Chainalysis Says Bitcoin Scammed From Twitter Users Is 'On the Move'

The bitcoin amassed during Wednesday’s monumental Twitter hack is already “on the move,” according to cryptocurrency tracing firm Chainalysis.

AccessTimeIconJul 16, 2020 at 1:45 a.m. UTC
Updated Sep 14, 2021 at 9:31 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The defrauded bitcoin amassed during Wednesday’s monumental Twitter hack is already “on the move,” according to cryptocurrency tracing firm Chainalysis.

  • Chainalysis told CoinDesk it is monitoring four wallets associated with the attack.
  • The most prevalent address received $120,000 in bitcoin from 375 transactions. Secondary addresses received $6,700 in bitcoin from 100 transactions. An XRP wallet netted nothing.
  • So far, a wallet whose associations are not yet known has received five bitcoin ($46,055) in total. “We are collaborating with our customers to find leads from this wallet,” Chainalysis spokesperson Maddie Kennedy said.
  • Part of the scam relied on hackers churning their own crypto between wallets to inflate the number of people who appeared to be chipping in, according to Chainalysis. The firm called the tactic “unsurprising.”
  • A Japanese wallet that sent scammers $40,000 in bitcoin appears to have been the single largest victim of the still-unexplained hack. International exchanges were generally the source of victims’ bitcoin, Chainalysis said.
  • No BTC has been cashed out to fiat just yet, the crypto-sleuthing firm added.
Chainalysis has its eyes on four addresses associated with the hack.
Chainalysis has its eyes on four addresses associated with the hack.
SPOILS: Over the course of the day, a Bitcoin address associated with the Twitter hack received more than 12 BTC, worth close to $130K.
SPOILS: Over the course of the day, a Bitcoin address associated with the Twitter hack received more than 12 BTC, worth close to $130K.
coindesk-twitter-hack-2560x854-03a

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.