The Twitter Bitcoin hack

A few days ago many famous and high profile Twitter accounts got hacked like @Uber, @Apple, @Bitcoin, @BarackObama, @JeffBezos, @JoeBiden, @elon_musk, @BillGates, @WarrenBuffett, @kanyewest, @wizkhalifa, @coinbase, @Ripple, @Gemini, @binance, @justinsuntron, @Tronfoundation, and @SatoshiLite

The hacked accounts tweeted a Bitcoin address asking for Bitcoins, but the tweet is obviously fake and no money will ever be sent back.

The purpose of the attack was to lure Bitcoin and if you are wondering why hackers want cryptocurrencies, Coindesk has made a good compilation that explains how it is.

First, anyone can send Bitcoin to anyone on the planet without anyone being able to block the transfer. Once the transfer is complete, there is also no way to get your money back.

Secondly, it is not possible to see who is behind a certain address, as the system is based on pseudonyms. In other words, it is extremely difficult for the police to link transactions to a specific individual.

Third, it is easy to exchange Bitcoin for real money, so the hacker can obtain US dollars or any other currency at any time if desired. But this is also where the hacker may encounter problems because all reputable exchanges that handle traditional currencies apply strict customer knowledge.

Cryptocurrencies such as Coinbase can also choose to block addresses used in illegal contexts, so the hacker does not have much time to collect as much Bitcoin as possible. This in turn explains why all the affected accounts were attacked at the same time instead of one at a time.

The full list of hacked accounts can be found at CoinDesk.

So far, just over 13 bitcoin has been paid to the address bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh. Twitter says that they are investigating the incident and that all affected accounts have been restored and that all false messages have been removed. The incident shows how sensitive the system is. These hackers could have done much more damage than they did now. It is also possible that they could have taken over the accounts of the authorities or even President Donald Trump.

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