Coinbase Halts More Than $280k in Bitcoin Transactions Post Twitter Hack

Coinbase Halts More Than $280k in Bitcoin Transactions Post Twitter Hack

In a recent Twitter hack of high-profile figures like Barack Obama, Elon Musk, Bill Gates, on July 13, Coinbase, the cryptocurrency exchange site prevented around 1,100 people from carrying out transactions of Bitcoin worth $280,000 to fraudulent accounts. At least 130 accounts of high-profile figures were hacked to get Bitcoin from their followers, including the Democratic presidential nominee, Joe Biden.

According to Twitter, the scammers convinced some employees to access systems and help the scammers to send Bitcoin. A Coinbase spokesperson adds, “We noticed the scam and began blocking transactions within a couple of minutes of the initial wave of scam posts.”

Various other Twitter accounts were also on the verge of compromise during the hack. These accounts primarily belonged to cryptocurrency exchanges like Binance and Gemini. The recent hack is likely to put forth a discussion about Twitter’s security in preventing the confidentiality of the user information. Basis various sources, the sum could have surged up in total than the said amount if Coinbase had not been vigil about the hack. Within minutes, Coinbase started to suspend accounts post the tweets. Per the report, around 14 Twitter users sent about $3,000 before the officials were alerted to carry out further action.

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