Everything You Need To Know About The Bitcoin Scam Behind Twitter Hacks

Last night time, the Twitter accounts of main celebrities, influential figures, and politicians have been hacked to advertise a Bitcoin rip-off. Due to what number of followers these high-profile accounts have, information and rumors unfold like wildfire.
But what precisely went down that led to accounts like Joe Biden, Kanye West, Bill Gates, Apple, Bitcoin, and several other others to be hacked? Here’s the whole lot we all know thus far concerning the hack and the hackers behind the brazen cryptocurrency scheme.
Twitter Accounts Of Bill Gates, Kim and Kanye, Elon Musk, Joe Biden And More: HACKED
In the late hours of the night final night time, a number of Twitter customers thought they’d discovered a possibility of a lifetime. The likes of Elon Musk, Jeff Bezos, Kim Kardashian West, and numerous different celebs supplied a sum of Bitcoin as a method to “give again” to the group as a result of pandemic.

All Twitter customers needed to do was ship a sum of Bitcoin to a BTC pockets, and so they’d obtain double the quantity again. If this sounds too good to be true, that’s as a result of it’s. You additionally could have heard of any such rip-off earlier than.
Twitter scams of this type aren’t unusual and sometimes use main celebrities’ likenesses to take action. However, that is among the many first instances ever recorded the place precise verified accounts have been concerned, and by no means earlier than has this occurred at such scale.
Over 300 million followers are stated to exist throughout the accounts compromised, however that quantity is climbing as extra particulars are available.
Twitter caught wind of the state of affairs and put a cease to it shortly, leaving the scammers with simply over 12 BTC to point out for his or her scandalous efforts. But how did this occur within the first place?
How Did The Bold Bitcoin Scam Begin And End?
According to info from Y Combinator alum and safety professional Haseeb Awan, the hackers have been capable of acquire entry to a hidden Twitter dashboard. They acquired the login in alternate for $2,000 after assembly the Twitter worker in a Discord gaming channel.
The hacker then changed the e-mail addresses related to every main account and eliminated two-factor authentication from the account settings. This gave the hacker full management over the accounts.
What they did subsequent was publish three distinctive BTC donation addresses. A fourth, XRP handle was additionally given.
The foremost handle raked in over $120,000 over 375 transactions, in keeping with knowledge from Chainalysis. The second and third accounts raised $6,700 mixed throughout 100 transactions. No funds have been despatched to the identified XRP handle at the moment, and the blockchain analytics agency is requesting info on any extra accounts which may be tied to the rip-off.
Chainalysis says that Twitter has since blocked the flexibility to publish BTC addresses on the social media platform. Chainalsys is working carefully with its prospects to trace down the funds.
Several cryptocurrency exchanges are additionally taking steps to dam any funds from being despatched to the wallets, defending customers who haven’t but realized its a rip-off.
Something isn’t including up, nevertheless. Either the hacker failed miserably to monetize their advanced and dangerous scheme, or the explanation for the scheme wasn’t financially motivated in any respect.
Twitter and cryptocurrencies like Bitcoin have come underneath fireplace from the Trump administration. Conspiracy theories recommend that the transfer was ideological, aimed toward taking down Bitcoin or Twitter and prompting recourse from the United States.
We could by no means discover out the true motivation behind the large rip-off, however we do at the least have some sense of what occurred within the first place.
The information has additionally harmed BTCUSD, which started falling from its tight buying and selling vary just under resistance. Trump and the White House responding to the information might trigger an extra selloff, so crypto traders ought to be prepared for something to occur this week.

Bitcoin BTCUSD Twitter Hack Impact |Source: TradingView

Featured picture from Shutterstock.

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