Elon Musk blames X outage on ‘massive cyberattack’ as bitcoin dips to $78K

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—by Protos Staff

Elon Musk says that a major outage that disrupted his social media platform X for hours on Monday was the result of a “massive cyberattack.” The outage coincided with a significant dip for bitcoin that saw the world’s leading crypto fall to under $80,000.

According to Downdetector, almost 40,000 people reported that X was down at around 2pm UTC. These reports then fell before spiking to over 17,000 an hour later.

Addressing the hack, Musk said, “We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved.”

Hacking group Dark Storm has reportedly claimed responsibility for the attack. The group has previously warned it would target countries that support Israel.

The various outages on X according to Downdetector.

Read more: UK Treasury says ‘no plans’ to introduce US-style bitcoin reserve

Meanwhile, while X struggles, data on CoinGecko shows the price of bitcoin (BTC) is also performing poorly, as it dropped to $78,313, down 27.9% from its all-time high back in January.

It’s also down 13.5% since Donald Trump announced the creation of a US strategic BTC reserve last Thursday. 

Variety reports that X’s last major outage was on August 9, 2024. At 12:16 am UTC on this date, BTC reached over $62,000 before dropping to around $60,000 throughout the day.

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