Animoca Brands Co-Founder’s X Account Hacked to Promote Fake Token

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As a seasoned researcher with a keen eye for detail and a deep understanding of the intricacies of the crypto space, it is clear that the recent breach of Yat Siu’s account at Animoca Brands serves as yet another stark reminder of the growing cybercrime threat in our field. The relentless tactics employed by these bad actors are becoming increasingly sophisticated, and it seems they never rest in their pursuit of easy gains.

The X account of Animoca Brands co-founder Yat Siu was compromised to promote fraudulent tokens launched on Solana’s Pump.fun platform. The hacker used the account to falsely announce the launch of a token, claiming it was associated with Animoca.

ZachXBT, a blockchain analyst, posited that Yat Siu could potentially be a victim of the same phishing scheme targeting crypto-related profiles. In a recent post on the platform, ZachXBT disclosed that these fraudsters have swindled approximately half a million dollars in the last month by hacking over fifteen crypto accounts.

Apparent scammers supposedly deceived victims by sending fraudulent emails purporting to be from the X team. The contents of these emails often created a sense of urgency, such as falsely accusing users of copyright violations, to persuade them into visiting harmful websites and modifying their account details.

3/3 An example of a phishing email received by X users can be seen below and the emails all follow the same script:

>send fake copyright infringement email>create a sense of urgency>trick user into visiting phishing site and resetting 2FA/password

Makes sure to limit email…

— ZachXBT (@zachxbt) December 24, 2024

On November 26, there were comparable incidents directed at the RuneMine’s Bitcoin infrastructure service account, X. Similarly, on December 24, the crypto trading video streaming platform Kick suffered an attack. These events appear to have paved the way for the recent security incident involving Siu.

The fake MOCA token reached a market cap of $36,700 but rapidly dropped to $7,700 and is now valued at $5,991, with only 33 holders according to Birdeye.

Animoca Brands Responds Swiftly to Account Breach

Animoca Brands admitted the unauthorized access to Yat Siu’s X account, and made it clear that the company has yet to launch any official tokens or NFTs. They advised users to steer clear of the account, as they suspect a hacker is responsible for the fraudulent token activity.

🚨 I regret to inform you that my social media account has been hacked. Contrary to a recent claim, there’s no official token or NFT launch from Animoca Brands. The post about the Solana token launch is false and was made by the hacker. Therefore, I strongly advise you not to engage with the account and remain cautious.

We will provide an…

— Animoca Brands (@animocabrands) December 26, 2024

Animoca’s prompt action following the breach received broad acclaim. The NF3 Chip applauded the firm for their swift responses, underscoring the crucial role of vigilance and security within the cryptocurrency industry.

Growing Cybercrime Threat in the Crypto Space

With the increasing expansion of the cryptocurrency industry, the level of cybercrime also escalates, aiming vulnerable users and businesses within this sphere. Unscrupulous individuals frequently manipulate compromised accounts to launch phishing attacks on content creators and famous personalities. For instance, on December 8th, the account of the Cardano Foundation was infiltrated to publicize a fraudulent token named “ADAsol”. This scam amassed a trading volume of $500,000 before the token’s value plummeted by 99%. In October, Symbiotic experienced a similar breach when hackers disguised phishing links as airdrop checklists, resulting in users losing their tokens.

High-level figures in the technology sector are not exempt from such incidents. On October 29, the Twitter account of Andy Ayrey, founder of Truth Terminal AI, was breached to peddle fraudulent tokens. This deception managed to yield $1.5 million for the hacker.

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2024-12-26 13:51