Crypto Twitter Hackers Caught Trying to Move Bitcoin through Online Gambling Sites

by

Three teen crypto Twitter hackers were caught scamming accounts on the mega-popular social media platform not long after, thanks to the blockchain analysis tools.

The famous massive Twitter hack has caught the attention of everyone in the Bitcoin world, especially the online gambling world since the hackers tried to move the cryptocurrency through online gambling sites.

Twitter Hackers Busted Stealing Cryptocurrency

You must have already heard about the hack on Twitter accounts that happened a couple of weeks ago. The scammers were able to access several accounts and collect around $144,000 before being busted.

19-year-old Mason Sheppard from the UK, 22-year-old Nima Fazeli, and 17-year old Graham Ivan Clark from Florida were three “masterminds” behind the idea that they could steal Bitcoin and move it across the network without ever being caught for it. They managed to convince a Twitter employee into giving them access to the network. They immediately started creating posts through legitimate accounts, such as those by U.S. President Obama, Apple, and Elon Musk, among others. They collected as much cryptocurrency as they could, but their own steps led to their bust. Up until that point, their plan was going as it should and looked as it was a well-thought one. However, they weren’t counting on how sophisticated the blockchain analysis tools are nowadays. These tools today almost immediately trace movements on any blockchain. Clearly, the “wise guys” didn’t actually know how advanced it has become.

They were actually caught right around the time when they wanted to move the funds through online gambling sites, probably by playing Bitcoin games. But the tracking mechanisms discovered the scam, and followed the trails to at least one account the scammers created on the Coinbase exchange, believe it or not, created using one of the perpetrator’s real personal data. Once the authorities put all the pieces of the puzzle together, it was not hard for them to trace all three criminal minds. And just like that, justice got served, and the three boys were stopped relatively soon after they committed the crime.

Where Did It All Go Wrong?

Being young as they are, or at least not well informed on what Bitcoin is actually and how much it has evolved throughout the years, the three teenagers did not consider for a second to educate themselves on how the blockchain works and have probably believed the fallacy that the digital ecosystem is completely anonymous, untraceable and private.

On the contrary, countries all across the globe have taken initiatives for better blockchain transparency. They have busted many criminals who thought that operating through blockchain would be a piece of cake, only to discover that the law enforcement is already onto them. Satoshi Nakamoto wanted to achieve precisely that: position Bitcoin as a legitimate and real alternative to fiat currency that would work within the same legal boundaries and regulatory as all traditional currencies. With the latest news, we can see that this vision is not only possible but is proving to be functional and viable.