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NYDFS: Twitter Security Flaw Culprit in July Acct Hacks

According to the New York Department of Financial Services’ (NYDFS) announcement, Twitter’s unsophisticated security system flaw led to the notorious hacking of high-profile users’ accounts on July 15.

Based on the investigation by the NYDFS, Twitter’s network security became weak,  which enabled hackers to access the account of various celebrities and prominent people like Barack Obama, Elon Musk, Jeff Bezos, Joe Biden, and more, and asked for crypto.

The malicious scheme involves sending bitcoins to an address provided by the hackers through a tweet of high-profile celebrities. Then, they would double the amount and send it back to the victims.

As the hack ensued, the NYDFS noticed that several employees requested to share their account credentials before the hack. These include individual persons involved in the crisis.

Authorities found out that the hackers were from Florida. They strategically took users’ credentials by giving a fake identity and claiming that they work at Twitter’s information technology department. They pretended to respond to issues regarding the firm’s Virtual Private Network (VPN) which became common due to work-from-home setups.

NYDFS Superintendent Linda Lacewell said,

That Twitter was vulnerable to an unsophisticated attack shows that self-regulation is not the answer.

More importantly, attackers stole almost $118,000 worth of Bitcoin through illegal activities. Meanwhile, the hacking unprecedentedly exposed the vulnerability of Twitter.

As a result of the investigation, Graham Ivan Clark and others have been charged by US authorities to have played the mastermind game of the said hack.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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