On Monday, the business intelligence company MicroStrategy’s official Twitter account was compromised. In order to steal user funds, it was used to advertise a fictitious Ethereum token airdrop called “MSTR.”
In order to send phishing links instructing followers to connect their cryptocurrencycurrency wallets and claim free tokens, attackers gained access to the account. Instead, granting access allowed the con artists to quickly empty the victims’ pockets. Users are led by scam to a phony MicroStrategy website
The compromised MicroStrategy account led visitors to a fictitious website called “Micro strategy,” which bore similarities to the official firm website.
The victims were required to grant a number of permissions after connecting their wallets, which enabled the attackers to move money without requiring confirmation. Within minutes of the initial posts, more than $400,000 worth of cryptocurrencycurrency was stolen, according to blockchain research.
Security analysts pointed out the glaring contradiction in MicroStrategy’s promotion of an Ethereum-based token given that the business only owns Bitcoin. However, the plan was still able to use victims.
The MicroStrategy attack demonstrates the increase in complex social frauds that prey on cryptocurrencycurrency users. Attackers use the urgency of “free” airdrops and consumer confidence in reliable brands to coerce victims into giving up their wallet keys.
Other current schemes that include “draining first, asking questions later” deplete user accounts without obtaining transaction approval. Industry insiders caution that since criminals want to profit from the rise of cryptocurrencycurrency, these tactics will probably continue.
Experts advise cryptocurrencycurrency owners to avoid responding to unsolicited messages that offer free tokens or money. Additionally, be wary of demands to connect wallets to unknown websites, urgency cues, and typos.
Scams that impersonate brands are popular, and often claim that links come from reputable sources. To identify fraudulent websites, use addons such as MetaMask. In addition, enabling multi-factor authentication can prevent unwanted transfers.
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