A distributed denial-of-service (DDoS) attack launched by the hacking group “Dark Storm” caused a massive outage on social media platform X (formerly Twitter) on March 10. Cybersecurity firm SpyoSecure disclosed that the attack peaked with nearly 40,000 users unable to access the platform, though Elon Musk later claimed services were swiftly restored. Notably, the incident coincided with a sharp decline in Tesla’s stock price and heightened volatility in Bitcoin prices, reigniting concerns over the interconnected risks between technology and crypto assets.
According to SpyoSecure’s investigation, Dark Storm claimed responsibility for the attack via a Telegram channel, posting screenshots of failed connection attempts from global users as a “demonstration of strength.” The channel was later deleted for violating platform policies, but its statements highlighted the group’s intent to showcase technical prowess. Social media personality and NFT platform co-founder Ed Krassenstein confirmed direct communication with Dark Storm’s leader, who reiterated that the attack had “no political motives.” This aligns with the group’s modus operandi since its emergence in 2023.
Platform owner Elon Musk revealed during an interview that the attack coincided with violent protests at Tesla facilities across the U.S., part of a broader “Take Down Tesla” movement opposing Musk’s Department of Government Efficiency (DOGE). Under mounting pressure, Tesla’s stock plunged 15% to $222 per share on March 10, with an additional 3% drop in after-hours trading. Meanwhile, Bitcoin prices fell nearly 4% within 24 hours, reflecting rising market risk aversion.
The correlation between Bitcoin price fluctuations and cybersecurity incidents at major tech firms continues to draw scrutiny. Since Tesla began accepting Bitcoin payments in 2022, its stock has shown increasing linkage to crypto market movements. While Bitcoin’s current price remains 24% above last year’s lows, it still trails its all-time high from December 2024. Analysts warn that the X platform breach could erode investor confidence in decentralized cybersecurity, exacerbating short-term Bitcoin price volatility.
This is not X’s first DDoS attack. In August 2023, Musk accused hackers of targeting the platform ahead of an interview with former presidential candidate Donald Trump. At the time, Bitcoin prices similarly experienced a 5% intraday swing. Historical data suggests a statistical correlation between tech-sector vulnerabilities and Bitcoin price swings, particularly during periods of fragile market sentiment, where such events may amplify sell-offs.
As of press time, Bitcoin is trading at 80,800,witha1280,000 level will serve as a key indicator of crypto market risk appetite.
