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Twitter bitcoin scam 2020

The 2020 Twitter bitcoin scam is a massive hacking of Twitter accounts that started on July 15, 2020, at around 20:00 (Several Twitter accounts, each with millions of followers, were apparently compromised to promote a bitcoin scam. The scam requested individuals to send bitcoin currency to a specific cryptocurrency wallet, with the promise that money sent would be doubled.

As of July 15, 2020, more than 12 points were taken off the Bitcon Price Index, corresponding to more than US$110,000. Minutes after the tweets were published, more than 320 transactions had already taken place on one of the wallet addresses

The first well-known scam tweet was sent from Elon Musk's Twitter account at 20:17 UTC on July 15, 2020. Other compromised accounts included those of individuals such as Barack Obama, Joe Biden, Bill Gates, Jeff Bezos, Mr Beast, Michael Bloomberg, Warren Buffett, Floyd Mayweather, Kim Kardashian, and Kanye West, plus similar companies like Apple, Uber, and Cash App. Some cryptocurrency Twitter accounts were also targeted, including the accounts of Coinbase, CoinDesk and Binance. Most of the reports that were accessed in the scam had at least a million followers.

The tweets implicated in the scam claimed that the sender, would reimburse any user double the value of any bitcoin they forwarded to specific wallets, The tweets followed the sharing of malicious links by several cryptocurrency companies; the website hosting the links was taken down shortly after the tweets were posted.

While "double your bitcoin" scams have been shared on Twitter before, this is the first significant example of them being used with high profile accounts. Security experts believe that the criminals who implemented the con as an old fashion "smash and grab" attack, going on to say knowing that the invasion into the accounts would be closed rapidly, the culprits likely planned, only a small portion of the masses that follow these accounts needed to fall for the con in the short time allotted for them make quick money from it.