X, the social media platform formerly known as Twitter, experienced multiple global outages, affecting users in countries including the United States, the United Kingdom, India, Australia, Nigeria and Canada. These disruptions, which occurred in at least three distinct waves, began around 5:30 a.m. ET on 10th March and continued intermittently throughout the day, with peak reports of issues reaching over 41,000 according to outage tracking site Downdetector. Users reported problems such as inability to load the app or website, refresh timelines, post content, or log in, with the majority of issues affecting the mobile app (around 58% of complaints) and the website (32%).

Elon Musk, the owner of X, attributed the outages to a “massive cyberattack,” specifically claiming it was a distributed denial-of-service (DDoS) attack, which overwhelms servers with traffic to disrupt service. He suggested the attack required significant resources, potentially involving a “large, coordinated group and/or a country,” and in a Fox Business interview, he claimed that the IP addresses involved originated in the “Ukraine area.”

However, cybersecurity experts have expressed skepticism about these claims, noting that tracing IP addresses in DDoS attacks is unreliable due to the use of compromised devices worldwide, which can mask the true origin. Additionally, a pro-Palestinian hacktivist group called DarkStorm claimed responsibility for the attack via a Telegram post, stating it was a DDoS attack aimed at disrupting X’s services, though this claim has not been independently verified.

The outages were significant, with some lasting up to several hours, marking one of the longest disruptions in X’s recent history. While the platform experienced partial restoration of services in some regions, the repeated nature of the outages raised questions about the platform’s stability, especially following significant staff reductions and infrastructure changes since Musk’s acquisition of the company in October 2022.

Critics have pointed to these changes, including the layoffs of around 80% of the original staff, as potential factors weakening the platform’s resilience to such incidents. However, without official confirmation of the attack’s cause or perpetrators, the exact reason for the outages remains uncertain, and the narrative of a state-sponsored attack, particularly from Ukraine, has been met with caution by experts due to lack of concrete evidence.

In addition to Dark Storm, the pro-Palestinian hacktivist group that claimed responsibility for the March 10, 2025, cyberattacks on X, numerous other hacktivist groups have been active globally, often driven by ideological, political, nationalistic, or opportunistic motives. Below is an overview of some notable hacktivist groups, their motivations, and their typical targets, providing context to the broader landscape of hacktivism.

One of the most well-known hacktivist collectives is Anonymous, a decentralized, non-hierarchical movement that emerged in the early 2000s. Anonymous is recognized for its advocacy of free speech, government transparency, internet freedom, and social justice, often targeting entities perceived as corrupt or oppressive, such as governments, corporations, religious organizations, and extremist groups.

Their operations, including high-profile campaigns like Project Chanology against the Church of Scientology and cyberattacks on Russian targets following the 2022 invasion of Ukraine, have made them a prominent symbol of hacktivism. Anonymous often employs tactics like DDoS attacks, data leaks, and website defacements, though some within the movement, like former member Oxblood Ruffin, have criticized the use of DDoS attacks as contrary to free speech principles.

Another significant group is RedHack, a Turkish Marxist-Leninist hacktivist collective founded in 1997. RedHack focuses on promoting social and political change in Turkey and beyond, targeting government agencies, political parties, and corporations to support causes such as workers’ rights and opposition to internet censorship. Their actions, such as releasing sensitive government documents and defacing websites, have led to conflicts with the Turkish government, resulting in arrests and prosecutions of several members, though the group remains active.

GhostSec, a spinoff of Anonymous that emerged in 2015, is known for its efforts to combat online extremism and terrorism, particularly targeting the online propaganda and recruitment efforts of groups like ISIS. GhostSec monitors social media platforms, identifies extremist content, and takes down associated websites and accounts. While praised for disrupting terrorist activities, their vigilante tactics have raised ethical and legal concerns, particularly around censorship and accountability.

AntiSec, formed in 2011 as a collaboration between Anonymous and LulzSec, aims to expose and disrupt systems of government and corporate power perceived as unjust or oppressive. Their tactics include website defacements, data breaches, and DDoS attacks, often targeting high-profile organizations to highlight vulnerabilities and challenge authority. AntiSec’s activities underscore the overlap between hacktivism and cybercrime, as their methods, while ideologically driven, often involve illegal actions.

The IT Army of Ukraine, formed in response to the 2022 Russian invasion of Ukraine, is a volunteer cyberwarfare organization focused on protecting Ukraine from Russian cyberattacks and launching counteroperations against Russian targets. This group exemplifies nationalistic hacktivism, leveraging technical expertise to support state interests during geopolitical conflicts, often targeting Russian government and infrastructure websites.

Other notable groups include Killnet, a pro-Russian hacktivist collective known for attacking government institutions in countries opposing Russian interests, and NoName057(16), a pro-Russian group that has been highly active in DDoS attacks, particularly against nations supporting Ukraine, such as Israel, India, and Poland.

