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Authorities Out to Trace all Links Connected to Bitcoin Wallet Involved in Latest Twitter Hack

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On Wednesday, Twitter users in the United States woke up to the shocking news that multiple bigwigs had their accounts hacked in one of the biggest social media security breaches in history. The Twitter accounts of personalities like Kanye West, Elon Musk and Bill Gates were hacked with the intention of scamming people of their holdings.

The hacked accounts asked users to deposit capital in Bitcoin to specific wallet addresses with the promise of doubling what they sent. By the time Twitter support realized what was happening, millions of dollars worth of transfers had occurred.

Two days after the attack, investigative authorities were trying to figure out who was behind the attacks and what it could mean for future security protocols. The attack was widespread, attacking not just pop celebrities but politicians such as Joe Biden and Benjamin Netanyahu as well. It can only be left to the imagination what would have happened if the hackers had done something more extreme.

To ensure that the hacker’s trail does not go cold, US blockchain forensics firm Chainalysis stated that a digital wallet used to consolidate the BTC had previous links to other merchant service providers. Maddie Kennedy, the spokesperson for Chainalysis had said:

“They have interacted with service providers that have know-your-customer processes, and law enforcement can work with those service providers to find out who can be behind those accounts.”

Twitter has been working with the Federal Bureau of Investigation [FBI] to uncover the trails of the heist. The main problem that law enforcement has faced is with regarding tracing the Bitcoin wallet. Since Bitcoin is completely decentralized it becomes difficult to track the exact location and owner of the Bitcoin wallet. The only information that is available right now is the Bitcoin wallet address to which some people transferred their capital to.

Tom Robinson, an official of blockchain analysis firm Elliptic admitted that the Bitcoin transfers left very few clues to trace it back to its source. One of the wallets involved even had some active transactions going back some time, making it a key lead.

Free Ross Billboard Spotted in New York’s Times Square

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A ‘Free Ross’ billboard, demanding for the release of Ross Ulbritch, the founder of Silk Road darknet market, was spotted on Times Square on May 21. It appears the ‘FREE ROSS’ movement has leased a billboard in New York’s Times Square as they advocate for the liberation of Ross.

As per a tweet by ‘Clemency for Ross’ the billboard will display the movement’s communication and image for a couple of months. The Twitter account noted that the Times Square billboard was sponsored by “a generous supporter” and not from the site’s donations.

Free Ross billboard sponsored by “a generous supporter” 

Ulbricht was given a double life sentence and is currently in his seventh year in prison. Only clemency can save him now. The 36-year-old was apprehended and incarcerated back in 2013 for initiating Silk Road darknet market that facilitated illicit trades through Bitcoin.

The illicit drugs and fake documents market operated for three years making sales amounting to $214 million before the FBI brought it down in 2013. Ulbricht was found guilty of multiple charges including money laundering, drug trafficking, criminal enterprise and others. 

Ulbricht still influential behind bars

Even while in prison without access to the internet, Ulbricht has been actively contributing to the digital currency community through friends who share his articles on the internet. On Wednesday this week, his Medium account shared an article suggesting a solution to encrypted child pornographic content.

Ulbricht suggested a partnership with the authorities to coach the ‘ZKANN’ system to pinpoint child pornography; by use of seized media, before introducing the system to the world.

After the Silk Road founder was arrested back in 2013, a clemency petition was initiated arguing that his imprisonment was ‘rife with abuse.’ The petition will then be submitted to the United States president asking for a reduction in Ulbricht’s sentence when it gets 300,000 signatures. At press time, the petition has already garnered 291,177 signatures.