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Social media can cause digital currency price fluctuations, for better or worse. For instance, the trending news about a big cryptocurrency exchange hack can cause a massive fall in token value. CoinIdol, a world blockchain news outlet, researches how the top 4 social media treat cryptocurrency and blockchain.

Jack Dorsey, the co-founder and CEO of Twitter, has recently revealed that the company has created a special team who will be working on designing a public blockchain platform and open Twitter protocol, calling it “a future” for Twitter.

Twitter seems to be still vulnerable to hacks. A group of cyberattackers under the name ‘John Wick’ have gained access to the account of India’s Prime Minister (PM) Narendra Damodardas Modi and used it to promote a fake cryptocurrency schema.

After the notorious Twitter hack that took place on July 15, 2020, some cryptocurrency exchanges blocked suspicious wallet addresses thus saving their users' funds from thieves.

Research conducted by Southern Methodist University showed that trends on Twitter and Google influence prices of cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).

Google's G suite Twitter account is now the victim of an ongoing Bitcoin (BTC) scam which has been afflicting the social media platform for almost a month, joining firms such as Target, who faced an identical hack early Wednesday, October 14, according to news from TheNextWeb.

Elon Musk, CEO SpaceX and Tesla, asked the creator of Dogecoin, Jackson Palmer, to assist him in fighting the "vexatious" Crypto scammers and swindlers on Twitter in a tweet on September 17.

One of the industry's illest exponents is a permeating, network of scam bots that has rapidly come to trash the space of Twitter. While several social media users have become wanted to the continuous "Ethereum giveaway" scams that decorate the profile of any cryptocurrency industry figure, the puzzle started to spread over into various sectors of the internet. Earlier this summer, Elon Musk notably called out Tue bots, when he made his first cite to Ethereum in the way of a tongue-in-cheek comment about the perturbing Exacters.

Twitter has begun locking every illegal and unverified account that alter their name and identity to Elon Musk in a bullish struggle to fight a rash of crypto scammers.