Security Breach MicroStrategy Hackers Siphon Over $440,000 Crypto Official X Account

Twitter icon  •  Published 1 month ago  •  Nikolas Sargeant

Perpetrators exploited the compromised profile to disseminate phishing links, leading to an estimated loss of over $440,000 in cryptocurrency for unsuspecting users, as assessed by security experts.

In an unfortunate incident on Monday morning, the official X account of software intelligence giant MicroStrategy fell victim to a cyber attack.

Perpetrators exploited the compromised profile to disseminate phishing links, leading to an estimated loss of over $440,000 in cryptocurrency for unsuspecting users, as assessed by security experts.

Renowned crypto figure Spreek highlighted that unauthorized messages surfaced on MicroStrategy's X account, which boasts over 196,000 followers, urging users to visit a website named "microstralegy." Visitors were lured into thinking they could claim a new token airdrop by connecting their wallets to receive tokens.

Confirmation of the substantial theft came from on-chain investigator Scam Sniffer, who reported losses approaching $440,000. Detailed information revealed that a user lost a significant sum of $424,786, consisting of wBAI, wPOKT, and CHEX tokens to the fraudulent scheme.

By 10 a.m. Hong Kong time, the MicroStrategy team had successfully regained control of the compromised X account, and the misleading tweet was removed. As of the current moment, MicroStrategy has not issued a statement regarding the temporary account takeover or the financial impact incurred due to the actions of the fraudsters.

The incident underscores the vulnerability of high-profile crypto companies and their executives to hacking attempts. Such entities become attractive targets for cybercriminals due to their large audiences and the perceived weight of their endorsements. Breached accounts not only provide scammers with access but also enable them to orchestrate sophisticated phishing campaigns, leading to the illicit harvest of user funds.

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.