Twitter Hack: Three arrests for Bitcoin Scam


On July 15th, a spectacular hack succeeded, affecting the Twitter accounts of over 100 celebrities.
The attackers used the control over the accounts to commit advance fraud with Bitcoin.
Now three young men have been arrested.  One of them is still a minor.
The accounts of Joe Biden, Barack Obama and Elon Musk were just some of the accounts that were taken over by the attackers in mid-July. They used control of the accounts to ask other users on the social media platform to transfer Bitcoin to them. In doing so, they promised to send back double the amount to the victims.

Many experienced users quickly noticed this widely known variation of the advance fraud. What was new, however, was that the celebrities were not fake accounts, but were actually affected.

Thus, the perpetrators managed to convince a whole range of people to transfer large amounts of Bitcoin to them anyway. Now there were three arrests yesterday in the USA and Great Britain. A group of three young men are believed to be behind them.

Perpetrators named themselves: Rolex and Chaewon
In the official announcement of the US Department of Justice, three young men are accused of having committed several crimes in connection with the hack. One of the suspects is a 19-year-old British man who nicknamed himself Chaewon. He is accused of computer fraud and money laundering.

A 22-year-old man from Florida is accused of gaining access to protected computer systems or at least being an accessory to them. He was operating under the pseudonym "Rolex".

The third suspect is a minor, for whom no details have been published officially due to his age.

According to several media reports, however, the suspect is a 17-year-old youth, who is also from Florida. The three of them are said to have jointly stolen Bitcoin to a total value of 100,000 US dollars.

Big load: Block chain analysis in action
The three suspected perpetrators actually became public enemy number one, and in addition to the FBI, the IRS Cybercrime Unit also participated in the investigation. In addition, several public prosecutor's offices are involved in the case.

In addition, British law enforcement agencies also took part in the investigation. Chainalysis was also commended in the case. This leads to the conclusion that the perpetrators could also be identified on the basis of the transaction in the Bitcoin network.

However, they are said to have gained actual access to the accounts by pretending to be on the staff of the social media giant. This procedure, known as "social engineering", cannot always be exposed in time. This is often the case when the perpetrators have profound knowledge of IT and the respective business processes.



Related articles

Republican Leader Claims Blockchain Can Make US Government More Efficient

Republican Leader Claims Blockchain Can Make US Government More Efficient                                   Rep. Kevin McCarthy, the current Republican Minority Leader in the United States House of Representatives, said on Tuesday, March 12, that blockchain can make the U.S. Congress a more efficient and transparent place. Speaking to the Select Committee for Modernization of Congress, McCarthy said […]

Learn More

Kraken Slowly Continues to Build its Cryptocurrency Empire

Kraken Slowly Continues to Build its Cryptocurrency Empire Most of the developments in the crypto industry appear to go by unnoticed. Kraken has been on a very aggressive acquisition spree throughout 2019. The most recent acquisition comes in the form of Circle Trade. Kraken Keeps Picking up Smaller Companies Prior to that development, however, Kraken […]

Learn More

Cryptocurrency Taxes in the UK – a Complete Guide

Cryptocurrency Taxes in the UK – a Complete Guide This past year, Her Majesty’s Revenue & Customs (HMRC), the tax collecting department of the UK, demonstrated that it is cracking down on cryptocurrency traders who have not been filing the income associated with their cryptocurrency investing activity. HMRC sent information requests to high profile exchanges […]

Learn More

Leave a Reply

Your email address will not be published. Required fields are marked *