As a seasoned crypto investor with over a decade of experience navigating this digital jungle, I must say that these recent hacking incidents involving high-profile accounts are becoming all too common and concerning. It seems like every other week, we’re seeing another high-profile account compromised to promote some dubious token.
In simple terms, unauthorized individuals took control of Delhi Capitals’ X account on popular social media platforms, exploiting it to promote a questionable Solana-based cryptocurrency.
In simpler terms, the Delhi Capitals cricket team, which plays in the well-known Indian Premier League, suffered an unauthorized intrusion when hackers seized control of their account and publicized a Solana-associated token called HACKER to their more than 2.6 million followers.
As a researcher, I’ve uncovered some intriguing insights from the previously removed posts. It appears that the malicious entities claimed responsibility for the attack and disclosed their plan to generate profits. This profit-seeking strategy involved targeting other X accounts with the intention of artificially inflating the value of the HACKER token, a digital asset that was recently introduced approximately 24 hours prior, as indicated by DEX screener data.
The perpetrators announced that they would gain access to various accounts, with the token address provided for each, promising a surge or increase in the value of the tokens.
In such attacks, the tactic used by the attackers is often seen. They take advantage of the vast follower base of influential X accounts to publicize crypto tokens. By creating artificial demand, they inflate the token’s value and then swiftly sell their previously acquired shares, causing a drop in price. Unfortunately, investors who jump in hoping for immediate profits are usually the ones left with losses.
The individuals responsible for the scheme repeatedly posted identical messages, disseminating the contract address of the fraudulent token and encouraging others to search “$HACKER” to witness their power. Not long afterward, the Delhi Capitals team successfully reclaimed possession of their account.
In the process of looking up “X” for the keyword “HACKER”, it was discovered that the information came from another hacked account, which posted screenshots of similar cyber-attacks on South Korean esports team T1 and other X accounts. These attacks all had the same message but varied in their contract address.
Initially, it seems the attacker’s attempts were unsuccessful as the HACKER token received minimal interest. At present, this questionable token had a market capitalization of merely $4,300 and recorded only 46 transactions. The majority of these transactions appeared to have been made by the creators themselves shortly after the token’s introduction.
Hackers keep finding ways around X’s security measures
Despite this, it seems that these attacks are increasing in frequency as fraudsters focus on prominent X accounts to peddle questionable cryptocurrencies. This raises questions about the platform’s safety measures, but so far, the social media company has remained silent on the matter.
On September 4th, the social media accounts of Lara and Tiffany Trump were taken over at the same time with an intention to deceive the public into purchasing a false cryptocurrency tied to former president Donald Trump’s recently launched decentralized finance initiative called World Liberty Financial.
In just a few short days, renowned French soccer player Kylian Mbappé suffered a comparable hack, and the perpetrators employed a “pump-and-dump” strategy with the MBAPPE digital asset.
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2024-09-11 13:04