Twitter bitcoin hack funds sent to crypto casinos

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Updated September 21, 2022 | Published July 22, 2020

2 mins read

The ploy has succeeded, but we finally have clarity what has happened to those funds. According to Ciphertrace, a company that identifies breaches in blockchain and crypto security, the scammers used the money in peer-to-peer (P2P) exchanges and crypto gambling sites.

Hackers have established so-called peel chains to make sure they can move the funds fairly undetected, but Ciphertrace has been able to follow through thanks to the public ledger technology that powers the entire blockchain experience.

The hackers have been smart to move bits and bobs of the stolen funds and try to send them across the world, including to a regulated crypto exchange in Singapore, Ciphertrace reported. There wasn't an exact number of the money sent to crypto gambling websites.

According to Ciphertrace, the total amount sent was around 1 BTC, as not many followers have responded to the call-to-action issued by the personalities' Twitter accounts. Surprisingly, people have doubted that anyone would just double their investment, but a few odd ducks have fallen for it.

One important thing to note here is that crypto gambling platforms haven't been the preferred outlet for hackers to salt away their money. That has to do with the high level of security introduced by most blockchain iGaming venues, including CasinoFair, Bitcasino and BitStarz.

While regulations are still in the process of clarification, iGaming venues that operate based on cryptocurrency and blockchain have shown resilience to fraudulent activities. More crypto casinos are now part of the mainstream and they have a quality product to offer as well.

David

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

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