Crypto celebrities’ Twitter accounts got hacked by Bitcoin fraudsters, who managed to wangle $120k worth of Bitcoin. The crypto news of the week of July 13 – July 19 in the BTCMEX digest. 

Twitter hack news

In the middle of the past week, unknown attackers hacked 130 celebrity Twitter accounts. 45 of them were compromised by resetting the password. The accounts of CEO Binance Changpen Zhao, Bill Gates, Jeff Bezos, Elon Musk, and US presidential candidate Joe Biden were affected. Attackers posted on behalf of celebrities messages about the fake distribution of 5,000 BTC from an unknown site Cryptoforhealth. 

Twitter had little choice but to suspend all verified accounts as it struggled to get on top of the breach. It’s estimated the attackers received 375 payments worth $120,000 as a result of the attack, with one Japanese wallet sending $40,000 in BTC.

Shortly after the incident, US Senator Josh Hawley demanded Twitter CEO Jack Dorsey to answer a number of questions regarding hacking celebrity accounts. The company’s experts believe that hackers successfully manipulated some Twitter employees using social engineering tools to gain access to the platform’s internal tools that they used in the attack.

Bitcoin didn’t move

The price of the first cryptocurrency has been in a narrowing side range for more than a month. Bitcoin kept trading slightly above $9,100. 

Over the period of the last two futures reports (from June 30 to July 14), the price of Bitcoin continued to smoothly fall strictly within the descending triangle.

Such a long consolidation may indicate an upcoming strong movement – the longer the flat, the more powerful the subsequent impulse. In the meantime, the market is completely calm – 30-day BTC volatility at around 20%. This is the lowest among the top 10 cryptos, with the exception of the Tether (USDT) stablecoin. 

Stablecoins outperformed Bitcoin in terms of transferred value 

In June, the amount of transferred value in stablecoins exceeded $2 billion, while in Bitcoin it fell below $1.8 billion. The turnover ratio of most stablecoins exceeded the similar indicators of Bitcoin (BTC) and Ethereum (ETH) by several times.

Elon Musk pumped Doge

Elon Musk announced on Twitter the prospect of using Dogecoin (DOGE) cryptocurrency technology as a global financial system. The price of the coin rose by almost 17% – from $0.003 to $0.0035 right after the publication of the tweet. Unlike top cryptocurrencies, DOGE has relatively low liquidity, which leaves it vulnerable to short-term pump and dumps. One of which was driven by the TikTok users a week earlier

ETH transaction volume approaches record highs 

Ethereum’s on-chain activity continues to grow rapidly – the daily transaction volume approached the 2018 levels when the coin was trading above $1,000. 

The rise in online activity is taking place against the backdrop of the rapid growth of the decentralized finance (DeFi) segment, where Ethereum is the basis of most applications. 

The cost of ETH, locked on smart contracts of DeFi-applications, reached $ 2.71 billion.