Coinbase paused more than $280,000 in Bitcoin transactions after Twitter hack on public figures

Coinbase paused more than $280,000 in Bitcoin transactions from 1,100 users after Twitter hack on public figures like Elon Musk and Joe Biden

  • Coinbase stopped $280,000 in bitcoin payments after a high-profile hack
  • The payments came from  1,100 individuals who were fooled by the scam
  • A high-profile hack affected 130 accounts last week and has cast doubt on Twitter’s security ahead of a US presidential election 

A hack of high-profile celebrities and public figures tricked at least 1,100 people into sending bitcoin to an unknown hacker.

According to Coinbase, a popular cryptocurrency exchange in which people buy and trade digital currency, the company prevented about 1,100 people from sending $280,000 worth of bitcoin to fraudulent accounts.

Last week, 130 accounts of high-profile public figures like Elon Musk, Barack Obama, Bill Gates, and Apple were hacked in an attempt to solicit bitcoin from the figures’ many followers. 

Coinbase says that it stopped 1,100 people from sending bitcoin to scammers after a hack on 130 Twitter accounts of figures like Barack Obama, Elon Musk, and Joe Biden (stock)

The scam offered to return $2,000 for every $1,000 sent to a linked Bitcoin address. 

While Coinbase reportedly began suspending accounts within minutes of when the scam tweets were posted to Twitter, about 14 users sent $3,000 in bitcoin before the company was able to take action according to the company.

Forbes reports that other cryptocurrency exchanges swept up in the scam were able to ban the hackers’ wallet, making the scammers unable to accept funds.

The hacks have cast doubt on Twitter’s security in a year where the company is under scrutiny for its ability to prevent misinformation and election interference in an upcoming US presidential race in November.

Among the accounts that were hacked is the official account of presumptive democratic presidential nominee, Joe Biden. 

‘We’re embarrassed, we’re disappointed, and more than anything, we’re sorry. We know that we must work to regain your trust, and we will support all efforts to bring the perpetrators to justice,’ Twitter said in the blog post.