Tag: free-for-all’
Elon Musk to advertisers: Twitter ‘cannot become a free-for-all hellscape’
One day before Elon Musk is expected to finalize his deal to buy Twitter, he’s attempting to reassure the platform’s advertisers that he won’t turn the platform into a “free-for-all hellscape.” In a message posted Thursday, Musk tried to explain why he wanted to buy the company, and that he doesn’t intend to blow up its advertising business.
“There had been much speculation about why I bought Twitter and what I think about advertising,” he wrote. “Most of it has been wrong. Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!”
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
Musk has previously said that he would like to loosen Twitter’s content moderation rules, and do away with permanent bans in most cases. But that stance has upset many Twitter employees, and worried the company’s advertisers. The Wall Street Journalreported that some advertisers have even threatened to “pause all their ads” if the company gives Donald Trump his account back — something Musk has said he would likely do.
While Musk didn’t walk back those comments, he said he wanted Twitter to “be warm and welcoming to all.” He added that people should be able to “choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature.”
Musk’s comments come just after he visited Twitter’s office and reportedly told employees that he won’t be axing 75 percent of its staff as earlier reports had suggested. He also apparently met with Twitter COO Sarah Personette, who tweeted that she had a “great discussion” with the Tesla CEO. “Our continued commitment to brand safety for advertisers remains unchanged,” she wrote.
Had a great discussion with @elonmusk last evening! Our continued commitment to brand safety for advertisers remains unchanged. Looking forward to the future! https://t.co/B7NFJhD2hq
— Sarah Personette (@SEP) October 27, 2022
Notably, Musk’s stance on advertising is very different from former CEO Jack Dorsey, who privately told Musk that Twitter “can’t have an advertising model” and suggested it should be a “foundation of sorts” like the messaging app Signal. But though Musk responded favorably to the idea at the time, his message to advertisers now sounds very different.
“I also very much believe that advertising, when done right, can delight, entertain and inform you,” Musk wrote. “For this to be true, it is essential to show Twitter users advertising that is as relevant as possible to their needs. Low relevancy ads are spam, but highly relevant ads are actually content.”
“Fundamentally, Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise.”
Hacking free-for-all relieves crypto bridge users of $200 million
Cryptocurrency hacks are all too common, but they’ve rarely been quite so anarchic as the latest example. As The Vergenotes, Nomad has confirmed that its cryptocurrency bridge (a service that lets you swap tokens between blockchains) was the victim of an August 1st “incident” where a slew of hackers stole nearly $200 million in funds. As Paradigm researcher Samczsun explained, the intruders took advantage of a misconfiguration that let any reasonably knowledgeable user authorize their own withdrawals. The result was a “chaotic” hack where people could swap their crypto address into a known-good transaction to steal digital money.
In an update, Nomad said it’s “working around the clock” to resolve the problem with help from law enforcement and blockchain intelligence firms. It hopes to both pinpoint involved accounts and recover funds. A16z’s security team suggested that well-intentioned white hat hackers would return crypto they took “preemptively,” but there’s no word on identifying thieves.
1/ Nomad just got drained for over $150M in one of the most chaotic hacks that Web3 has ever seen. How exactly did this happen, and what was the root cause? Allow me to take you behind the scenes 👇 pic.twitter.com/Y7Q3fZ7ezm
— samczsun (@samczsun) August 1, 2022
Bridges like these are major targets for hackers thanks to both their high asset volume and the potential for exploits in their sophisticated code. An attacker swiped roughly $625 million from the Ronin blockchain underpinning Axie Infinity in March, and an exploit in the Wormhole bridge led to a $325 million hack in February. While the Nomad breach isn’t quite as financially damaging, it illustrates just how vulnerable bridges can be.