Crypto Hacks Surge as Scammers Target X Accounts

Crypto firms are increasingly falling victim to phishing attacks on X, with hackers exploiting compromised accounts to promote fraudulent tokens and links. Over the weekend, several high-profile accounts were hijacked, alarming the crypto community.

High-Profile Incidents Targeting Crypto Firms

On January 11, Litecoin revealed that attackers had accessed its official X account to promote fake Litecoin tokens linked to the Solana blockchain. Posts featuring a scam token on Pump.fun were swiftly deleted, and the compromised delegated account was removed.

Foresight Ventures also faced a breach, where hackers used its account to promote a fraudulent token named MingAI, claiming it to be an AI-powered crypto assistant. Partner Min Xue warned followers to avoid interacting with posts or links from the compromised account while assuring that the breach was under investigation.

Holoworld AI’s account was another target, with scammers posting misleading information about an airdrop for AVA tokens. The firm restored its account with the help of BrainchainLLC and implemented enhanced security measures to prevent future attacks.

Rising Threat of Crypto Phishing

The incidents highlight a broader rise in phishing scams targeting crypto users on social media. Blockchain security firm Scam Sniffer reported that in 2024, phishing attacks caused $494 million in losses and compromised over 330,000 crypto wallets. These attacks often involve impersonation accounts and deceptive messages luring users to malicious sites.

On-chain investigator ZachXBT also identified a hacker who breached 15 X accounts between November and December last year, stealing more than $500,000.

Despite the growing threat, efforts to combat these scams are underway. Binance reported preventing over $129 million in scam-related losses this year by leveraging AI and machine learning. The exchange identified and blacklisted 47,000 malicious addresses and issued thousands of daily alerts to warn users of potential risks.

The crypto community continues to grapple with these threats, underscoring the importance of robust security measures and user vigilance.

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