MicroStrategy [MSTR] has become the latest target after hackers breached its Twitter account to post a phishing scam. The incident came to light after on-chain sleuths noticed multiple airdrop links to its nearly 200,000 followers. Hackers often take control of a legitimate source to advertise fake airdrops to tempt gullible users into clicking on the trap links. Once a scammer gets access to these wallers, the user’s funds are completely drained. And it seems like the damage is done.
According to leading blockchain investigator ZachXBT, the security breach resulted in a loss of $440K. A further detailed report is awaited. Until then, users are advised to refrain from interacting with the account. The incident has sparked discussions within the crypto community.
One member expressed frustration over how anyone can fall for an Ethereum token launch given Saylor’s well-known support for Bitcoin. Others have called for enhancing security standards, especially against ERC tokens.
You should already know Saylor would never drop an Ethereum token, but just in case you’re gullible, this is your warning. How could you possibly think that they are launching a shitcoin on Ethereum, given his public stance on Bitcoin?… The sad reality of crypto. It is so easy to scam people and steal their tokens directly. ERC token standards are not fit for the modern world of finance; they create a haven for scammers. When will the space move to better standards? It is a must.
Such high-profile attacks are not uncommon. Hackers often target those accounts that boast a substantial following and serve as hubs for engaging content, updates, and interaction with followers. The malicious links posted on MicroStrategy’s account are a clear attempt to exploit the trust users place in reputable platforms, reinforcing the need for constant vigilance in the crypto community.
MicroStrategy Outlines Plan
It also underscores the importance of educating the crypto community about recognizing and avoiding fraudulent schemes that could compromise their assets. As the largest bitcoin holder globally, MicroStrategy is in the limelight after announcing its ambitious proposal to become the “world’s first bitcoin development firm.” This would include crafting Bitcoin blockchain network applications and software.
“We see ourselves as a firm that develops Bitcoin.” Chairman and Founder Michael Saylor clarified on MicroStrategy’s most recent Q4 earnings call, “By that, we mean we are going to do everything we can to grow the network that involves acquiring more BTC, doing everything we can to benefit our shareholders.”