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Crypto Twitter hack: Coinbase stops 1,100 customers from sending Bitcoin to hackers

Coinbase exchange

Coinbase, the largest crypto exchange in the US, with over 35 million users, revealed that in the recent Crypto Twitter hack, they blocked 1,100 clients from being duped.

Forbes, in a published report, made this claim revealing further that they foiled around 30.4 Bitcoin, worth almost $280,000, getting into the hands of the scammers.

The exchange’s chief information officer Philip Martin said that Coinbase staff noticed the scam around when other crypto exchanges Binance, Gemini posted the compromised tweet as both Twitter accounts were taken over in minutes.

Although the exchange in the crypto Twitter hack prevented over 30 BTC from getting into the hands of the hacker, 14 of its users still sent about $3,000 in BTC to these hackers before the address was blacklisted.

Crypto Twitter hack victims

On Wednesday, July 15, several tech giants and stakeholders across the crypto world and other industries had their Twitter accounts compromised.

Jack Dorsey, Elon Musk, Jeff Bezos, Joe Biden, Bill Gates, Binance, Gemini, Coinbase, among others, had their Twitter account hacked and used to run a crypto scam.

“Everyone is asking me to give back, and now is the time,” Gates’ tweet said, promising to double all payments to a Bitcoin address for the next 30 minutes. Similar posts were tweeted on pages of these tech giants.

Joe Biden, former US Vice President whose account was also compromised later said he does not have Bitcoins and asked supporters to donate to his campaign in US dollars.

Twitter, however, has said that a total of 45 accounts were compromised, and eight had their entire data downloaded. None of the eight, however, are verified accounts.

Twitter Hackers curtailed, nipped in the bud

The recent crypto Twitter hack is arguably the worst security incident in the firm’s history.

Reportedly, the hackers managed to cart away over $100,000 worth of Bitcoin. However, data from big crypto exchange firms shows that these hackers could have carted more than that. These exchanges blocked around $300,000 worth of Bitcoin getting in the hands of these hackers.

On Wednesday, while the hack was ongoing, Twitter and Exchanges firms around the globe scrambled to prevent hackers from being sent more cryptos. Verified accounts on Twitter first were blocked from tweeting, after which tweets with Bitcoin addresses were blocked.

Exchange firms also blacklisted Bitcoin addresses used by the hackers, preventing them from receiving more coins after the crypto Twitter hack.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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