Yesterday, one of the most significant, perhaps the most significant attack in U.S. social media history

occurred as every verified account on Twitter, all the blue check marks ultimately had to come

down as hackers took over everyone from Coinbase to Kanye West in an apparent Bitcoin scam,

or at least that's the popular narrative.

On this episode of The Breakdown, I'll be looking at, one, whether this was good or bad

for Bitcoin, and two, why, frankly, I don't believe it even was about Bitcoin.

Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond.

This episode is sponsored by BitStamp and Crypto.com.

The breakdown is produced and distributed by Coindesk.

And now, here's your host, NLW.

Welcome back to The Breakdown.

It is Thursday, July 16th, and boy howdy, you know exactly what this show is about

because it's all that anyone is talking about.

The biggest hack, I think in many ways in terms of potential significance in terms of the amount

of data that was compromised in terms of the implications of what hackers could do in these

platforms that are our new public squares, we are talking about the Twitter hack.

Notably, I said it's a Twitter hack, not a Bitcoin hack, which we'll get into. But before that, let's do a very brief,

brief, and we're going to do it in three sets of numbers. The first set of numbers is 35 billion

and 84%. The first number is the amount that six U.S. bank giants cut from their profits

in anticipation of potentially souring loans as this economic disturbance continues.

The second percentage is the percentage of borrowers responding to a Goldman Sachs survey of

small businesses who anticipate exhausting their funding

...