Following The Bitcoin: How The Twitter-Hackers Are Cashing-Out

Following The Bitcoin: How The Twitter-Hackers Are Cashing-Out

Tyler Durden

Wed, 07/22/2020 – 13:05

Authored by Will Heasman via,

In brief

  • Ciphertrace is tracking the stolen Bitcoin from the Twitter hack last week.

  • Hackers have shifted the funds through coin mixers, exchanges, and gambling sites to obscure its movement.

  • With the community’s eyes on the funds, it’s going to be difficult to cash out.

Last week hackers hijacked Twitter, taking control of the accounts of several high-profile individuals. But rather than start World War 3, they elected to run a simple Bitcoin scam – swindling a total of 12.5 Bitcoin ($120,000). 

Now, the Bitcoin is on the move, and here’s how the hackers are trying to escape with their spoils.

According to blockchain analytics firm Ciphertrace, the hackers are using a combination of Bitcoin mixing services, gambling sites, exchanges—and even defunct addresses—in an attempt to both hide the money and turn it into other currency.

The first port of call was a Bitcoin mixing service. These let people swap their Bitcoin for someone else’s Bitcoin—while obscuring the identities of both parties. They’re often used to “clean” stolen Bitcoin.

On July 16, one day after the hack, attackers sent 2.89 Bitcoin (roughly 22.5% of the total haul) to Wasabi—a privacy-centric Bitcoin wallet with a built-in mixer. It’s a very effective way of stopping any observers from following the money trail.

A day later, a further 0.1022 BTC moved into another Bitcoin obfuscator, Chipmixer. Ciphertrace was unable to follow the Bitcoin any further.

Ciphertrace tracked the scammed funds to two coin mixers. Image: Ciphertrace

Over the next few days, Ciphertrace tracked piecemeal amounts of the rest of the scammed funds to peer-to-peer exchanges and gambling sites. Just over 1 Bitcoin—roughly 8.5% of the Twitter plunder—was sent to an unnamed Singapore-based crypto exchange.

Ciphertrace’s overview of the Twitter hacker’s flow of stolen Bitcoin. Image: Ciphertrace

An unspecified portion of Bitcoin then traveled to an inactive Binance cold wallet.

“CipherTrace believes that this transaction was not made to cash out funds, but rather to troll,” reads the reports. The idea being that the hackers know the funds are being watched and they just want to confuse or infuriate anyone watching.

Who hacked Twitter?

Per a report from the New York Times, contrary to conspiracies of elaborate schemings from a rival nation, the hack was purportedly initiated by a group of youths. The alleged adolescent attackers told the Times how they managed to gain access via information left on Twitter’s internal Slack channel.

Since then the person, known as Kirk, who had the access to Twitter has since disappeared. 

Visit the USSA News store!
Click this link for the original source of this article.
Author: Tyler Durden

This content is courtesy of, and owned and copyrighted by, and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact using the email address in the Contact page found in the website menu. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.