Twitter posts, which have since been deleted, were fired off from an array of high profile accounts telling users of the social media platform they had 30 minutes to send $1,000 (€876) in bitcoin donations in order to double their money.
It appears all verified accounts have been affected by the tweeting pause. "More updates to come as our investigation continues".
Twitter is still investigating whether or not an employee hacked the accounts themselves or gave the hackers direct access to the tool, Motherboard reported. "Most functionality has been restored but we may take further actions and will update you if we do", said Twitter.
In a tweet on Wednesday, Twitter's support account said: "We are aware of a security incident impacting accounts on Twitter".
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She said the pair would go through available material and "fine it down to what we can get.to get the maximum benefit out of this".
These include major key individuals and celebrities such as Elon Musk, Bill Gates, Barack Obama and even Kanye West. As a safety measure, Twitter has prevented some of the verified accounts from tweeting temporarily.
Twitter termed the security incident as a "coordinated social engineering attack" against its employees who access its internal tools. "As you know, millions of your users rely on your service not just to tweet publicly but also to communicate privately through your direct message service".
The election analyst, Nate Silver, pieced together: "Poll shows democrat leading" thanks to @everyword, a bot account tasked with tweeting out every word in the English language.
Some people with money have fallen for the scam, sending large sums to the associated BTC addresses - since all blockchain-based cryptocurrency transactions are public. This is not the first time that Twitter has been hacked, there have been cases earlier. Just previous year, the account of Twitter CEO Jack Dorsey was broken into a nd used to tweet racist and vulgar comments.