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Coinbase stopped transaction of over $200,000 during the twitter hack

Avatar Written by Naima Rabbie · 50 sec read>

Coinbase the cryptocurrency exchange base stated that it prevented about 1100 customers from transferring the Bitcoins to the hackers that had gained the access to twitter account of some renowned public figures.

Last week the over 50 Twitter accounts had been hacked by hackers and have been labeled as the massive coordinated bitcoin scam on the platform of twitter. The accounts hacked belonged to major companies like Microsoft, Apple, and Tesla.

According to the shared details, the hackers were able to convince some of the employees of the company to use their admin tools to access the high profile accounts and indirectly help the spammers in tricking people into sending the Bitcoin.

Coin base and other exchanges of Cryptocurrency were able to prevent some customers from sending the bitcoin to the spammers by blocking the wallet address of the hackers. Over 1000 customers were stopped from sending the cryptocurrency worth of $280,000 roughly after the also hacking attack. Before moving the hacker into the blacklist

The coin base spokesperson said: “We noticed the scam and began blocking the transactions within a couple of minutes of the initial wave of scam posts.”

The twitter accounts like Binance and Gemini were also targeted by the hacker. The hacker reset the passwords of the targeted account so that the retrieval of these accounts would be impossible. the details of the hack were posted in the company’s blog soon after the incident occurred