Twitter Hacker Managed to Scam Only 12 Bitcoin After Duping Major Accounts Using ‘Internal Tools'

Crypto scammers broke twitter! But the market dodged a bullet as only $120,000 were pulled in the BTC scam after the coordinated social engineering attack using internal systems. Elon Musk, Jeff Bezos, Warren Buffett, Joe Biden, Barack Obama, Benjamin Netanyahu, Kanye West, Kim Kardashian, Michael Bloomberg, Apple, Wendy’s, Uber, Binance, Coinbase, Gemini, KuCoin, Ripple and many others’ accounts were hacked.

A security incident on Twitter duped businesses and people into sending at least $120,000 worth of Bitcoin to an anonymous online wallet, half of which has already been spirited to other accounts.

Given that some of the Twitter accounts targeted were using two-factor authentication (2FA) and strong passwords, the hack may be internal to twitter.

“We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools,” Twitter Support said today.

The investigation is currently ongoing, and Twitter has for now limited the functionality for all verified accounts.

“Once we became aware of the incident, we immediately locked down the affected accounts and removed Tweets posted by the attackers,” it said.

According to Motherboard, the accounts were taken over by using an internal tool at Twitter, screenshots of which have been deleted by Twitter and suspense users who have tweeted them, claiming those tweets violate its rules.

Other tech companies like Facebook, Snapchat, and MySpace have also faced the issue of malicious insiders.

However, it’s not the first time something like this has happened with Twitter. Some of the prominent attacks that occurred recently include a dozen Twitter accounts of NFL teams hacked in January 2020, the account of Twitter CEO Jack Dorsey fired off a slew of racists and vulgar tweets last year, then in 2018 Twitter support forms were exploited.

Back in 2016, Dorsey was hacked by OurMine and a month before that malware was used to collect more than 32 million twitter passwords, which were then put up for sale on the dark web. In January 2015, the US military account tweeted out threatening messages and changed its header message to include “I love you isis.”

Give some to get some

It all started with people from the cryptocurrency space and then exchanges yesterday. From Binance, Coinbase, Gemini, KuCoin, Ripple to Binance CEO Changpeng Zhao, Tron founder Justin Sun, Litecoin creator Charlie Lee, CryptoCobain, AngeloBTC, and others were targeted.

The tweet from the hacked accounts involved a Bitcoin giveaway scam that asked people to send their BTC to the address to get them doubled.

From here, it just exploded when the person or people behind the scam gained access to the Twitter accounts of Tesla CEO Elon Musk (not the first time he has been used in a scam), Amazon CEO Jeff Bezos, Warren Buffett, Joe Biden, Barack Obama, Benjamin Netanyahu, Kanye West, Kim Kardashian, Michael Bloomberg, Apple, Wendy’s, Uber, and many more.

Interestingly, despite it being such a coordinated and sophisticated attack, the hackers were able to scam just 12.8 BTC out of people, worth $120,000.

“We are lucky that given the power of sending out tweets from the accounts of many famous people, the only thing that the hackers have done is scammed about $120,000 in bitcoins from about 300 people,” said Alperovitch, who now chairs the Silverado Policy Accelerator.

Some even argued the hacker could have done a much better job.

According to Tom Robinson, co-founder of Elliptic, which has helped law-enforcement agencies track BTC-related crimes, half of the $120,000 funds were acquired from users in the US, a quarter from Europe, and the remainder from Asia.

“They are obviously sophisticated in that they didn’t send these funds directly to an exchange to cash out,” Robinson said. Finding them depends on how they try to cash out.

Coinbase has already begun blocking its users’ payments sent out the hacker accounts. “We are essentially blacklisting addresses as we see them posted in the scam tweets,” said Elliott Suthers, a spokesman for Coinbase. Gemini has also blocked the attackers' accounts.

Twitter stock fell more than 3% in after-hours trading Wednesday, while Bitcoin dropped nearly 2% from 9,200 to $9,026 and is now back above $9,100.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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