Coinbase has blocked celebrity Twitter hackers from transferring $284,000 in bitcoins

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Celebrity Twitter hack: Coinbase stopped the transfer of $284,000 in Bitcoin (BTC) defrauded by scammers during July 14 celebrity Twitter hack attack

Cryptocurrency exchanges are doing their bit to stop the last week’s celebrity Twitter hack fraudsters from claiming their ill-gotten gains. Cryptocurrency exchange, Coinbase has said that it has blocked the transfer of $284,000 in Bitcoin (BTC) coerced by the fraudsters from victims during a recent cryptocurrency scam on Twitter that compromised dozens of high-profile accounts.

Incidentally, Coinbase’s Twitter account was also hacked during the Twitter hack that took place on July 15th 2020. The cryptocurrency scam started with the hacked Twitter handles of Coinbase, Binance, KuCoin Gemini, Litecoin’s Charlie Lee, Tron’s Justin Sun, Bitcoin, Bitfinex, Ripple, Cash App, Coindesk, etc. After hacking into cryptocurrency-related Twitter accounts, the fraudsters proceeded to hack into accounts of ex-US President Barak Obama, Tesla Motors CEO, Elon Musk, Microsoft founder, Bill Gates, Apple, Uber, Apple, Kanye West, Amazon CEO, Jeff Bezos, Michael Bloomberg, Warren Buffett.

On July 15th, once the hackers got access to the internal admin tools of Twitter, they hacked into 45 Twitter accounts to promote a cryptocurrency scam which urged members of the public to send them bitcoins. The scammers claimed they would pay back double the amount to the victims.

Bitcoin scammers hacked into Twitter accounts of Apple, Elon Musk, Barak Obama, and others to spread a cryptocurrency scam

Investigations by the Twitter security team revealed that the fraudsters gained access to 130 Twitter accounts. Out of which they used 45 celebrity and verified Twitter handles to dish out the scam tweets like above.

The celebrity Twitter hack scam managed to fool many users who ended up transferring money to the bitcoin wallet mentioned in the scam tweet. Cryptocurrency exchange, Coinbase says that it managed to stop the hackers from transferring roughly $284,000 in bitcoins to the scammers BTC wallet. Speaking to Forbes, Philip Martin of Coinbase said the exchange stopped customers from sending a total of 30.4 BTC to the Twitter hacker’s wallet. At the current market price, 30.4 BTC amounts to roughly $284,000.

Martin says that they prevented 1,100 Coinbase users from being defrauded by the Twitter hackers but 14 Coinbase users were still managed to send $3,000 to the hackers. Other cryptocurrency exchanges, including Binance and Gemini, also blocked funds from flowing to the scammer’s wallet address.

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"The Internet is the first thing that humanity has built that humanity doesn't understand, the largest experiment in anarchy that we have ever had." Eric Schmidt

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