The funds from the twitter hack that happened a few days ago, seem to be on the move to an address belonging to the Wasabi wallet, according to the crypto tracing firm Elliptic. In our latest crypto news, we are reading more about the recent Twitter hack.
According to a transaction data associated with the crypto wallets that were used in the security breach, it seems that about $123,000 was collected by the hackers. Only 2.89 BTC of the funds from the platform was transferred late last night to an address in a Wasabi wallet.
The Wasabi wallet allows users to bypass the transparency guaranteed by Bitcoin’s public blockchain by mixing up transaction trails which is why it makes it harder for law enforcement to follow the money. According to the tracing company Elliptics, the company is able to identify Wasabi wallets based on the distinctive transaction pattern and exchanges can usually identify the clients using KYC checks which makes it easy to flag fraudsters for law enforcement and the use of a Wasabi wallet which makes it harder to pin down where the money is coming from.
Twitter said that the Wednesday security breach targeted more than 130 users and the attackers gained control over users’ accounts by posting identical messages demanding bitcoin. The company also said they were investigating the attackers and how they gained access to the non-public data on the platform.
Also, BitTorrent’s Justin Sun just offered a $1 million bounty to anyone that will find the Twitter hackers who breached the platform yesterday in a Bitcoin scam. A bitcoin giveaway scam was launched on the Twitter profiles of celebrities and people from the crypto community including Binance, Coinbase, Elon Musk, Kanye West, Jeff Bezos, Joe Biden, and Warren Buffet. All of them had their accounts compromised to share a “Bitcoin giveaway” that promised double returns to anyone that will send Bitcoin to a particular address.
The hackers altered the recipient wallet addresses and included personalized alphanumeric keys by choosing to go with the pro-Monero stance. Monero is a privacy-centric cryptocurrency for hiding wallet and transactional information, unlike Bitcoin or most others that allow analytics companies to trace wallet activity to individual users. The latest Twitter breach revealed a lack of privacy for influential accounts and if not used properly it could mean many drastic consequences than one simple Bitcoin scam.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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