In a surprising turn of events, Animoca Brands’ executive chairman has faced an X account hack earlier today, December 26th.
According to the official announcement, Yat Siu, executive chairman and co-founder of Animoca Brands, is suspected of having had his Twitter/X account compromised.
Currently, the account is using the moniker “Animoca Brands issuing new coins” to promote dubious tokens and contracts on Twitter.
The hacking occurs at a time when the cryptocurrency markets have witnessed X account breaches as a common occurrence in the entire year.
In order to promote coins, schemes, or initial coin offerings (ICOs), hackers typically target users with a large following, making some well-known figures prey to this trend.
Yat Siu’s X Account Hack Not The First For The Industry
Yat Siu’s X account hack comes at a time when the entire 2024 has seen a rise in social media hack cases. Previously, Rapper Wiz Khalifa’s X account was compromised and the hackers promoted fake memecoin with the rapper’s 35.7 million followers.
Scammers using Bitcoin have recently targeted a large number of powerful individuals. X (previously Twitter) hackers have targeted several prominent US figures, including billionaires Bill Gates, Jeff Bezos, and Elon Musk.
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The Twitter hack by Mandiant was the first incident of this year. A cryptocurrency hoax was advertised on Mandiant’s X (previously Twitter) account for over six hours in January 2024. Renamed to resemble the Phantom cryptocurrency wallet, the user shared links to an airdrop hoax.
Another recent incident in this trend was Vivek Ramaswamy’s X (previously Twitter) account Breach. The social media page of the politician was compromised, and a phony tweet saying that the US Department of Government Efficiency (DOGE) and the stablecoin issuer USUAL were collaborating caused a commotion online.
The tweet, which pledged to promote digital currencies for economic stability and reduce the federal fiscal imbalance, was swiftly removed once Ramaswamy’s team discovered the breach.
Why Do Hackers Target Influential People In Crypto Space?
Claims of high rewards and few risks are common ways for scammers to lure victims. This strategy typically targets people with a sizable fan base, social media following, public favor, or reputation.
In order to draw in investors who are not familiar with the crypto field, hackers also create phony social media profiles and websites that mimic reliable investing platforms.
Additionally, scammers usually pose as well-known cryptocurrency exchanges or wallets. They regularly offer fake freebies or promotions on social media and want deposits that are never returned.
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