Twitter Hack Update: $120,000 worth BTC is on the move, Chainalysis

• Multiple high-profile Twitter accounts were recently hacked in an apparent Bitcoin scam.
• $120,000 worth BTC stolen through the scam is currently on the move, according to Chainalysis.
• A Japanese wallet that sent $40,000 in BTC to the fraudsters appears to be the largest victim of the hack.

On Wednesday, several high-profile accounts on Twitter were hacked simultaneously and the hackers sent out tweets promising to send $2000 to every $1000 sent to anonymous Bitcoin addresses. Some of the people whose accounts were hacked include Elon Musk, Joe Biden, Jeff Bezos, Kanye West, Barack Obama and Uber. Blockchain intelligence firm – Elliptic – said that four Bitcoin wallets were used by attackers to receive around 400 payments (valued at $120,000). Chainalysis has revealed that these Bitcoin funds are currently on the move.

A part of the scam involved hackers churning their cryptocurrencies between wallets to increase the number of people who appeared to be chipping in. Chainalysis called the tactic “unsurprising.” A Japanese wallet that sent $40,000 worth Bitcoin to the scammers seems to be the single most significant victim of the hack.

Elliptic noted that some of the stolen funds have moved through a wallet that has previously transacted with exchanges. This could be a significant lead to authorities that are working to find the hackers. According to a CoinDesk report, Chainalysis is closely monitoring four wallets linked to the attack.