a inhabitants of greater than 1.three billion folks, a lot of them younger and dealing within the tech sector, India is broadly thought-about a key nation for cryptocurrency adoption. And whereas crypto insurance policies in India stay a much-discussed matter within the cryptoverse, neighborhood members resembling Barry Silbert, CEO of Digital Foreign money Group, has beforehand stated that he believes a ban would have “the alternative of the specified impact on bitcoin consciousness and curiosity within the nation.”

Yesterday’s Twitter hack follows simply two months after the largest hack within the historical past of the social media platform in July, which focused the accounts of a lot of distinguished people, together with folks like Barack Obama, Joe Biden, Elon Musk, Invoice Gates, and plenty of others. The hackers behind that assault additionally requested followers to ship them cryptocurrency, incomes them about 13.14 BTC (price about 150,000 USD as we speak).

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