The security incident on Twitter on Wednesday left a lot of people wary of crypto and bitcoin in particular. While the social media company has investigated and fixed security loopholes, its share price on the stock market has decreased significantly by almost 4 percent. 2020 as in the past years, cryptocurrency hacks are not without blame. After the incident, the hacker walked away with nearly $116,000 laundered money.
However, these hacks also fuel a movement dubbed “Ban Bitcoin;” arguing that the absence of bitcoin would lay the foundation of a scam-free World. Mainly because some critics believe that bitcoin is the most loved incentive for scams. The fact that the bitcoin blockchain is encrypted and transactions seem to be untraceable, bitcoin haters have turned to claim that the coin allows criminals to supposedly hide their trail. On the other hand, several bitcoin fanatics have come out to dismiss the hack as a colluded event to outlaw bitcoin.
“Why?”They are asking,
Could cybercriminals bypass Twitter’s two-factor authentication just like that and hack into high-profile individuals. Some allegedly questioned why hackers did not take over President Trump ‘s active twitter account.
It’s impossible, however, to ban bitcoin. The Federal Bureau of Investigation is leading the Twitter probe. Which, by far, seems to be one of the worst social media attacks in history. Crypto analysts believe that leading exchanges, such as Binance and Okex, have the opportunity to track the recipient of the $116,000 sent by approximately 300 people in the four-hour record hack.
$1.4 Billion of Laundered Money in the Hands of Crypto
It’s a Peckshield Security Company report that has revealed exchanges are the recipient of at least $1.4 billion of the world’s laundered money this year.
The report highlighted data collected from online and offline sources over the past year. Following a thorough verification and analysis of the data, the company identified at least 100 million transaction addresses. Approximately 50 million major crypto addresses were identified at exchanges. The company then ranked the exchanges according to the amount of stolen cash they contained and found the top ten included: Coinbase, Bithum, HaoBTC, Luno, Bitmex, Gate.io, ZB, Okex, Binance and Huobi.
Peckshield suspected crypto wallets containing illicit money related to the dark web economy gambling and hacker attacks. A large segment of which included funds stolen during major crypto and exchange hacks.