Peter Schiff, a well-known figure in the world of finance and a vocal critic of cryptocurrencies, has found himself at the center of a questionable incident on Twitter today. In a brazen attack, hackers targeted Schiff to promote what appears to be a fake $GOLD coin scam.

The news of this hack came to light when it was announced on Twitter by none other than his own son, Spencer Schiff who, in stark contrast to his father’s views, holds a positive stance on crypto, particularly on Bitcoin.

DO NOT CLICK THIS LINK. My dad is in London and it’s 4 AM over there which means he was almost certainly hacked. He’s not responding to any of my texts. https://t.co/sHvQccCtLp

— Spencer Schiff (@SpencerKSchiff) June 3, 2023

Peter Schiff: Complicated Relationship With Crypto

The elder Schiff has, for years, consistently criticized cryptocurrencies, particularly Bitcoin, dismissing them as nothing more than a Ponzi scheme lacking any intrinsic value. However, in a surprising turn of events, Schiff last week unveiled a collaborative nonfungible token (NFT) art collection that will soon be auctioned on the Bitcoin network.

I haven’t converted. I think the value is in the art. An original oil painting and limited edition signed prints. The Ordinals help add value to the art by making it easier to prove authenticity. The Ordinals themselves could have extra value if it turns out I’m wrong on Bitcoin.

— Peter Schiff (@PeterSchiff) May 28, 2023

The response from the crypto community has been varied, evoking a range of emotions from confusion to amusement and even acceptance, particularly among proponents of alternative cryptocurrencies. Some have taken the opportunity to highlight the apparent hypocrisy in Schiff’s actions, given his long-standing hate of digital assets.

Exploiting The Narrative?

The motive behind the hackers’ decision to target Peter Schiff’s Twitter account becomes clearer when considering the narrative of a once crypto-critic turned crypto-believer. This transformation in Schiff’s perspective might have made him an appealing target, as hackers sought to exploit this newfound interest in order to promote a non-existent digital coin.

The fraudulent coin in question, $GOLD, holds no verifiable presence on the internet at the time of writing. It’s important to highlight that Peter Schiff has long been an ardent advocate for investing in gold.

The hackers’ strategy seems to hinge on the irony of promoting a coin related to gold to someone who strongly supports the traditional precious metal. By leveraging Schiff’s reputation as a gold proponent, the perpetrators likely aimed to gain credibility and capture the attention of unsuspecting individuals who might associate the coin with Schiff’s endorsement.

As for the younger Schiff, he hasn’t made an update regarding the incident, including the status of his father’s account and whether or not they’ve identified the individuals behind the attack.

On Target: Peter Schiff

At the time of writing, Peter Schiff’s fake $GOLD coin tweet remains visible on his profile.

This is why I am delighted to unveil the official launch of $GOLD, a groundbreaking cryptocurrency token poised to empower the #Web3 community, bridging the worlds of physical and digital currency.

Claim your $GOLD here: https://t.co/pj2vetpMP2 https://t.co/PiyPeAFeaC

— Peter Schiff (@PeterSchiff) June 3, 2023

-Featured image from Dado Ruvić/Reuters