CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$31,627.00
  • ethereum
    ETH$1,283.44
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Breaking Down Twitter’s Hack: Blaming Bitcoin, Hidden Messages and Insiders

    Breaking Down Twitter’s Hack: Blaming Bitcoin, Hidden Messages and Insiders

    Author: Martin Young

    Last Updated Jul 16, 2020 @ 09:07

    The crypto community is still reeling from a hacking spree on Twitter that resulted in a number of high profile accounts being compromised. Industry detractors are blaming Bitcoin, but they couldn’t be further from the truth as it appears to have been an inside job.

    The news broke yesterday on the Twitter scam that targeted some of the biggest accounts in the cryptocurrency industry.

    It turns out that the crypto field was not the target, but Bitcoin was the preferred means of payment for the hackers. As CryptoPotato reported, multiple accounts were hacked with a message promising that if users sent BTC a particular address, they would get a 2:1 return.

    On-chain data analytics provider Crypto Quant has broken down some of the key findings so far, including the number of victims that coughed up, the amount of BTC that was sent to mixers, and the exchanges that could see inflow from this incident.

    Twitter hacker stats:
    – 388 victims deposited
    – No #BTC went into exchanges yet
    – 4.8 BTC went into the mixer
    – Significant inflows from Kraken and Bitstamp possibly due to this FUDhttps://t.co/xOVgoL9eYL

    — CryptoQuant (@cryptoquant_com) July 16, 2020

    Crypto personalities and advocates were not the only victims of the social media scam as the accounts of Elon Musk, Barack Obama, Bill Gates, Kanye West, Joe Biden, Mike Bloomberg, Warren Buffett, Jeff Bezos, Kim Kardashian, and Floyd Mayweather. In addition, the official accounts of Apple and Uber were also compromised.

    Twitter Insiders Responsible?

    A report on Motherboard suggested that a Twitter insider was responsible according to leaked screenshots the outlet acquired. The accounts were taken over using an internal tool at Twitter, according to the two sources, one of which told the outlet: “We used a rep that literally done all the work for us,”

    Some of the accounts appear to have been compromised by changing the email address associated with them using the tool, as per the screenshots seen by Motherboard. Twitter has yet to admit full responsibility but did post this partial implication of its own staff.

    “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 temporarily limited posting capabilities, and verified accounts were unable to tweet. Their investigation continues.

    The screenshots themselves were starting to appear on the platform at the time of writing though posters have been saying that the company has been banning people for the images and deleting them.

    screenshot_binance-hack-min
    Screenshot of the Control Panel Hackers Reportedly Accessed. Source: Motherboard

    It has additionally been revealed that there was a hidden message in at least one of the transactions associated with the hack according to blockchain data. The message partially reads:

    “You Take Risk When Use Bitcoin
    For Your Twitter Game
    Bitcoin is Traceable
    Why Not Monero”

    Bitcoin is often the payment method of choice for cybercrime as is fast, easy and can be obfuscated via a few additional steps.

    Blaming Bitcoin

    Naturally, the crypto critics such as the largely uninformed gold investor Peter Schiff wasted no time bashing Bitcoin;

    “I wonder if this is a harbinger of Bitcoin itself being hacked?  Better to play it safe and just buy #gold.”

    It looks like all verified Twitter accounts have been hacked by someone running a #Bitcoin scam. For once not being verified has its advantageous. I wonder if this is a harbinger of Bitcoin itself being hacked? Better to play it safe and just buy #gold.

    — Peter Schiff (@PeterSchiff) July 15, 2020

    It took several industry executives and cryptography experts to point out that Twitter was hacked, not Bitcoin, though Schiff appears to be blinded by this. Ethereum proponent, Ryan Sean Adams, made a very valid point in a separate comment.

    “Maybe twitter should be a protocol instead of a company where root access keys can be stolen.”

    Centralized social media companies have centralized points of failure, and in this case, it is looking likely that it was indeed an inside job. Crypto markets have not reacted at all with major coins continuing on their path of consolidation, though Twitter stock did plunge 6% in after-hours trading on Wednesday.

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • dorsey_cover
      Twitter's CEO Jack Dorsey: Bitcoin and Blockchain Are the Future of Twitter
    • jack_dorsey
      Twitter CEO Jack Dorsey Admits: I Only Own Bitcoin, It Is Direct Activism
    • bitcoin_bull
      Bullish for Bitcoin? Twitter Sentiment and BTC Deposits on Exchanges Dropping
    Read more on: Bitcoin Hacking Security Twitter

    About The Author

    Martin J. Young View more posts by this author

    Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

  • bitcoin
    BTC$31,627.00
  • ethereum
    ETH$1,283.44
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    ADVERTISEMENT
    bitmart
    Bitcoin Editorials
    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!