Even MircoStrategy? MicroStrategy’s X Account Got Hacked in Phishing Scam: Users Lose Over $440,000

MicroStrategy's X account was hacked and used to promote a fake Ethereum-based MSTR token.
Even MircoStrategy? MicroStrategy’s X Account Got Hacked in Phishing Scam: Users Lose Over $440,000

Key Insights

  • MicroStrategy's X account was hacked and used to promote a fake Ethereum-based MSTR token.
  • Users lost over $440,000 after users clicked on a phishing link that drained crypto from unsuspecting users' wallets.
  • The scam was sophisticated enough to exploit vulnerabilities in popular Web3 wallets.
  • The scam is ironic, because it promoted an Ethereum-based token, despite MicroStrategy's strong support for Bitcoin
  • The incident highlights the importance of staying vigilant against scams and not letting emotions cloud judgment.

Microstrategy is in the news again this week. And no, they didn't buy another truckload of Bitcoin again.

This time, it appears that the recent spate of Twitter/X account hacks in 2024 has found its way to the Bitcoin giant's doorstep, and this time, the hackers successfully did some damage.

Here are all of the details of how Microstrategt's Twitter account was hacked, used to shill $MSTR tokens massively, and how users lost over $440,000.

How the Microstrategy Scam Worked

This week, a series of mysterious posts started to pop up from the  MicroStrategy X account, claiming that the company was launching an  "official" Ethereum-based MSTR token.

Moreover, these tokens were set to be "airdropped" generously to users and followers.

The Microstrategy airdrop
The Microstrategy airdrop

Whoever posted the tweets went ahead and included malicious links to a fake MicroStrategy website, where users were prompted to connect their wallets and claim the fake MSTR tokens.

This seems like the regular "modus operandi" of the hackers:

Hack an account, shill an airdrop, and include a phishing link to a fake website that prompts users to connect their wallets—all before draining their crypto.

However, this hack was sophisticated enough to be able to bypass some of the security features of popular Web3 wallets like MetaMask and Trust Wallet.

According to a follow-up post from Scam Sniffer, one user even lost over $420,000 to this premeditated scam in a single transaction.

Scam Sniffer reports that the user ended up getting drained of $134,000 worth of Wrapped Balance AI (wBAI), $122,000 worth of Chintai (CHEX) and $45,000 worth of Wrapped Pocket Network (wPOKT).

The hacker's DeBank profile
The hacker's DeBank profile

At the time of writing, data from DeBank shows that the attacker holds about $323,000 worth of Ethereum and other Ethereum-based tokens.

Some of the stolen tokens were also transferred to another wallet associated with another notorious hacking group called PinkDrainer.

The Irony of the MSTR Token Scam

To begin with, these kinds of scams have happened more times than anyone cares to count in 2024.

How much was drained
How much was drained

One of the interesting things about this scam is that Microstrategy is one of the most vocal supporters of Bitcoin, but rarely mentions Ethereum or any other kind of cryptocurrency for that matter.

Moreover, MicroStrategy's CEO, Michael Saylor, is likely one of the most active supporters of Bitcoin at present.

Saylor has stated more than once, that he believes that Bitcoin is the superior form of money, and has indirectly dismissed all other cryptos.

Because of this, it makes no sense the company would launch an $MSTR token with no prior announcements.

Overall, the recent incident stands as a lesson to crypto users, to never let the hype and greed that cloud their judgment.

Meanwhile, Ethereum Is Back Above $3,000!

Ethereum finally crossed the $3,000 resistance on 25 February and went as high as $3,100.

Ethereum's price
Ethereum's price

Ethereum has reversed from this high and is now retesting the $3,000 zone.

If this break above $3,000 doesn't turn out to be a false breakout, we are bound to see the cryptocurrency travel further upwards to around $3,500 soon.

This means that the bulls need to defend the $3,000 support ever more fiercely because a break below would push the cryptocurrency straight down into a retest of the 20-day EMA around $2,816.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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