The X account of Animoca Brands executive chairman Yat Siu has fallen into the hands of hackers, who are now misleading users with a fake Solana token launch. Under the guise of “Animoca Brands issuing new coins,” these cyber intruders are promoting suspicious tokens and contracts. A recent investigation by Mocaverse revealed this incident to be a classic case of “stolen identity,” despite Siu having set up two-factor authentication on his X account.
When Yat Siu’s X account was compromised, the motive behind it became painfully clear: to deceive users into thinking there was an official token launch on the Solana blockchain. Animoca Brands was quick to react, emphasizing that no such launch was ever planned. They urged users not to engage with any posts related to the fraudulent activity surfacing on Siu’s account.
Mocaverse provided insights into this breach and noted that even with security measures like two-factor authentication, hackers managed to infiltrate the account. They stated, “The evidence seems to suggest that this was a case of stolen identity as the account had standard security implementations (such as 2FA). Stronger security approaches are being considered and implemented.”
Questions arose, particularly from blockchain security investigator ZachXBT, who scrutinized why Yat Siu hadn’t opted for more advanced security measures, such as a hardware security key. Just a day before this breach occurred, ZachXBT identified a concerning pattern where threat actors had been utilizing phishing emails to infiltrate prominent accounts. He remarked, “Just yesterday, I warned about phishing emails targeting Siu, likely linked to today’s breach.”
What’s alarming is that the same scammer has reportedly stolen over $500,000 in the past month by breaching more than 15 X accounts, affecting high-profile figures like Kick, Cursor, Alex Blania, The Arena, and Brett. This phishing scam uses tactics that involve impersonating the X team to siphon credentials and introduce fraudulent meme coins.
Recently, Yat Siu had been quite active in promoting MOCA Coin, making him a prime target for hackers. Consequently, the price of MOCA surged to $0.50 on Christmas day, with a remarkable 200% increase on the weekly chart. However, as of the latest update, the price has retraced nearly 30%, now trading at around $0.35, down 6% from its peak.
Earlier in the year, Siu expressed his vision regarding NFTs and Web3 gaming, highlighting their potential role as transformative elements in digital ownership. He discussed how the convergence of meme coins and NFTs, alongside protocols like Ton, is creating synergies throughout the blockchain ecosystem.
In a troubling parallel, last week hackers compromised Vivek Ramaswamy’s X account while promoting a false collaboration between the Department of Government Efficiency (D.O.G.E) and the USUAL stablecoin.
With the ever-present threat of cyber intrusions, it’s crucial to stay alert and ensure your account security is robust. As the landscape of digital assets evolves, so do the tactics of those looking to exploit it. Always remain cautious and informed in your interactions online.
Disclaimer: The views expressed above may reflect the personal opinions of the author and are subject to market conditions. It’s advisable to conduct thorough research before making any investments in cryptocurrencies. The author and the publication disclaim any responsibility for personal financial losses.
