While account compromises are not unusual, experts were surprised at the sheer scale and coordination of the apparent hack.
The widespread hack, which appears to be coordinated, somehow gained access to the verified Twitter accounts of Barack Obama, Joe Biden, Bill Gates, Elon Musk, Michael Bloomberg, Warren Buffet, Jeff Bezos, Kanye West and Kim Kardashian West.
Most of the tweets were deleted within a number of minutes, but many had been retweeted thousands of times.
Twitter termed the security incident as a "coordinated social engineering attack" against its employees who access its internal tools.
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The activists are facing the charges over the event amid concerns linked with the new national security law imposed by Beijing .
The site Blockchain.com, which monitors transactions made in cryptocurrencies, said a total of 12.58 bitcoins, worth nearly $116,000, had been sent to the addresses mentioned in the fraudulent tweets. "Only doing this for 30 minutes", the message read on the hacked accounts.
Three of America's most powerful men have had their Twitter accounts hacked and used to post scam giveaways.
Square's Cash App is reportedly another of the company accounts compromised by a major hack.
Among the political figures targeted, the hack mostly appeared to target Democrats or other figures on the left, drawing comparisons to the 2016 campaign.
"This has resulted in @Gemini, @Coinbase, @Binance, and @Coindesk, tweeting about a scam partnership with CryptoForHealth". Screenshots of this tool (shared around on Twitter) showed hackers how to take advantage of this tool. They typically create fake accounts made to emulate the entrepreneur's voice and reply to his tweets promoting the scams - to create the illusion of legitimacy.