A sophisticated crypto scam unfolded on Christmas Day as a hacker orchestrated a $500,000 heist by compromising multiple high-profile accounts on X (formerly Twitter) to promote fraudulent meme coins.
According to blockchain researcher ZachXBT, the attacker successfully infiltrated over 15 prominent X accounts, including Kick, Cursor, Alex Blania, and The Arena. The hacker employed a deceptive strategy, masquerading as X support and sending fake copyright infringement notices to targets.
The scam worked by directing users to phishing websites where they were prompted to reset their two-factor authentication (2FA) and passwords. Once in control of the compromised accounts, the hacker used them to promote fraudulent meme coins, deceiving followers into investing in worthless tokens.
The stolen funds were subsequently moved through multiple transactions across the Solana and Ethereum networks in an apparent attempt to mask their origin.
This incident follows a pattern of similar attacks. Recently, the Cardano Foundation's X account was compromised, leading to false claims about an SEC lawsuit that caused ADA's price to drop 4%. In another case, rapper Drake's account was hijacked to promote a fake meme coin called 'Anita.'
ZachXBT recommends using unique email addresses for different services and implementing security keys for 2FA to prevent such attacks. The incident highlights growing security concerns in the crypto space as hackers continue to exploit social media platforms and user trust for financial gain.
As cryptocurrency adoption grows, these sophisticated scams serve as a reminder for users to maintain strong security practices and exercise caution when encountering investment opportunities on social media platforms.