Why Was Vitalik Buterin’s Twitter (X) Account Hacked

Key Insights

• Vitalik Buterin's Twitter account was hacked and used to promote a scam NFT project.
• The scam tweet promoted an NFT collection linked to ConsenSys, with a phishing link attached.
• Unsuspecting victims who clicked on the link had their wallets drained of assets worth more than $800,000.
• The hacker has been traced and is currently holding around $394,000 worth of stolen assets.
• Ethereum may enter a dip very soon

In what will now go down as one of the most high-profile crypto scams in history, almost $1 million of crypto and NFTs have been stolen.

In a recent phishing hack carried out this week, the crypto industry's hackers have gone for none other than Ethereum creator, Vitalik Buterin himself.

And as it turns out, more than $800,000 worth of assets have been drained from victims' wallets.

I Lost A Few Punks! What The Hack!?

Vitalik Buterin's Twitter (X) account was recently hacked and was used to promote a scam NFT project.

The attacker gained access to Buterin's Twitter and posted a scam tweet, promoting an NFT collection linked to ConsenSys, with a phishing link attached.

As expected, unsuspecting victims took the bait and connected their wallets to the site behind the link.

The post being referred to has now been deleted, but the deed has been done. A good example is from Bok Khoo, an Ethereum developer who claimed that he "lost a few (crypto)punks NFTs"

PeckShield was the first to draw attention to the hack.

ZackXBT, an on-chain detective, has traced down the stolen assets and has determined that the most expensive asset stolen so far, was CryptoPunk NFT #3983, worth 153.62 ETH (or a quarter million dollars).

Do We Know How Or Who Hacked Vitalik?

We do know a few things.

According to a tweet from @satoshi_767 on Twitter, the hack may have been due to negligence on Buterin's part.

"I hate to be the one to say it, but Vitalik should take accountability for his poor op-sec and compensate those affected."

But we may be able to trace how the stolen assets vanished, and where they are.

YazanXBT on Twitter, we may be able to trace the hacker's activity

The hacker with address 0x4eF6f0d3f94fF609ACef88068b1FC66a1184b3f3, according to Arkham's Explorer, currently has $394,342.29, after stealing close to $800,000 worth of assets.

This hacker has sent 111.23k worth of Ethereum to address 0x9fA7bB759641FCd37fe4aE41f725e0f653f2C726 in four separate transactions as illustrated below, with 30 transactions to Uniswap and 2 to Paraswap.

Overall, more than $300,000 remains untouched in the original wallet as normalcy slowly returns to the market.

Is A Dip Incoming For Ethereum?

Ethereum is currently testing the $1,620 zone and is under serious threats of a coming drop to $1,381 or below.

However, there are several bearish indicators in Ethereum's charts to be aware of.

The first is a bearish crossover between the cryptocurrency's 50 and 200-day moving averages, as well as a bearish crossover between its RSI signal line and MACD.

Was Ethereum poised for a price dip before this?

The answer is yes. However, the fear, uncertainty and doubt (FUD) brought on by this recent hack have further weakened the cryptocurrency's standing.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.