An AI-driven platform specializing in cryptocurrency data aggregation for market analysis and its founder fell victim to a social media hack on March 15.
In multiple posts that have since been removed, the intruders asserted that the platform’s wallets had been breached and warned users that their assets were at risk.
As highlighted by a source, the hackers initiated a short position on the platform’s tokens prior to disseminating these messages, aiming for users to sell or withdraw their funds, which would lead to a price drop that could benefit the attackers.
The KAITO token’s value fell, likely due to the short position taken. Source: CoinMarketCap
The platform’s team successfully regained control of their accounts and assured users that there had been no compromise to the token wallets amid the social media breach.
“We had robust security protocols in place to thwart such an attack — it appears this incident is consistent with other recent hacks on social media platforms,” the team stated.
This recent breach adds to a troubling trend of social media hacks, social engineering scams, and security breaches affecting the cryptocurrency sector.
Source: Kaito AI
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Stay Alert: Recent Scams and Exploits Affecting the Crypto Space
Pump.fun’s social media account was compromised on February 26, with the intruder promoting numerous counterfeit tokens, including a bogus governance token for the fair launch platform “Pump.”
According to blockchain investigator ZackXBT, the incident involving Pump.fun was directly linked to prior hacks of the Jupiter DAO account and the DogWifCoin account.
On March 7, a Canadian financial regulator issued a warning about malicious actors leveraging fabricated news articles and endorsements featuring politicians to promote a cryptocurrency scam.
The scam, dubbed CanCap, exploited concerns over a trade conflict between Canada and the US to attract unsuspecting investors by falsely suggesting support from Canadian Prime Minister Justin Trudeau.
Illustration of a social engineering scam where hackers masquerade as venture capitalists facing audio-visual issues. Source: Nick Bax
Industry leaders are raising alarms about a new scheme from the state-backed Lazarus hacker group, where attackers pose as venture capitalists in Zoom meetings.
Once the target is in the meeting, the intruders feign technical difficulties and redirect the victim to a malicious chat room, prompting them to download a supposed patch.
This patch harbors malicious software aimed at stealing cryptocurrency private keys and other sensitive data from the victim’s computer.
Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis