Instagram hackers stole tens of thousands of euros from users

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Two young Dutch hackers were arrested on Sunday. The police believe the two hackers, aged 18 and 19, hacked into a large number of Instagram accounts and thereby managed to steal tens of thousands of euros in advertising revenue from the real users, NOS report. 

According to the police, the two men approached their victims with a phishing email. The email seemed to come from Instagram, and if the users logged in through the email, the hackers got their login details. The police believe they stole the login details of more than a hundred accounts.

The hackers focused on Instagram accounts with a large following - tens of thousands of followers. Companies often make use of such accounts for advertising. The account holders, usually celebrities like rappers or models, are paid to wear a brand's clothing or watches, for example. The two suspects approached companies through hacked accounts for advertising deals.

"These companies probably did not realize that they were dealing with hackers", a police spokesperson said to broadcaster NOS. "They made decent amounts that were funneled away and converted into bitcoins." The police believe that the suspects got hold of tens of thousands of euros in this manner.

The police are still investigating exactly how many victims there are and in which countries. As far as is currently known, at least two Dutch accounts were hacked, including that of a teenage girl who showcases shoes, clothing and bags.