The New York Department of Financial Services, or NYDFS, has released a lengthy report analyzing the impact of July’s high-profile Twitter hack, which resulted in the theft of over $118,000 worth of (BTC).

Far beyond the immediate material impact, the NYDFS states that the incident exposed deep cybersecurity weaknesses of a publicly-traded social media company valued at $37 billion and counting over 330 million active monthly users. The discovery has serious consequences in light of the platform’s ever-expanding influence on both financial markets and the political sphere.