Animoca Brands has confirmed that the X (formerly Twitter) account of its co-founder, Yat Siu, was hacked, leading to the promotion of a fake cryptocurrency called the MOCA token. The incident highlights ongoing cybersecurity challenges in the cryptocurrency sector, as well as the vulnerability of prominent figures to such attacks.
The hacker exploited Siu’s account to announce a fraudulent MOCA token launch on the Solana blockchain. This false promotion caused a dramatic spike in the token's value—rising by 500% in a short period. However, this artificial increase quickly reversed, with the market capitalization of the token plunging from $36,700 to just $7,700.
In response, Animoca Brands clarified that neither an official MOCA token nor any associated NFT project had been launched. The company strongly urged users to avoid engaging with the compromised account and warned the community to remain vigilant against similar scams.
Yat Siu addressed the issue through his secondary X account, revealing that the hacker had bypassed two-factor authentication (2FA) security measures to gain access. Siu has since reported the breach to X’s support team and committed to sharing insights about the vulnerabilities exposed by the attack. This follows a string of similar high-profile hacks, including a December incident in which a compromised account linked to Anthropic resulted in the theft of $100,000 through a fake token scheme.
The attack underscores the importance of robust cybersecurity practices, particularly for influential figures in the blockchain and crypto industries. As fraudulent schemes become increasingly sophisticated, even measures like 2FA-widely regarded as a reliable security standard, are proving insufficient to prevent breaches.
This incident also sheds light on the market's susceptibility to manipulation. The fake MOCA token’s dramatic price fluctuation demonstrates how easily a false announcement can generate hype and disrupt token valuations, particularly in the context of decentralized and relatively unregulated markets.
Animoca Brands, a leading player in blockchain and gaming innovation, has built its reputation on fostering trust and transparency in the industry. This hacking incident, however, serves as a stark reminder that no organization or individual is immune to cyber threats. Moving forward, both individuals and organizations must adopt stronger security protocols and encourage users to verify the legitimacy of announcements and accounts before engaging in any activity.
While Yat Siu has vowed to provide insights into the vulnerabilities exploited during the hack, the larger takeaway is clear: the cryptocurrency space needs enhanced awareness and protection against scams and malicious activities. Users are advised to remain cautious, verify claims through multiple channels, and prioritize security to mitigate risks in an environment where trust is often the primary currency.
