As a researcher with years of experience in the digital economy, I have seen the rise and fall of various crypto projects, and the unfortunate tales of those who fell victim to scams. The recent incident involving Kick’s account on their streaming platform is yet another stark reminder that we must remain vigilant in this rapidly evolving landscape.
On December 24th, an unauthorized intrusion occurred on the streaming platform Kick, owned by Stake.com. Malicious actors exploited a vulnerability in Kick’s X account and used it to spread false information about a supposed Solana-based cryptocurrency using the ticker symbol KICK. Users were then led to potentially fraudulent wallet address links.
The hacker projected KICK as the solution for the blockchain community and individual creators.
Kick Breaks Silence on Crypto Plans Post-Attack
If it hadn’t been for Kick co-owner Bijan Tehrani alerting them, many unaware users might have become victims of the fraudulent activity on the platform, which he referred to as a “scam”.
He urged users to report the scam posts to help the company regain control of its account. The page was restored to normalcy shortly after, and the spam posts were removed. Users were immediately advised to avoid engaging with posts, replies, or even responding to suspicious direct messages.
“Kick doesn’t currently issue or plan to issue cryptocurrency tokens. Beware of any claims suggesting otherwise, as they could be fraudulent.
— Bijan Tehrani (@BijanTehrani) December 24, 2024
To clarify, it’s important to note that the streamlining platform has no connection whatsoever to the NFT being advertised.
Moreover, Tehrani made it clear that Kick will not be venturing into cryptocurrency endeavors, a fact they shared with their users and the general public. However, this doesn’t imply that the platform is hostile towards crypto. Interestingly, Stake.com, which supports Kick, allows its users to buy Bitcoin using PayPal.
After making a purchase as an analyst, I find that the items are conveniently stored within my digital wallet. It’s worth mentioning that I have the flexibility to use either my debit or credit card for these transactions.
Crypto Scams on the Rise
As the year winds down, it’s important to be aware that incidents of crypto fraud have significantly increased. Many cyber crooks seem determined to cause financial losses for numerous investors during the holiday season.
As both blockchain security companies and law enforcement groups devise plans to apprehend these malicious actors, they continuously innovate their methods in the execution of their missions.
According to Coinspeaker’s report, approximately 9,200 users fell victim to crypto scams totaling over $9.38 million last November. This figure represents a significant decrease compared to the crypto losses of $20.2 million experienced in October and the staggering $46 million lost in September.
In November, an individual suffered the greatest single loss of $661,000 from their stETH holdings. Additionally, there was a loss of $409,000 incurred in WBTC on the Arbitrum network.
On the Ethereum blockchain’s Uniswap platform, there was a $344,000 loss in FET, and a separate loss of $220,000 in USDT occurred through a direct transfer on Ethereum.
In the current month of December, numerous instances of scams and cyber-attacks have surfaced. Not too long ago, the cryptocurrency hardware wallet, Ledger, indicated an emergence of new phishing schemes.
Fraudsters sent out phony emails imitating official correspondence, aiming to deceive wallet users into disclosing their recovery codes by claiming there was a “Potential Data Leak: Your Recovery Phrase Could Be Compromised”. To escape this predicament, users were lured into using a supposedly secure verification system to confirm their recovery phrases.
As the holiday shopping period approaches and more transactions are made using cryptocurrencies, security specialists advise users to remain cautious because fraudulent activities could increase as scammers attempt to exploit this trend. Put simply, “The holiday season is a scammer’s preferred time of year due to the rise in online shopping.
Read More
- DEXE PREDICTION. DEXE cryptocurrency
- ARB PREDICTION. ARB cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- YFI PREDICTION. YFI cryptocurrency
- WLD PREDICTION. WLD cryptocurrency
- RAY PREDICTION. RAY cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
2024-12-24 15:39