Prominent finance figure and vocal cryptocurrency critic, Peter Schiff, has become embroiled in a controversial incident on Twitter, attracting attention from hackers who orchestrated an audacious scheme to promote an apparent scam involving a counterfeit $GOLD coin. The revelation of this cyber attack emerged on Twitter through an unexpected source—Schiff’s own son, Spencer Schiff, who holds a positive view on cryptocurrencies, particularly Bitcoin, in stark contrast to his father’s opinions.

Schiff, a long-standing critic of cryptocurrencies, including Bitcoin, denouncing them as mere Ponzi schemes devoid of intrinsic value, surprised many when he recently unveiled a collaborative nonfungible token (NFT) art collection to be auctioned on the Bitcoin network. This unexpected move garnered a mixed response from the crypto community, ranging from confusion to amusement and even acceptance, particularly among supporters of alternative digital assets. Some individuals seized this opportunity to highlight the apparent hypocrisy in Schiff’s actions, considering his deep-rooted animosity towards digital currencies.

The motives behind the hackers’ decision to target Peter Schiff’s Twitter account become clearer when one considers the narrative of a former crypto critic turned crypto enthusiast. Schiff’s shift in perspective likely made him an enticing target for the hackers, who sought to exploit his newfound interest in order to promote a fictitious digital coin.

The fraudulent $GOLD coin, currently lacking any legitimate online presence, holds significant irony in its association with Schiff, a staunch advocate for investing in traditional gold. By leveraging Schiff’s reputation as a gold proponent, the perpetrators likely aimed to lend credibility to their scam and capture the attention of unsuspecting individuals who might perceive the coin as endorsed by Schiff.

As for Spencer Schiff, he has yet to provide an update on the incident, including the status of his father’s account or any progress made in identifying the individuals responsible for the attack.

At present, Peter Schiff’s fraudulent $GOLD coin tweet remains visible on his profile, serving as a reminder of the audacity of the hackers and the vulnerability of even prominent figures in the face of cyber threats.