In a worrying development for the cryptocurrency community, MicroStrategy, the world’s largest institutional owner of Bitcoin, fell victim to a phishing attack on its official Twitter account on Friday. Hackers gained unauthorized access and published a series of tweets promoting a fake Ethereum-based altcoin called “$MSTR”, luring unsuspecting users into a scam. According to reports, the incident resulted in an estimated loss of $440,000 for investors who fell victim to the fraudulent activity.
Hackers introduced fake altcoin: Users lost 440 thousand dollars
The fake altcoin promotion took place at night. However, according to what was announced, the hacking incident took place around 10:30 EST on Friday. On this date, hackers took over MicroStrategy’s Twitter account, which had more than 1.2 million followers. They changed their profile picture and username to “MicroStrategy (X)” and began tweeting promoting the fake $MSTR token.
Tweets included statements that the token is officially supported by MicroStrategy’s Bitcoin reserves. It was also claimed to offer attractive features such as low gas fees and hassle-free transactions. They also urged users to claim their “free” tokens by sending Ethereum (ETH) to a phishing address. Moreover, they stated that half of the supply is already demanded.
Hackers made more than 300 ETH
Fortunately, the compromised account was quickly detected by vigilant users who reported it to Twitter and warned others of the scam. However, the plan managed to fool some people. Crypto analyst ZachXBT, who followed the phishing address on Blockchain explorer Etherscan, gave details about the issue. Specifically, it revealed that scammers made more than 300 ETH, equivalent to approximately $440,000, from more than 1,000 transactions.
This is not an isolated incident. cryptokoin.com As we reported in January, MicroStrategy CEO Michael Saylor warned about the rise of deepfake technology, which is used to impersonate personalities and companies on platforms like YouTube to promote similar “gift” scams using his name and image. This underlines that users need to be careful and stay alert in the crypto environment.
Steps forward: What to pay attention to?
The MicroStrategy attack shows that all investors need to be vigilant. It also suggests that they should proceed with caution when faced with offers that seem too good to be true. It serves as a sharp reminder for such situations. Here are some basic steps you should take to protect yourself from these types of scams:
- Be skeptical: Be suspicious, especially when it comes to free offers or unexpected deals. Always question the authenticity of online communication in these.
- Verify information: Before relying on any information, research relevant companies. Check with official sources and websites of companies or projects. Look for verification signs like the blue check mark on Twitter.
- Never send cryptocurrency to unknown addresses: Be extremely suspicious of requests to send unsolicited cryptocurrency. Legitimate companies do not ask for money through social media or unverified channels.
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