Elon Musk’s Twitter Account Gets Hacked, Ernst & Young Dive into Blockchain and Cryptos

One of the Big 4 global accounting companies, Ernst & Young, has moved deeper into blockchain and digital assets. Tesla CEO and Founder, Elon Musk Twitter’s account was hacked on Thursday, for the second time.
Yaron Mazor
Source: Techcrunch
Source: Techcrunch

Elon Musk Hacked and Free Cryptocurrency Offered

Elon Musk Twitter account was hacked. Musk, the controversial head of Tesla, is a frequent target of hackers due to his tendency to stand in the limelight regarding his many companies and projects like Tesla, the electric car manufacturer, and SpaceX which builds rockets for NASA.

The hackers who took over Musk’s Twitter account (perhaps his fake Twitter account) offered free Bitcoin and Ethereum as part of a ‘plan’ to take Tesla private. Being a hack the offer was obviously a scam, but the hackers took advantage of Musk’s recent bantering about potentially taking Tesla private may have been able to fool some of the 22.4 million followers Elon Musk has on Twitter. Since then, Musk abandoned his plan to take Tesla private and announced that the company remains public.

The fallout from the hack has not been able to be tracked yet via individuals who may have fallen prey to the criminal hack. However, Twitter quickly responded to the hack on Musk by issuing a statement essentially warning its users once again that any offers of free cryptocurrencies should be viewed with extreme skepticism.

The hacker (or hackers) certainly played into the recent news when Musk ‘threatened’ to take Tesla private.

A few weeks ago during one of his many loud pronouncements to the media and shareholders who question his handling of Tesla and its cash liquidity problems, which have surfaced and raised concerns, Musk said he was seriously considering taking Tesla private and could raise the funds to make this happen.

Musk raised the ire of many, including shareholders with this statement and a legion of people who have become part of an ‘anti-Musk’ vanguard warned lawsuits would greet him. The SEC is also taking a look into Musk’s pronouncements.

However, Musk has made it known this past week that he is not going to attempt to take Tesla private. And the company will remain public. Skeptics surrounding Musk, of which there are many, said it would likely be impossible for Tesla to go private.

A huge amount of money would have been needed to take Tesla private, approximately 80 plus billion U.S Dollars. And it has been suggested, serious questions exist about Tesla’s current cash liquidity situation which is under heavy scrutiny, and those who would have thought about funding the company going private would have likely balked upon seeing the auditing.

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Ernst & Young Interest in Cryptos Growing

Ernst & Young have moved deeper into blockchain and digital assets with the announcement they are buying cryptocurrency software. Ernst & Young is one of the Big 4 global accounting companies.

The purchase of this software will allow Ernst & Young to expand its cryptocurrency services. The software purchased is from a Silicon Valley company called Elevated Consciousness.

Ernst & Young’s is keen on offering its hedge funds and institutional investors who are clients’ a host of full cryptocurrency auditing procedures.

Hedge funds and institutional investors are focusing an increasing amount of attention on the cryptocurrency and blockchain sector with an eye towards finding profitable avenues of investment for their clients.

They are making direct investments into certain digital assets, finding ways to invest in growing infrastructure projects surrounding blockchain, engaging in trade for clients, and looking at the creation of Indexes and ETFs.

Reality Shares of the U.S, an asset management company, has recently announced that it is launching an ETF based in China. And Reality Shares has also said it will start a cryptocurrency hedge fund using up to 100 million USD as a starting point.

Also, Northern Trust which is a custodian bank is assisting hedge funds to enter the world of cryptocurrency. Northern Trust is a U.S based financial institution with its headquarters in Chicago.

The bank via administrative technology based on an integration of data storage capabilities with the accounting firm PriceWaterhouseCoopers is looking to offer its clients’ full digital asset services.

PwC, which is among the top 4 accounting firms along with Ernst & Young, and is considered among the best top accounting firms consistently.

The news of these two top international accounting and auditing firms getting active within the blockchain and cryptocurrency sectors is another sign of genuine interest is strong as global corporations examine blockchain innovation and its potential benefits.

In the midst of the downturn in value in 2018 which has taken place since the beginning of January, after over-exuberance sending cryptocurrencies sky high in values subsided, hedge funds and institutions are still clearly attracted to the multitude of potential revenue streams blockchain and cryptocurrencies are capable of producing.

Yaron Mazor is a senior analyst at DX.Exchange and Private Equity Manager

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