Bitcoin Price Drops With MicroStrategy’s X Account Exploit

  • MicroStrategy’s official X account fell victim to a malicious exploit. 
  • The hack resulted in losses exceeding $440,000, ZachXBT revealed.
  • ZachXBT and Scam Sniffer collaborated to unveil the extent of the losses.

Business intelligence firm MicroStrategy fell victim to a malicious hacking incident, leading to losses exceeding $440,000. The breach occurred through MicroStrategy’s X account, where hackers posted deceptive links promoting a fraudulent airdrop of an alleged “official” Ethereum-based MSTR token.

The phishing scam enticed users to click on the malicious links, redirecting them to a counterfeit MicroStrategy webpage. Once there, users are prompted to connect their Web3 wallets to claim the fake $MSTR airdrop. The innocent victims accepted the permissions on the counterfeit page which allowed attackers to automatically drain tokens from the users’ wallets.

Independent blockchain investigator ZachXBT and anti-scam platform Scam Sniffer collaborated to unveil the extent of the losses. According to their findings, losses from the scam have already surpassed $440,000. Notably, a single user suffered a substantial loss of $424,786 to the phishing scam, occurring mere minutes after the first malicious link surfaced on MicroStrategy’s X account at 12:43 am UTC.

The victim unknowingly transferred $134,000 worth of wBAI, $122,000 worth of CHEX, and $45,000 worth of wPOKT to the attacker’s wallet address. Shockingly, the two transfers were automatically rerouted to a second wallet associated with the notorious hacking group PinkDrainer.

As of the time of publication, the MicroStrategy attacker’s wallet holds a total of $329,000 worth of tokens, according to the data provided by DeBank.

British crypto investor Cobie pointed out the simplicity of the exploit, highlighting MicroStrategy’s exclusive focus on Bitcoin. Cobie emphasized that it’s highly unlikely for MicroStrategy, known for its unwavering commitment to Bitcoin, to launch a token on the Ethereum network.

It is important to note that the price of Bitcoin which was almost touching $52,000, dipped slightly and the leading cryptocurrency is currently trading at $51,500. Data from CoinMarketCap shows that BTC dropped 0.10% in the last 24 hours with an 11% drop in the trading volume.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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