MicroStrategy CEO Michael Saylor’s X Account Hacked, Users Lose $440,000 to Crypto Scam

MicroStrategy CEO Michael Saylor’s X Account Hacked, Users Lose $440,000 to Crypto Scam

Crypto News – MicroStrategy, under the leadership of Michael Saylor, has reportedly fallen victim to a breach of its X account (formerly Twitter), resulting in a fraudulent post endorsing the crypto token $MSTR to its audience of 196,500 followers.

According to ZachXBT, a blockchain investigator, victims have allegedly suffered losses totaling $440,000. These individuals were deceived into believing they could claim free tokens by linking their wallets, only to find their funds drained later.

In the now-deleted post, MicroStrategy, purportedly announced the launch of an Ethereum token named $MSTR, purportedly championed by a prominent crypto figure named Spreek. The post claimed the token had low gas fees and was backed by MicroStrategy’s Bitcoin reserves. It enticed users to connect their wallets to a dubious link in order to claim free $MSTR.

ZachXBT highlights that victims have already lost $440,000 due to falling prey to this phishing scam.

The exploitation of trusted figures and entities within the crypto industry by hackers to manipulate the trust of their followers has unfortunately become increasingly common.

In a separate incident reported by BeInCrypto in September 2023, hackers targeted the X account of Ethereum co-founder Vitalik Buterin. They posted a fraudulent link associated with ConsenSys, resulting in the loss of nearly $700,000 from unsuspecting followers.

Hackers leverage the fast-paced nature of the crypto industry, understanding that time is of the essence for investors participating in airdrops and similar opportunities. This urgency enables them to swiftly siphon significant amounts of funds within minutes.

In the case of Vitalik Buterin, his father Dmitry Buterin confirmed the security breach and noted his son’s efforts to regain control of the compromised account.

Furthermore, on January 9th, the X account belonging to the SEC (Securities and Exchange Commission) was compromised, disseminating false information about the approval of a spot Bitcoin ETF prior to the official announcement.

Shortly thereafter, SEC Chair Gary Gensler revealed the hacking incident involving the agency’s X account, which resulted in the dissemination of misinformation regarding a Bitcoin ETF approval.