March 27, 2024
MicroStrategy's X Account Hacked, Ethereum Scam
Latest Cryptocurrency News

MicroStrategy’s X Account Hacked: Ethereum Scam

MicroStrategy’s X account faced a security breach, promoting malicious links for a fake airdrop of an alleged “official” Ethereum-based MSTR token. Clicking the link redirects users to a replica MicroStrategy webpage, prompting them to connect a wallet and claim the counterfeit MSTR airdrop. By granting permissions in their Web3 wallet, users unwittingly enable attackers to drain tokens from their wallet.

Independent blockchain investigator ZachXBT and anti-scam platform Scam Sniffer reported losses exceeding $440,000 from the scam. A single user incurred a staggering loss of over $420,000 in the phishing scam at approximately 12:43 am UTC, shortly after the first malicious link appeared on MicroStrategy’s X account. This victim lost $424,786 worth of altcoins, with transfers directed to the MicroStrategy attacker and another notorious hacking group, PinkDrainer.

The victim approved a transaction transferring $134,000 worth of Wrapped Balance AI (wBAI), $122,000 worth of Chintai (CHEX), and $45,000 worth of Wrapped Pocket Network (wPOKT) to the attacker’s wallet address. Currently, the wallet of the MicroStrategy attacker contains Ethereum-based tokens valued at $329,000, as reported by Ethereum DeBank.

Notably, industry observers swiftly recognized the scam’s apparent nature. British crypto investor Cobie pointed out the anomaly, emphasizing that MicroStrategy, predominantly focused on Bitcoin (BTC) valued at $51,036, would unlikely launch a token on the Ethereum network.

The incident underscores the persistent threat of phishing scams in the crypto space, urging users to exercise caution and verify information to safeguard their assets from malicious actors exploiting vulnerabilities. The financial toll of over $440,000 highlights the severity of such security breaches and the need for continuous vigilance within the crypto community.

“Obviously trying not to be victim blaming here but you gotta be very special to think MicroStrategy is launching an ETH token after Saylor has spent multiple years very famously saying ‘there is no second best’ and ‘you only use one chair’ etc.”

Image by flatart on Freepik

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