Bitcoin Whales: What position have you taken after the Twitter hack?

29. Juli 2020

Last July 15th we witnessed something quite impressive on Twitter: a hack into the world’s most prominent cryptomoney accounts, and even the technological and political world. Bill Gates, Changpeng Zhao, Elon Musk, Barack Obama, among others saw their accounts compromised by a scam that sought to steal BTC from users. But, in that case, what position have Bitcoin whales taken after that hack?

Twitter scammers only got 13 Bitcoins

Bitcoin whale activity after Twitter hack
For two days now, several things have happened simultaneously. For example, Whale Alert’s Twitter account went several hours without reporting any movement yesterday, due to the anti-hacking measures taken by the social network. Instead, they continued to report via Telegram.

Between the time of the hacking and the time of writing, eight transactions have been observed by Bitcoin Whales. Of these eight transactions, five have been of accumulation in unknown wallets, while two introduced liquidity into Binance and Bitstamp, and one was between exchanges.

Bitcoin whales accumulated 12,570 BTCs, and brought 3,100 BTCs to the above exchanges. Finally, the movement between exchanges was in the amount of 2,000 BTCs. Thus, the total mobilized was 17,760 BTC.

Between July 15 and today, Bitcoin Circuit has lost approximately 1.13% of its value, from US$ 9,247.99 to US$ 9,157.97. However, the latter represents a 0.17% recovery from yesterday, when Bitcoin touched US$ 9,000 once again.

It was in this context that all the aforementioned and described Bitcoin Whale activity took place. Somehow, that accumulation may have driven the price up, but the truth is that many people still associate hacking with Twitter as directly related to BTC.

What were the real consequences?

In this case, BTC was only what was stolen, the channel that failed in security was Twitter and currently work is underway to track the amount of BTC stolen by the hackers. The attack may have damaged the public perception of Bitcoin, but the fact that the market has barely reacted is a positive sign.

The Bitcoin obtained through the hacking amounted to about $120,000, a tiny fraction of the BTC market capitalization: $168 billion. However, we will keep you updated and inform you of any new developments related to this issue.