Anonymous Sudan, despite its name, is a religiously motivated group rather than a politically aligned one, often targeting entities perceived as anti-Muslim, though some speculate ties to Russian interests due to attack patterns. These groups illustrate the diverse motivations within hacktivism, ranging from ideological and political agendas to nationalistic and opportunistic goals.

While some, like Anonymous, frame their actions as digital civil disobedience, others, such as Killnet or NoName057(16), align closely with state interests, blurring the line between hacktivism and state-sponsored cyber operations. The tactics used—DDoS attacks, data leaks, website defacements, and doxing—are consistent across groups, but their targets and justifications vary widely, reflecting the complex and often contentious nature of hacktivism in the digital age.

Mt. Gox, the defunct cryptocurrency exchange that collapsed in 2014 after a major hack, transferred 11,501 Bitcoin (BTC), valued at approximately $905 million, to an unidentified wallet, according to blockchain analytics firm Arkham Intelligence. This transfer followed a smaller test transaction of 166 BTC to the cryptocurrency exchange BitGo on the previous Friday.

The movement is part of a series of recent Bitcoin transfers by Mt. Gox, including over $1 billion moved to a wallet beginning with “1Mo1n” the previous week, which was later masked as one of the entity’s wallets. After the latest transfer, Mt. Gox retains ownership of more than 35,915 BTC, currently valued at approximately $2.8 billion at market prices.

Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy in February 2014 after halting withdrawals due to “technical issues.” It was later revealed that the exchange had lost around 850,000 BTC, worth over $58 billion at current prices, though approximately 200,000 BTC were later recovered. This incident affected roughly 127,000 creditors, who have been waiting over a decade for compensation.

Following the bankruptcy, Japanese authorities initiated a legal process known as “civil rehabilitation” in 2018, which aimed to distribute the exchange’s remaining assets to creditors more equitably than traditional bankruptcy proceedings. Unlike bankruptcy, civil rehabilitation allowed creditors to receive repayments in Bitcoin and Bitcoin Cash (BCH) rather than Japanese Yen at the 2014 Bitcoin price, preserving the value of their claims given Bitcoin’s significant price appreciation. In March 2019, the Tokyo District Court accepted a rehabilitation plan, which was finalized in November 2021.

These wallet activities are likely linked to Mt. Gox’s ongoing efforts to repay creditors, a process that began in July 2024 following years of bankruptcy proceedings. The exchange, once the largest Bitcoin exchange globally, lost around 850,000 BTC in a 2014 security breach, affecting thousands of creditors. Historically, such large Bitcoin movements by Mt. Gox have preceded creditor distributions, often facilitated through exchanges like Kraken, Bitstamp, and BitGo.

However, the exact purpose of the latest transfer remains unclear, as Mt. Gox has not publicly confirmed whether it is part of an imminent payout. The repayment deadline for creditors was recently extended to October 31, 2025, due to ongoing verification and processing requirements, further delaying full resolution for affected users. The transfer coincided with a period of market volatility, as Bitcoin’s price dropped below $77,000, deepening a correction after a weak start to the week.

Some market analysts, such as BitMEX co-founder Arthur Hayes, have warned of potential further declines, suggesting Bitcoin could retest the $75,000 level or even fall to $70,000–$72,000 if support levels fail. Conversely, others, like Bitget Research’s chief analyst Ryan Lee, indicate a possible recovery to the $80,000–$85,000 range if Bitcoin stabilizes. Large transfers like this often spark concerns about potential selling pressure, as creditors receiving repayments might liquidate their Bitcoin, though past distributions have shown mixed behavior, with some creditors opting to hold their BTC due to significant price appreciation since the 2014 collapse.

Some exchanges, like Bitstamp, cannot accommodate creditors in certain countries (e.g., China, Iran, Japan, North Korea, and Ukraine regions like Crimea, Donetsk, and Luhansk) due to regulatory restrictions. The repayment process has been marked by numerous delays, largely due to legal challenges, logistical issues, and the complexity of verifying claims. The original repayment deadline was set for October 31, 2023, but was extended multiple times due to creditors’ difficulties in completing required procedures, such as account verification and KYC (Know Your Customer) compliance.

Repayments began in July 2024, with Mt. Gox distributing Bitcoin and Bitcoin Cash to approximately 21,000 creditors by August 21, 2024. Fiat currency repayments in JPY were also initiated, with some creditors reporting deposits in their bank accounts as early as March 2024, often one to two months after their claims were updated in the system.

The U.S. stock market suffered another brutal sell-off on Monday, deepening a three-week downturn as investors grew increasingly anxious over the possibility of a recession—an outcome that President Donald Trump did not rule out in a weekend interview.

