Twitter Sheds Light On Recent Platform Hack: Report

The social media giant Twitter sheds light on the recent hack that got many high-profile accounts entangled in a fake bitcoin giveaway scam so let’s find out more in the latest cryptocurrency news.

Twitter accounts that belonged to some prominent individuals and celebrities such as Barack Obama, Jeff Bezos, Elon Musk, and many more, were hacked by hackers that gained access to internal content moderation tools. The scam was posted requesting BTC in order to give back double the amount. The news went global in an instant and the uninformed detractors of crypto blamed Bitcoin again but the markets didn’t react at all so the price of the asset was unaffected.
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Twitter sheds light on the details of what actually happened during the attack in a company blog post. The company believes that the attackers targeted a few employees through a social engineering scheme by using their credentials to access Twitter’s internal systems and getting through the two-factor protections. The blog post added that about 130 accounts were hacked by granting access to the attackers to personal information such as phone numbers and email addresses. Almost a third of these accounts had private messages compromised:

 “We believe that for up to 36 of the 130 targeted accounts, the attackers accessed the DM inbox, including 1 elected official in the Netherlands.”

Chainalysis carried out their own investigation and added that the scam only took in 13 BTC that are worth about $120,000 at the time of the attack. Chainalysis revealed that the hack started with the account takeover from the crypto influencer @AngeloBTC who had about 152K followers and the attackers started instantly soliciting payments via the platform’s direct messages options to join a Telegram group devoted to crypto tips by Angelo.

BTC then started to roll into three Bitcoin addresses where the victims were asked to send funds and most of them were sent to one scam cash-out addresses which were active since May 3. Crypto exchanges blacklisted the addresses in order to prevent their customers from sending Bitcoins there and Coinbase announced they prevented over 1000 customers from sending a total of 30.4 BTC worth about $280,000. The research shows that roughly 9 BTC were sitting in 23 wallets and 8 BTC were sent to a Wasabi wallet while 4 BTC sent to other entities.