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Hackers Target MicroStrategy's X Account to Push Fake Airdrop

Hackers Target MicroStrategy's X Account to Push Fake Airdrop

Key Takeaways

  • MicroStrategy's X account was hacked to spread links to a non-existent airdrop of a fake Ethereum-based MSTR token.
  • Victims lost over $440,000 to the scam, with one individual losing nearly $425,000 in altcoins.
  • The crypto community has reacted by highlighting the scam's obvious signs, given MicroStrategy's exclusive focus on Bitcoin.

The X account of MicroStrategy, a leading name in the business software domain and the most prominent publicly-traded Bitcoin (BTC) holder, fell victim to cybercriminals.

Hackers used the account to spread links to a fake Microstrategy webpage designed to lure users into connecting their crypto wallets to claim a bogus Ethereum MSTR token.

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To supposedly claim the airdrop, users had to grant certain permissions, allowing the scammers to drain tokens from the victims' crypto wallets.

The fraudulent operation has already led to significant financial losses, with blockchain investigator ZachXBT and the Web3 anti-scam platform Scam Sniffer reporting that victims have collectively lost over $440,000. Among these victims is an individual who, in the early hours, lost $424,786 worth of altcoins.

According to DeBank, the scammer's wallet still contains Ethereum tokens worth approximately $328,000.

This incident has sparked a wave of commentary from the crypto community. People noted the apparent red flags of the scam, as the company is known to be Bitcoin-centric.

MicroStrategy seems to have reclaimed control of the account, as the malicious posts have been removed. Nonetheless, the company has yet to provide any specifics regarding the hack.

This scam serves as a cautionary tale about the sophistication of cybercriminals and the importance of verifying information from official sources.

In a recent interview, MicroStrategy's CEO Michael Saylor expressed he had no plans to sell the company's Bitcoins.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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