Ava Labs COO’s X account was hacked to promote Memecoin.

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As an analyst with extensive experience in the cryptocurrency industry, I have seen my fair share of hacking incidents and scams. The recent incident involving Ava Labs COO, Luigi D’Onorio DeMeo, is yet another reminder of the risks that come with this space.

It’s believed that the Chief Operational Officer of Ava Labs, Luigi D’Onorio DeMeo, may have fallen victim to a hack on his X account, due to him posting links related to questionable airdrops and details about a newly launched memecoin with a Pokemon theme.

As a seasoned investor with years of experience under my belt, I’ve encountered many suspicious activities in the cryptocurrency market. However, the recent occurrence that caught my attention was a potential pump-and-dump scheme involving a Solana-based memecoin named Pika (PIKA), inspired by Pikachu, one of the iconic characters from the Pokémon franchise. Having witnessed such schemes in the past, I find it troubling to see this pattern repeated.

During the recent event, it remains unclear how the possible hackers managed to get into DeMeo’s account. However, a word of caution was given to numerous users about avoiding clicks on and navigating through links at that time.

Following Dexsceener’s report, it appears that the market capitalization of PIKA briefly peaked at $388,570 shortly after the post, but then experienced a dramatic decline, dropping by over 99% to a value of approximately $3,289 in the currency market.

Beyond this occurrence, suspicious websites claiming Ava Labs is distributing Avalanche tokens have appeared on DeMeo’s account, encouraging individuals to link their digital wallets. In an effort to quell critics who flagged it as a scam, the platform temporarily disabled comments, citing potential spread of “harmful links” as a concern.

As someone who has had the unfortunate experience of having my own social media account hacked a few years ago, I can empathize with the distress and frustration that Doja Cat must be feeling right now. The thought of someone taking control of my online presence and using it to defraud innocent investors is a chilling one. It’s hard to believe that something as trivial as a social media account hack could result in the loss of over $1.63 million, but unfortunately, it’s a reality that we must confront.

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2024-08-19 13:40