No, Peter Schiff Not Launching Gold-Pegged Crypto, Son Suspects Account Hack

Spencer Schiff, son of prominent fund manager and seasoned crypto skeptic Peter Schiff (ironically, Bitcoiner himself), alerts his Twitter subscribers about a blatant scam that abuses the name of his father. It looks like somehow the well-prepared scam decided to benefit from the media exposure of the Schiff senior.

"Do not click this link": Peter Schiff's son warns about possible hack

Today, on June 3, 2023, in the early morning hours, Spencer Schiff alerted users about malicious activity on the account of his father, Peter Schiff. In a now-deleted tweet, the "Gold Bug" promoted "the first Gold cryptocurrency token" he allegedly created on the Ethereum (ETH) blockchain.

He explained that it was highly unlikely it was his father who posted the mysterious promo. He added that he failed to contact "Dr. Doom" to inform him about the strange token being promoted via his Twitter account with almost 1 million followers.

The message was deleted from Peter Schiff's Twitter at about 10 a.m. UTC. However, no announcement about the hack and its outcome was posted then.

As covered by U.Today previously, Schiff recently made headlines in crypto media outlets with his statement about an upcoming Bitcoin NFT collection.

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Why is this scam so dangerous?

Meanwhile, the creators of the cryptocurrency that was promoted through Peter Schiff's account are still using his name as part of their asset's marketing campaign.

Also, they added Schiff's account as the official Twitter communication channel of their team.

The cryptocurrency, which is only available in a single Uniswap v3 pool, saw its price rocketing after the morning's publication. According to the DexTools tracker, its price jumped from $0.0011 to $0.0030 in almost no time.

The currency is owned by more than 400 holders. Despite sharing a file with token audit results, the team deployed the contract with a number of backdoors.

For instance, the token has a 4% sell tax and, which is more dangerous, this metric can be increased by its team. As such, the creators of the token can modify the contract, which is an obvious "red flag" for altcoin traders. Also, a "blacklisting" option is available to the token creator.