Protect Yourself from Crypto Scams and Hacks
As a crypto enthusiast, you need to stay vigilant and protect yourself from potential scams and hacks in the cryptocurrency space. Here are some key points to keep in mind:
The Recent MicroStrategy Hack
Recently, MicroStrategy’s Twitter account fell victim to a hack where malicious links to a fake airdrop of an “official” Ethereum-based MSTR coin were posted. Even though the links were eventually removed, the losses amounted to almost half a million dollars.
- Anonymous user Spreek first alerted the community about the hack.
- ZachXBT, an on-chain investigator, confirmed the hack and reported the loss to be around $440k.
- Scam sniffer, a Web3 anti-scam platform, revealed that the hacker stole $424,786 worth of various altcoins.
The fraudulent airdrop post misled users into connecting their wallets for the fake airdrop, allowing the attackers to drain their tokens. Experts believe the victim might have signed a Uniswap Permit2 permit batch signature, granting approval for multiple token transfers. Although MicroStrategy has not officially confirmed the hack, they promptly deleted the post after being informed.
Is Twitter Becoming a Target for Hackers?
Twitter account hacks, especially of official handles, are on the rise once again. Recently, even the Securities and Exchange Commission (SEC) fell victim to a hack. The compromised SEC account falsely announced the approval of a Bitcoin Exchange-Traded Fund (ETF), causing confusion among investors.
- The SEC breach was due to an unidentified party gaining control of a phone number linked to the account through a third-party service.
- The SEC account lacked two-factor authentication at the time of the breach.
With MicroStrategy now added to the list of phishing attack victims, it’s crucial for all users to implement robust security measures across all communication channels to prevent such incidents. Always verify the credibility of links before clicking on them and remain vigilant to protect yourself from potential scams and hacks.
Hot Take: Stay Alert and Secure Your Crypto Assets
As a crypto investor, you must be proactive in safeguarding your assets and personal information. The recent MicroStrategy hack serves as a stark reminder of the risks associated with the cryptocurrency space. By staying informed, adopting stringent security measures, and exercising caution while navigating online platforms, you can mitigate the threat of scams and hacks. Remember, your vigilance is key to protecting your valuable crypto assets from malicious actors.
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