The X account of Animoca Brands co-founder Yat Siu is suspected to be compromised.
Fake tokens were initiated under Animoca’s name, triggering interest from unsuspecting investors.
Despite two-factor authentication, the attack raised concern over the firm’s security.
In a shocking turn of events, the X account of Yat Siu, the co-founder and executive chairman of Animoca Brands, seems to have been attacked by hackers. Known for his influential role in the blockchain and gaming industry, Siu’s account was manipulated to pump fake tokens and contracts under the section “Animoca Brands is launching new coins.” The incident raised concerns about the safety and security of digital assets in an increasingly interconnected world.
According to a blockchain investigator, ZachXBT, the breach was caused by a phishing scam. Despite the firm having a two-factor authentication (2FA) security feature, the scammers were able to bypass it, posing a new complication for the crypto players. Similar to recent cases, the hacker had tricked users into providing their login details by sending them fake copyright infringement emails.
The breach was noticed when Siu’s account started promoting a suspicious token labeled “Animoca Brands (MOCA)” operating on the Solana network. Followers were taken through fake launch links to these fraud schemes, which were formerly promoted by fake profiles. Reports indicate that the token’s value increased briefly and drastically fell in a pump-and-dump scam.
Animoca Brands swiftly responded, confirming the unauthorized activity, and urged its followers not to engage with the fake account. Siu, who opened another account, stated that the phishing attack was reported to X’s support team. He also promised to fix other security issues in the platform following the breach.
Further, the attack raised concern since numerous X accounts associated with the cryptocurrency industry have become vulnerable. As incidents of this nature continue to rise, it indicates that individuals and organizations need to stay vigilant and increase their security measures.
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