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How people's trust made it possible to increase the capitalization of a fake token.
BleepingComputer discovered that hackers hacked several popular accounts on the X* social network in order to promote the $HACKED cryptocurrency created on the Solana blockchain, which led to a fraudulent "pump-and-dump" scheme. Users, seeing messages from well-known accounts, began to actively buy the token.
Among the hacked were such large accounts as MoneyControl (1.4 million subscribers), People Magazine (7.8 million) and even the official account of the European Commission EUinmyRegion, which has almost 100 thousand subscribers.
Hacked accounts promoting $HACKED
The massive hacking of accounts began around 14:00 pm ET. The hackers posted the same messages on each hacked account, urging users to buy the $HACKED token.
At the time of the first discovery of the hack, the number of token holders was only 42 users, and the market capitalization was about $5000. However, after the start of the hacker campaign, when information about the token spread, the number of owners increased to 436, and the capitalization of the token increased to $166,175. Despite the growth, the market shows significant volatility as many users seek to lock in profits.
At the moment, it remains unclear how the hackers managed to hack such large accounts. There is an assumption that the hack could have occurred through a compromised API key or through third-party applications associated with accounts.
At the moment, none of the owners of the hacked accounts have given their comments. The situation continues to evolve, and experts are awaiting new data on the details of the cyberattack.
The pump-and-dump scheme has previously been used by scammers to make money. In 2022, eight men were charged with using a pump-and-dump scheme between January 2020 and April 2022, artificially inflating the value of shares, urging 1.5 million followers on Twitter and Discord to buy shares. As soon as the victims bought the assets, the criminals sold them, bringing down the price. According to the Department of Justice, the attackers earned $114 million from this scheme.
Source
BleepingComputer discovered that hackers hacked several popular accounts on the X* social network in order to promote the $HACKED cryptocurrency created on the Solana blockchain, which led to a fraudulent "pump-and-dump" scheme. Users, seeing messages from well-known accounts, began to actively buy the token.
Among the hacked were such large accounts as MoneyControl (1.4 million subscribers), People Magazine (7.8 million) and even the official account of the European Commission EUinmyRegion, which has almost 100 thousand subscribers.
Hacked accounts promoting $HACKED
The massive hacking of accounts began around 14:00 pm ET. The hackers posted the same messages on each hacked account, urging users to buy the $HACKED token.
At the time of the first discovery of the hack, the number of token holders was only 42 users, and the market capitalization was about $5000. However, after the start of the hacker campaign, when information about the token spread, the number of owners increased to 436, and the capitalization of the token increased to $166,175. Despite the growth, the market shows significant volatility as many users seek to lock in profits.
At the moment, it remains unclear how the hackers managed to hack such large accounts. There is an assumption that the hack could have occurred through a compromised API key or through third-party applications associated with accounts.
At the moment, none of the owners of the hacked accounts have given their comments. The situation continues to evolve, and experts are awaiting new data on the details of the cyberattack.
The pump-and-dump scheme has previously been used by scammers to make money. In 2022, eight men were charged with using a pump-and-dump scheme between January 2020 and April 2022, artificially inflating the value of shares, urging 1.5 million followers on Twitter and Discord to buy shares. As soon as the victims bought the assets, the criminals sold them, bringing down the price. According to the Department of Justice, the attackers earned $114 million from this scheme.
Source
