Cryptocurrency

Twitter Hack: Bitcoin and Monero

The Twitter Hack, which took place the day before yesterday, it caught the world’s headlines. This enabled the attackers to get full access (technically: root access), so that these Accounts could any need for your purposes. In our yesterday’s report we take a closer look at the nature of the attack. In today’s article to the Twitter Hack, we focus less on the impact of the hack itself, but rather on the used crypto-currency.

In the centre the question of why the attackers used actually Bitcoin and not Monero is? – Known of the crypto-currency BTC is compared to Monero only a pseudonym.

The Twitter Hack: Great Bitcoin Giveaway

This Wednesday, 15.07, course Screenshots of world-known Twitter Accounts (Elon Musk, Bill Gates, Joe Biden, Binance, Coinbase), which were all in connection with a alleged Bitcoin Giveaway-terminated suddenly.

In essence, it was the attackers that any potential victim to send BTC to the escrow address. Sad in a familiar way, some readers of these Tweets and responded to the demands of the hackers. This could capture as a result, several Bitcoin, and thus tens of thousands of dollars.

Particularly eye-a “victim”, which the attackers to the Twitter Hack, a personal message to read stood out here. The transmitter sent into 7 individual transactions, a special message, which we in the Following look:

We translate the main lines to the German:

You’re taking a risk when you use Bitcoin. (…) Bitcoin is traceable (engl. traceable). Why not Monero?

Obviously, the Sender alludes to the fact that Monero compared to Bitcoin is anonymous and not pseudonymous. We have written already a detailed article that explains this in more detail.

Bitcoin is trackable – Monero, however, not

This in turn means that all the transactions will now be made of the stored address of the Hacker, are understandable. Of course, the Hacker can resort to so-called Mixer-services and this way try to disguise.

Monero uses Privacy techniques, such as Stealth Addresses and Ring Signatures, which would have ensured the hackers is inescapably a better anonymity. So why the attackers decided to log in to your Twitter Hack for Bitcoin as a supposedly “unsafe” variant?

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Adoption and awareness as key factors

The answers are expressed in a pragmatic and understandable. In comparison to Bitcoin, it is Monero, a Cryptocurrency that is with all due respect, only insiders and crypto enthusiasts. While normal consumers have already been in the media and other means of crypto-currency Bitcoin belongs to, is Monero a less well-known edge appearance.

Add to this the technical affinity of their respective owners. If it is not in Monero to an incredibly complex construct, are the users of Monero tends to be technically-savvy. You will appreciate the XMR guaranteed anonymity, and would fall with a high probability of never on such a fraud as in the case of the Twitter Hack in.

Bitcoin is now an Asset, which also made it to the “bags” of many of the normal citizens. These tend to be less technically savvy and give such statements more likely to Believe. The following Tweet sums up all of these statements to the Twitter Hack aptly:

What do you think about the Twitter Hack? – Can you understand why the attacker for BTC and not Monero have decided?

(Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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