As a seasoned analyst with years of experience navigating the volatile and often unpredictable world of cryptocurrencies, I can’t help but feel a sense of deja vu upon learning about the recent hijacking of the Dogwifhat account on Nov 14. It seems like every other week, we see another prominent project fall victim to these cunning scammers trying to pull off their latest scheme.
On November 14th, the management of the Dogwhati meme coin related to dogs (Dogwifhat) was taken over and used to advertise various Solana-based tokens available on the platform instead.
Scammers, using several now-removed posts and a revised account profile description, have tried to artificially increase the value of three distinct meme cryptocurrencies: Popwifnut (POPWNUT), Muu (MUU), and DogWithDoge (WIFD).
Attentive community users swiftly noticed that the account had been taken over, and this was later corroborated by web3 security company Harpie, who warned X users to steer clear of suspicious posts.
At first, individuals started sharing information about MUU, a newly minted meme coin, together with its contract details, encouraging the over 115,000 members of Dogwifcoin (WIF) to invest in this meme coin.
Following the series of trades, the asset peaked at a fresh record level, as indicated by Dexscreener’s data. Yet, this peak was swiftly followed by a decline as unscrupulous traders sold off their positions, causing the price to drop.
In the last six hours, the two newly-minted tokens, WIFD and POPWNUT, have experienced a similar trend: skyrocketing prices followed by a dramatic drop. Currently, at this moment, these meme coins are plummeting, with losses of more than 83% each. Their market capitalizations stand at $12,000 and $37,000 respectively.
At the moment of this writing, our dedicated team of developers successfully restored access to the account and erased any signs of the fraudsters’ malicious actions.
Regardless of the recent event, WIF’s price has shown resilience, with only a small adjustment of approximately 17.4% observed in the last day. This dip, together with similar trends among other meme coins, seems to be mainly influenced by Bitcoin‘s 2.4% decrease.
The advancement occurred shortly following the listing of WIF on the well-known cryptocurrency platform Coinbase, an achievement that propelled the token above $4 for the first time since April and contributed to a rise of more than 50% over the past week.
This event underscores a persistent issue where scammers often manage to gain access to high-profile crypto projects’ accounts, such as Decentraland on September 19, with the intention of deceiving cryptocurrency investors. Specifically, they hacked the Decentraland X account and falsely advertised a non-existent airdrop, which was actually a phishing scam designed to steal victims’ funds by tricking them into approving unauthorized transactions.
Simultaneously, blockchain analyst ZachXBT issued a cautionary note, stating that significant accounts such as Yahoo News UK, Lenovo India, Money Control, and People might have fallen victim to similar scams, having potentially been hacked for promotion purposes.
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2024-11-15 10:06