The US Federal Trade Commission (FTC) is reportedly probing Twitter for alleged violations of a law that prevents the social network from using personal data provided for security purposes to target ads. This was stated by the company in a regulatory filing, and mentioned that Twitter has received a draft FTC complaint alleging violations between 2013 and 2019.
Twitter also said it estimates the loss of between $150 million (approximately Rs. 1,127 crores) and $250 million (approximately Rs. 1,878 crores) in settlement charges, and has already recorded $150 million (approximately Rs. 1,127 crores) of that estimate in accrual related to the allegations.
During the last week of July 2020, US officials had said that a 17-year-old Florida boy masterminded the hacking of celebrity accounts on Twitter, including those of US Democratic presidential candidate Joe Biden, and Tesla Chief Executive Elon Musk. Alongside the Florida boy, a 19-year-old British man and a 22-year-old man, again from Florida, were also charged under US federal law with aiding the attack.
In the hack, fraudulent tweets soliciting investments in the digital currency bitcoin were posted in mid-July by 45 verified Twitter accounts, including those belonging to former US President Barack Obama, and billionaire Bill Gates.