With Wall Street already on edge over tariff policy uncertainty, the situation took a turn for the worse as Trump imposed a 50% retaliatory tariff on Canadian steel and aluminum, escalating trade tensions with the country’s largest trading partner.

The S&P 500 plunged 2.7%, touching its lowest level since September before closing at 5,614.56. The tech-heavy Nasdaq Composite saw the steepest decline, plummeting 4%—its worst session since September 2022—to close at 17,468.32. The Dow Jones Industrial Average dropped 890.01 points, or 2.08%, finishing at 41,911.71.

The losses accelerated throughout the day before moderating slightly before the close. With Monday’s declines, the S&P 500 is now down 8.7% from its all-time high reached on February 19, while the Nasdaq Composite has lost nearly 14% from its peak, nearing official correction territory.

Trade War Escalation Raises Alarms

Investor anxiety was already running high due to ongoing uncertainty over the Trump administration’s tariff policies. However, markets were rattled further when the U.S. announced a 50% tariff on Canadian steel and aluminum imports, a move widely seen as retaliation against Canada’s 25% tariff on electricity exports to the U.S.

“Based on Ontario, Canada, placing a 25% Tariff on “Electricity” coming into the United States, I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD. This will go into effect TOMORROW MORNING, March 12th,” Trump announced on Truthsocial on Tuesday.

The tit-for-tat measures immediately raised concerns among analysts that the U.S. stock crisis is far from over. The retaliatory tariffs could push manufacturing costs higher, weigh on industrial output, and disrupt already fragile supply chains. The energy sector, which was already experiencing significant volatility, was also hit hard, with oil and gas companies among the biggest losers in Monday’s sell-off.

Tech Stocks Lead Market Collapse

The so-called “Magnificent Seven”, a group of big tech stocks that had fueled the market’s previous rally, led the decline as investors retreated to safer assets. Tesla suffered the worst blow, tumbling 15% in its worst single-day loss since 2020. Alphabet and Meta both fell more than 4%. Nvidia, a leader in artificial intelligence, slid 5%. Palantir, a favorite among retail investors, dropped 10%.

Recession Concerns Grow as Trump Shrugs Off Market Volatility

Fears of an economic downturn have been mounting over the past month, initially sparked by weak economic data that appeared to reflect business uncertainty over tariff policy. Those concerns were further fueled by comments from the Trump administration indicating that economic pain may be an inevitable consequence of its new policy direction.

Treasury Secretary Scott Bessent told CNBC on Friday that the U.S. economy may need to go through a “detox period” as the administration cuts federal government spending. Then, in an interview with Fox News on Sunday, Trump was asked directly about the possibility of a recession.

“What I have to do is build a strong country. You can’t really watch the stock market,” Trump said, suggesting that he is not prioritizing market stability.

His comments only added to market jitters, with analysts noting that uncertainty over fiscal and trade policy is weighing heavily on investor sentiment.

Adding to concerns, Goldman Sachs sharply lowered its U.S. economic growth forecast, citing the potential effects of escalating tariffs.

“We are in the throes of a manufactured correction,” said Sam Stovall, chief investment strategist at CFRA Research. “I say ‘manufactured’ because this is a direct response to the administration’s tariff programs—or at least the threat of them—and what kind of impact they will have on the economy.”

Foreign Markets Outperform as U.S. Equities Struggle

In an ironic twist, while U.S. stocks suffered, foreign markets—particularly in Europe—outperformed. Oppenheimer Asset Management noted the paradox in a client report, highlighting that despite Trump’s aggressive trade stance, foreign assets have been outperforming U.S. equities.

“Since the start of the year, global markets—particularly in Europe—have been faring better than the U.S. markets,” wrote John Stoltzfus, Oppenheimer’s chief investment strategist. “What’s ironic is that foreign companies are likely to suffer even more from the deployment of tariffs than U.S. firms.”

‘Muck-Around-and-Find-Out’ Policy Raises Red Flags

Economists are increasingly alarmed by what they see as an experimental and high-risk economic strategy from Washington. Dario Perkins, an economist at TS Lombard, was particularly blunt in his assessment. “I’m not turning bearish. I’m not even forecasting a recession,” Perkins said. “But it is odd to see U.S. policymakers talk as if they want to inflict damage on the economy, or at least do things that risk causing damage.”

He characterized the administration’s policy as a combination of aggressive tariff moves and drastic federal spending cuts, calling it a dangerous experiment. “This is something new,” he added. “It is ‘Muck-Around-and-Find-Out’ policy, to use the polite term.”

With trade tensions escalating, market volatility rising, and fiscal uncertainty mounting, Wall Street analysts believe the stock crisis is far from over. The extent of the damage will depend on whether Trump’s trade policies intensify—and whether any relief measures are introduced to stabilize investor confidence.