Exchanges saved customers' $300.000 during Twitter hack

by in Cryptocurrency News

Twitter hack exchanges

Prompt moves by cryptocurrency exchanges have allowed users to save at least $300,000 in the recent Twitter hack, Forbes reports.

Related: Twitter hackers used BitPay and Coinbase to transfer funds

Trading platforms began taking action to counter cybercriminals minutes after the fake tweets appeared, while the first restrictive steps by the social network's management were taken within hours.

The American exchange Coinbase added the addresses of the scammers to the blacklist, which made its clients unable to transfer funds to them.

Coinbase Information Security Director Philip Martin noted that during the incident, more than 1,100 site users tried to send 30.4 BTC (about $280,000) to hackers. 14 clients managed to send cryptocurrency for $3,000 before the measures taken.

Similar steps were taken by Binance, Gemini, and Kraken. However, their users tried to send scammers smaller amounts than in the case of Coinbase.

The actions of the exchanges have been criticized in the crypto community due to possible censorship by the leading representatives of the industry. Philip Martin noted that Coinbase’s mission is to prevent the theft of its users ’funds whenever possible.