Home Technology Last week’s big Twitter hack saw thieves pull off a huge Bitcoin heist

Last week’s big Twitter hack saw thieves pull off a huge Bitcoin heist

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Last week we saw Twitter face the biggest hack of its existence, and one that the company is still trying to save face from as its reputation took a hammering. Especially when it was revealed that there was inside involvement and a dodgy internal tool that helped hackers gain a foothold inside the social media platform.

Since then, Twitter has revealed in a blog post that 130 accounts were targeted and that the hackers were able to initiate a password reset, log in to accounts and send tweets from 45 of them. During that time, hackers were able to download account data belonging to eight unverified users.

But what exactly was it all for? Well, as possibly suggested when it happened, money. Essentially it looks like the hackers may have been looking to leverage star power to try and earn some money through cryptocurrency.

According to Forbes, Coinbase and other cryptocurrency exchanges were able to stop some customers from sending bitcoin to the hackers by blacklisting the hackers’ wallet address. Specifically, Coinbase says it prevented just over 1,000 customers from sending around $280,000 worth of bitcoin during last Wednesday’s attack.

Roughly 14 Coinbase users sent around $3,000 worth of bitcoin to the scam’s wallet address before the company moved to blacklist it, the company said. And that’s just one company reporting on the transactions they stopped. Twitter accounts belonging to cryptocurrency exchanges including Binance and Gemini were also targeted during Wednesday’s attack.  Apparently, the hackers may have made close to $300 000 in total from the scams.

Which again reaffirms to the world that cryptocurrency has a long way to go before being it can be treated legitimately as a safe currency. And that some people are far too quick to respond to any get rich quick scheme.

Last Updated: July 22, 2020

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