ZachXBT says a hacker compromised 15 cryptocurrency-focused X accounts to share fraudulent memecoins that netted the attacker around $500,000.
A culprit has stolen around $500,000 over the past month by launching phishing scams using memecoin on 15 compromised X accounts, according to investigator ZachXBT.
ZachXBT explained in a post on X on December 24 that the perpetrator impersonated Team X and sent fake copyright infringement notices to create a sense of urgency and trick users of the social media platform into visiting phishing sites.
Victims then, unknowingly, use the fake site to reset their X account passwords and log in using two-factor authentication (2FA).
Using this information, the perpetrator was able to take control of 15 accounts and spread scams using memecoin through them, obtaining about $500,000.
ZachXBT noted that the hacked X accounts were mostly focused on cryptocurrencies and included Kick, Cursor, The Arena, Brett, and Alex Blania.
The attacker tried to hide the source of the funding by linking the stolen funds between the Solana and Ethereum networks, ZachXBT said.
The blockchain investigator recommended that X users limit the reuse of email addresses between services and implement 2FA on “critical accounts where possible.”
The first known incident involving a RuneMine account on X was on November 26, and the most recent incident was a Kick on December 24.
Many of these X accounts have attracted a large audience of over 200,000 followers, who are mostly memecoin enthusiasts looking for the next hot tip.
Related: White House SEAL Team That Protects Against Cryptocurrency Hacks Surpasses 900 Investigations
Many scams using memecoin are called “inbound send”, followed by the token announcement and contract address.
Some of the hacked X accounts, such as cross-chain scaling platform Neutron, have acknowledged the incident.
Cryptocurrency scammers may be looking to make up ground this holiday season after phishing losses fell 53% month-over-month in November to $9.3 million.
Cryptocurrency thieves stole about $2.2 billion in 2024 from 303 major incidents, blockchain forensics firm Chainalysis reported earlier this month.
The company said it recorded a 21% increase year-on-year, with central services among the hardest hit.
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