Coinbase said it blocked more than 1,100 customers from trading with Twitter hackers.

Coinbase, a cryptocurrency trading company, said it had recently blocked more than 1,100 customers from sending bitcoins to Twitter hackers,media reported. Last week, the hackers hijacked a number of well-known accounts to promote a Bitcoin scam. If Coinbase doesn’t do so, the customers will send a total of 30.4 bitcoins (currently worth about $278,000) to hackers, Philip Martin, Coinbase’s chief information security officer, told Forbes.

Notably, the amount is more than double the actual amount ($121,000) that hackers collected through victims.

Despite Coinbase’s actions, 14 of its customers were victims of the scam, sending about $3,000 worth of bitcoins to hackers before blacklisting their addresses, Martin said.

Users of Gemini, Kraken and Binance also tried to send bitcoins to these addresses, but not as many as Coinbase, according to the report. All of these exchanges took action to block these addresses immediately after the scam came to light.

The wide-ranging attack, which took place on Twitter on Wednesday local time, was reported to include former US President Barack Obama, Microsoft co-founder Bill Gates and Tesla CEO Elon Musk.

Coinbase said it blocked more than 1,100 customers from trading with Twitter hackers.

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Blockchain Analytics says some of the stolen bitcoins have been transferred to exchanges and mixed bitcoin merchants such as Wasabi Wallet.

Tom Robinson, co-founder and chief scientist at Elliptic, told The Block: “We can see a very small amount of data flowing to known, regulated encryption switching systems. But for reasons of confidentiality, he declined to name the exchange. But Robinson went on to say that 2.89 bitcoins, or 22 percent of the total, were sent to the mustard wallet.

Whitestream, another blockchain analytics firm, told Block that one of the hackers’ addresses had already traded with at least three cryptocurrency platforms. “We can see that an address is linked to several addresses related to a digital currency payment processor (CoinPays, Coinbase, BitPay),” Whitestream co-founder and CEO Itsik Levy told The Block. “

In fact, a BitPay spokesman confirmed to The Block that in May 2020, one of its merchants sent $25 from the address of a Twitter hacker, and that as part of BitPay’s standard processes and procedures, they are risking the details available to interested parties, including law enforcement.

Coin Pays declined to comment, and Coinbase did not respond to a request for comment.

On the other hand, blockchain Intelligence Group says some of the stolen bitcoins were sent to Binance.

In fact, a spokesman for Binance confirmed to The Block that “a small amount of bitcoins, equivalent to about $10, were sent to the address of Binance’s core wallet.” It seems that their (hackers’) actions are aimed at confusing blockchain researchers. “

In addition, WazirX, the Indian cryptocurrency exchange acquired by Kraken and Binance, also received some of the stolen bitcoins, according to information obtained by Block Research.