As a seasoned analyst with a background in cybersecurity and a passion for both cricket and cryptocurrencies, I find myself at the intersection of three intriguing worlds: sports, finance, and digital security. The recent incident involving Delhi Capitals’ social media account being hacked to promote a Solana-based memecoin is yet another example of how these spheres intertwine in unexpected ways.
On a Tuesday, unscrupulous individuals tried to swindle Indian cricket enthusiasts using a token based on Solana. These scammers aimed to capitalize on sports fans by hacking the official X account of Delhi Capitals. Yet, their scheme didn’t gain significant momentum, despite their unusual attempts to promote a memecoin.
Crypto Hackers’ New Promotional Method
The Indian Premier League (IPL) squad, Delhi Capitals, experienced an unauthorized intrusion on one of their social media accounts last Tuesday. The hackers, who seized control over the team’s X account, had approximately 2.6 million followers as targets. During this incident, the attackers publicized a Solana-linked cryptocurrency token through a sequence of posts that have since been removed. Their aim was to artificially inflate the token’s price using their unusual strategies.
As a crypto investor, I’ve learned that cybercriminals often target high-profile individuals and institutions with substantial followings, masquerading as them. Typically, these attackers will propagate information about Solana-based meme tokens associated with the impersonated figure, aiming to deceive unsuspecting investors. It’s crucial to verify any investment advice or announcements before taking action to protect your assets.
Fraudsters often mislead people by falsely claiming that well-known personalities have ventured into the cryptocurrency world. They may even promote phony partnerships with establishments in the crypto industry. These tactics frequently trick thousands of innocent users into investing their funds in these fraudulent schemes.
In this scenario, instead of using traditional methods, the hackers targeting Delhi Capital opted for an unusual strategy. They labeled their Solana-based meme token as “HACKER” and openly admitted to having illegitimate control over the account.
One of the posts stated, “Yes, this is a hacked account!” and claimed that they would “make profits” from it. The hackers revealed they use this method to boost their scams, repeatedly asking users to search for the ticker on X so they could see their “strength”:
“We plan to generate profits by manipulating accounts; once the token address is shared, expect the token value to increase. Check out $HACKER to witness our power!
A brief investigation into X uncovered that the perpetrators had prior experience with such schemes, as the record indicates they’ve previously tried swindling cryptocurrency investors and sports enthusiasts using this specific approach before.
According to the report, it appears that both the South Korean Esports team T1 and two cryptocurrency applications have experienced identical security incidents involving unauthorized access. Their announcements shared a similar message, but there was a discrepancy in the Solana contract address mentioned.
Solana Memecoin Fails To Make Big Numbers
Previously, meme coins on the Solana network have managed to swindle substantial amounts of money from users. As per NewsBTC reports, various famous personalities and businesses have unfortunately become victims of these fraudulent activities. Lately, hackers deceptively advertised a fake Solana token on McDonald’s official Instagram page.
The memecoin, themed after the character Grimace, surged over 400% to a market capitalization of $25 million in less than an hour. This resulted in approximately $700,000 in ill-gotten profits for the scammer.
Previous types of rug-pull schemes have exploited the fan bases of figures such as soccer star Kylian Mbappé from Real Madrid and retired wrestling icon Hulk Hogan. This scheme involving Hulk Hogan led to a massive loss of approximately $17 million.
Despite the Delhi Capitals hackers having access to over 2.6 million cricket team followers, they were unable to capitalize on this opportunity. On the day it was launched, the market value of HACKER tokens never exceeded $40,000 and even struggled to reach half that amount during the alleged scam.
As a crypto investor, it’s crucial to be aware that during scams like this, some individuals might intentionally trade these bogus tokens, capitalizing on the hype before the scheme unravels. Interestingly, the majority of transactions for this token seem to have been executed by hackers, presumably as part of their strategy to set up a heist.
Following the cricket team’s recovery of the X account and removal of hacker-linked content, the trading of the token came to a complete halt. At present, the Solana memecoin is valued at approximately $4,300 in terms of its market capitalization.
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2024-09-12 12:40