In a surprising tun of events, the X account of AI16Z founder Shaw was compromised and had faced an alleged hack. The scammers used the hacked account to promote phony Eliza scam link.
Shaw claimed he had no idea how the hacker executed the attack. He has a strong password, a password manager, and 2FA. This was a well-planned and targeted attack, taking place at a time when celebrity account hacks, especially in the crypto world have seen a surprising rise.
Based on the Solana blockchain, ai16z is a decentralized trading platform driven by AI. Launched in October 2024, it redefines the venture capital and cryptocurrency investment market by fusing decentralized autonomous organization (DAO) governance with artificial intelligence (AI).
Shaw Apologizes For Money Loss
Shaw took to X to express his views on the hack and wrote, “don’t know what happened with the hack. It was obviously well designed and targeted Sorry to anyone who lost funds”
He expressed regret to everyone who suffered financial loss.
Also Read: JupiterDAO Recovers Official X Account After Unauthorized Hack and Launches Security Audit
Celebrity X Account Hacks See Rise in Crypto Space
The breach of Celebrity X’s cryptocurrency account has sparked worries about industry security. In 2020, there was a Bitcoin scam that resulted from the breach of the Twitter accounts of well-known individuals, including Elon Musk, Bill Gates, and Kanye West.
In this instance, hackers tricked users into contributing Bitcoin to a phony address by using the accounts to advertise a phony giveaway.
Also Read: Nasdaq’s X Account Hacked, Used for Fraudulent Memecoin Promotion
Another instance is the 2021 hack of cryptocurrency influencer CryptoKing’s Twitter account, which was exploited to defraud followers by promoting a fake coin.
Celebrity X’s hack is a sobering reminder of the weaknesses that even well-known people have. These occurrences demonstrate how urgently improved security measures, such as hardware wallets and multi-factor authentication, are needed.
Also Read: Kanye West Exposes $2M Memecoin Scam Attempt, Shares Chat Evidence
Also Read: Crypto Exchange Xeggex Locks Down Wallets After CEO’s Account Hacked, Users Panic
Crypto Hacks See Global Rise
An worrying rise in hacks and the propagation of counterfeit coins has coincided with the growing popularity of cryptocurrencies. Investors suffer large losses as a result of cybercriminals taking advantage of flaws in wallets, exchanges, and decentralized platforms as the market expands.
The rise in phishing attempts, frauds, and security lapses has eroded trust in the cryptocurrency industry. Concurrently, the spread of fraudulent cryptocurrencies has accelerated, with new, unregulated coins that promise large profits but frequently prove to be complex scams.
Inexperienced investors seeking rapid returns are the target of these schemes. Despite the enormous potential of blockchain technology, the absence of regulation and control keeps the cryptocurrency market open to these dishonest tactics.