MicroStrategy, led by Michael Saylor, says the X (formerly Twitter) account was compromised. This resulted in a fraudulent post promoting the cryptocurrency token $MSTR to 196,500 followers.
Blockchain investigator ZachXBT claims victims have already lost $440,000. They fell victim to claiming free tokens by linking their wallets, but later they ran out of tokens.
Michael Saylor MicroStrategy X was hacked and user funds were compromised.
In a now-deleted hack post, Michael Saylor’s MicroStrategy announced an Ethereum token called $MSTR, captured by popular cryptocurrency user Spreek. It claimed low gas costs and was backed by MicroStrategy’s Bitcoin reserves.
Read more: What is Rug Pull? Guide to Web3 Scams
It explains that users can claim free $MSTR by connecting their wallets to malicious links.
However, ZachXBT points out that they have already fallen victim to a phishing scam, with $440,000 already being withdrawn from users who connected their wallets.
It has recently become common in the cryptocurrency industry for hackers to approach trusted individuals and companies to extort funds by manipulating the trust of their followers.
In September 2023, BeInCrypto reported that hackers targeted Ethereum co-founder Vitalik Buterin’s X (formerly known as Twitter) account.
Hackers take advantage of the rapidly changing cryptocurrency industry
They embezzled nearly $700,000 from unsuspecting followers by posting fraudulent ConsenSys links.
Cryptocurrency investors know that time is of the essence when jumping into these airdrops to avoid missing out. So hackers take advantage of this, knowing that they can wipe out large amounts of funds in a matter of minutes.
Read more: 15 most common cryptocurrency scams to watch out for
As for Buterin, Vitalik’s father, Dmitry Buterin, confirmed the security breach, noting that his son was actively working to regain control of his account.
On January 9, the SEC’s
Soon after, SEC Chairman Gary Gensler disclosed that the agency’s X account had been hacked and spread misinformation about the approval of a Bitcoin ETF.
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