The Twitter hack, which took place on the 16th July, made headlines worldwide. The attackers were able to gain full access (technically: root access), so that these accounts could be misused for their purposes. In yesterday’s report we go into more detail about the type of attack. In an article on the Twitter hack, we focus less on the impact of the hack itself and more on the cryptocurrency used.
The Twitter Hack: Big Bitcoin Giveaway
On this Wednesday, July 15th, screenshots of globally known Twitter accounts (Elon Musk, Bill Gates, Joe Biden, Binance, Coinbase) suddenly circulated, all of which were related to an alleged Bitcoin giveaway. In essence, the attackers wanted potential victims to send BTC to the address they provided. Sadly, some readers trusted these tweets and responded to the hackers’ requests. This enabled them to capture several Bitcoin and thus tens of thousands of dollars. Particularly striking was a “victim” who sent the Twitter Hack attackers a personal message. The sender sent a special message in 7 individual transactions, which we look at below:
A short snippet of the message: “You take a risk when you use Bitcoin. […] Bitcoin is traceable. Why not Monero?”
Bitcoin is traceable – but Monero is not
This in turn means that all transactions that are now made from the hackers’ stored addresses are traceable. Of course, the hackers can use so-called mixer services and try to hide the paths.Monero, on the other hand, uses privacy technologies such as stealth addresses and ring signatures, which would have undeniably guaranteed the hackers better anonymity. So why did the attackers choose Bitcoin as their supposedly “unsafe” variant for their Twitter hack?