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Litecoin X Account Hack Promotes Fraudulent Token on Solana

BNB Chain memecoins, Cryptocurrency, Litecoin, Solana, X Acount

Litecoin
  • Litecoin’s official X account hack promoted a fake Litecoin token on Solana, which was confusing.
  • The scam token’s market cap briefly spiked to $27,000, then dropped to $3,400.
  • Hackers are exploiting social media breaches, accumulating over $500,000 from meme coin scams.

On January 11, Litecoin’s official X account was compromised by a hacker promoting a fraudulent Litecoin token launched on the Solana network. The hacker’s post, “LTC is now in Solana,” featured a contract address and a scam token link, leading to followers’ confusion.

The Litecoin team swiftly addressed the situation, announcing they regained control of their social media account. The team attributed the breach to a compromised delegated account and removed it. The latest attack follows a troubling trend of account hacks on X, resulting in the promotion of fake tokens and phishing scams designed to steal funds and sensitive data.

Scam Tokens Emerge After Social Media Breaches

According to DEX Screener, the unauthorized tweet briefly caused the scam token’s market capitalization to spike to $27,000. However, once they exposed the scam, the token’s value quickly dropped to $3,400. The Litecoin team confirmed the hack and stated that investigations were ongoing. They also emphasized that the delegated account targeted by the hacker to prevent further incidents.

The attack forms part of a wider trend of social media breaches aimed at prominent crypto projects. In October, hackers compromised EigenLayer’s X account to push a fake airdrop campaign featuring “Season 2 Stakedrop” and wrongly attributed it to reallocated EIGEN tokens. Although the EigenLayer team regained control, the event underscored the vulnerabilities of social media platforms.

Other notable breaches include the compromise of rapper Wiz Khalifa’s account in November, which was used to promote a fake celebrity memecoin called WIZ. Additionally, the Cardano Foundation’s X account was hijacked on December 8 to promote a fraudulent token called “ADAsol,” falsely claiming that Cardano would cease supporting its native ADA token due to a lawsuit with the SEC.

Litecoin Hack Highlights Growing Digital Security Risks

On December 26, Yat Siu, co-founder of Animoca Brands, became the victim of a similar attack. The hacker used Siuf’s account to advertise a fake memecoin called “Animoca Brands” on the Solana network despite having no connection to the actual Web3 company.

Blockchain investigator ZachXBT reported that between late November and December, a single threat actor accumulated approximately $500,000 from meme coin scams launched via over 15 compromised X accounts, including those of prominent figures like Kick, Cursor, Alex Blania, and The Arena.

The recurring pattern of these hacks points to a common attack vector: phishing emails disguised as X-team communications about copyright issues. These emails trick users into resetting their two-factor authentication and passwords on fraudulent sites. These social media breaches underscore the need for enhanced cybersecurity measures in crypto.

The Litecoin hack starkly reminds us of the risks compromised accounts pose in the digital age. With hackers continuously targeting prominent figures and organizations, crypto entities must implement robust security protocols to protect their communities from scams and phishing attempts.

Read More: Litecoin (LTC) Road to New ATH: Analyst Eyes $1,000 Target by 2025

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