dogwifhat’s X Account Hacked to Execute Malicious Crypto Activities

by

As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I can’t help but feel a mix of frustration and amusement at the persistence of these scams, particularly those involving account hijacking. The dogwifhat incident is just another example in a long line of similar occurrences that have left many crypto enthusiasts with empty wallets and a bitter taste in their mouths.

Fraudulent activities related to cryptocurrencies persist, with tricksters posing as well-known individuals or platforms to mislead people. A current illustration is the unauthorized access to the official account of the popular meme token dogwhatever (symbol: DOG) on Solana.

Originally posted but later removed, a cyber intruder exploited dogwifhat’s account to advertise different meme-based cryptocurrencies, aiming to persuade users into buying multiple tokens such as Popwifnut (POPWNUT), Muu (MUU), and DogWifDoge (WIFD). The intruders also posted the contract addresses for each token, intending to capitalize on the account’s popularity to boost demand and ultimately increase the value of these tokens.

Initially, the initial share introduced was MUU, a coin that had just celebrated its first month of existence. Leveraging the reputation of a well-known meme coin platform, MUU experienced a swift upward trend, peaking at an all-time high. Yet, this growth spurt proved temporary. The sell-off by hackers quickly ensued, triggering a price drop and leaving investors in financial distress.

Just like POPWNUT and WIFD, the other digital assets experienced a similar downfall. They initially surged in value, but subsequently dropped by 84% for POPWNUT and 74% for WIFD at the time of writing, due to being part of a scam.

Community and Security Teams Respond to Limit Damage

It didn’t take long for community members to spot the unusual post, leading them to suspect a potential breach. Later on, Harpie – a Web3 security firm – verified the account takeover and warned followers against interacting with the content, thus minimizing the scam’s impact. In the end, the dogwifhat team successfully regained control of the account, erased all traces left by the attackers, and restored the original profile.

Although the recent event had occurred, the value of WIF‘s token experienced only a modest decrease, falling roughly 12% within the last 24 hours. This downward trend might be linked to a 3% dip in Bitcoin during the same time frame.

The WIF token, which had been trading at approximately $3.68, was added to Coinbase, enabling it to exceed $4 for the first time since April. Within 24 hours, its volatility stood at 11.5%, and its market capitalization reached a staggering $3.68 billion, with a trading volume of $2.44 billion.

The Growing Threat of Account Hijacking in Crypto

Lately, it’s become common for swindlers to focus their efforts on the social media accounts of notable individuals. They exploit these platforms to peddle bogus investment opportunities in cryptocurrency, often misleading unsuspecting investors. For example, back in September, scammers took control of the account associated with Delhi Capitals and used it to advertise counterfeit Solana-based tokens, deceiving crypto investors.

In a deceitful maneuver, a fraudulent token was labeled as HACKER. Likewise, an unscrupulous individual seized control of account X belonging to renowned French soccer star Kylian Mbappé. This malicious actor then peddled a phony token named $MBAPPE, which lured investors into a “pump and dump” scheme. As a result, unsuspecting investors lost a staggering $1 million within an hour.

The dogwifhat incident serves as a stark reminder of the dangers crypto investors face from hijacked social media accounts. As scammers grow more sophisticated, users must remain vigilant, question unusual posts from trusted accounts, and rely on credible security warnings to avoid falling prey to these schemes.

Read More

2024-11-15 14:00