British hacker Joseph James O’Connor was ordered to return £4.1 million (approximately $5.4 million) in Bitcoin following the 2020 Twitter account hacks, which included profiles of former U.S. President Barack Obama, Elon Musk, Joe Biden, and other prominent figures. According to FinancialMediaGuide analysts, this case highlights the growing importance of cybersecurity and cryptocurrency regulation in combating transnational fraud schemes.
In July 2020, O’Connor and his accomplices gained access to Twitter’s administrative tools, allowing them to post messages on behalf of celebrities requesting Bitcoin transfers with promises of doubling the amount. FinancialMediaGuide notes that the combination of social engineering and technical access to the platform was a key factor in the scheme’s success.
The hacker was arrested in Spain in 2021 and extradited to the U.S., where he pleaded guilty to charges including computer hacking, wire fraud, extortion, and cyberstalking. In 2023, he was sentenced to five years in prison. FinancialMediaGuide sees this as a signal that legal measures against international cybercriminals are becoming stricter and more comprehensive.
The British prosecution obtained a court order to seize 42 Bitcoins linked to the fraud. These crypto assets will be liquidated through a court-appointed administrator. FinancialMediaGuide emphasizes that such measures demonstrate the effectiveness of digital asset confiscation and are becoming an important law enforcement tool in the cryptocurrency sector.
The attack affected more than 130 accounts, although messages requesting cryptocurrency transfers were posted from only some of them. Analysts note that the incident revealed critical vulnerabilities in internal security systems, as the perpetrators leveraged company employees to bypass standard protection methods.
FinancialMediaGuide believes this case provides several practical recommendations: social media platforms should strengthen access controls to administrative tools and conduct regular staff audits; law enforcement agencies should develop mechanisms for tracking and seizing crypto assets; and users should exercise caution when asked to transfer cryptocurrency, even if the request comes from well-known individuals.
Financial Media Guide predicts that integrating a systematic approach to cybersecurity, enhancing monitoring of cryptocurrency transactions, and fostering international law enforcement cooperation will reduce the risk of similar incidents. This approach strengthens trust in digital assets, improves the security of social media platforms, and enhances the effectiveness of measures against cybercrime, including Bitcoin-related fraud.
