Economist Peter Schiff’s Hacked Twitter Account Shills GOLD Token

Popular American stock broker Peter Schiff’s Twitter account was hacked earlier today. The hackers used the compromised account to shill a crypto token called GOLD. In the hours following the hack, the culprit managed to fill over 66% of the supply for the GOLD token that they shilled using Schiff’s Twitter handle. 

Peter Schiff’s son Spencer Schiff took to Twitter earlier today to warn his father’s followers about the hack:

Spencer Schiff warned his followers not to click the link that was displayed in the tweets made from his father’s Twitter account. The link likely led to a landing page to extract sensitive user info on the pretext of granting GOLD tokens. Spencer concluded that his father’s account was hacked given that the stockbroker was in London at the time, where the local time was 4 am. 

The shilling started after the hackers behind Schiff Sr.’s account put out a tweet highlighting the ongoing inflation in the U.S. economy and how it had led to new highs for the country’s debt limit. This was followed by a tweet that announced the launch of the GOLD token. The crypto token was advertised as a “groundbreaking cryptocurrency token poised to empower the Web3 community, bridging the worlds of physical and digital currency.”

What came next was a series of tweets, all aimed at promoting the GOLD token among Peter Schiff’s followers in a bid to sell out the token. Within four hours of the initial tweet, the hacker tweeted that 32% of the GOLD token’s supply had been processed. A couple of hours after that, the sold supply had crossed the 66% threshold. The pinned tweet on Schiff’s account read, “$GOLD Taking over the Twitter scene.

The tweets about the GOLD token from Peter Schiff’s hacked Twitter account led to a considerable hike in the price of several crypto tokens with the ticker symbol GOLD. Data from CoinMarketCap shows that the Golden Goose token gained over 33%, while the Meme Gold token gained a whopping 90%.