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The interest in cryptocurrency seems to grow as new people join the community. Compared to other communities, the cryptocurrency ecosystem is a relatively nascent community because the first cryptoasset was launched in January 2009, meaning that it is just over one decade into existence.

Fake news related to cryptocurrency, Coronavirus pandemic, and other fields that spread through social media like Facebook, Google, Twitter etc., are becoming a problem. That is why the European Commission urged the giants to strengthen measures against misinformation.

American online video-sharing platform YouTube has banned the channel of another popular cryptocurrency enthusiast.

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.

On July 31, the architect of the infamous Twitter hack was arrested by the US police. It is a 17-year-old teenager from Florida with a good track record of other scams.

YouTube seems to proceed with its Crypto Purge as another blockchain and cryptocurrency channel was blocked for 3 days citing “promotion of illegal activity”. On the other hand, the platform often allows cryptocurrency scams, demonstrating that its security policy has a breach.

Twitter attackers have been laundering stolen funds via gambling websites and peer-to-peer marketplaces, leaving a handle that links them to one of North Korea’s hacker groups.

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.

As the community was astounded by the bold hack of prominent Twitter accounts, it revealed the general vulnerability of centralised social media, where all information is kept at one place. It would not be possible to break a decentralized platform that easily.