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Microstrategy’s X Account Hacked, Promotes Airdrop Scam

Tanzeel Akhtar
Last updated: | 1 min read
Source: Midjourney

MicroStrategy’s X account was compromised on Monday Asia time with followers being directed to a phishing website under the domain name “Microstralegy” promoting an airdrop of “MSTR token.”

The posts have been deleted. A spokesperson from Microstrategy was unavailable to comment further on the hack.

It is estimated that around half a million could have been stolen from MicroStrategy’s X account being  compromised.

SEC X Account Hacked in Bitcoin ETF Scam

This latest breach mirrors a similar incident that occurred January 9, when the U.S. Securities and Exchange Commission’s (SEC) account was compromised, with scammers posting a seemingly genuine message from Chair Gary Gensler stating that the SEC had approved multiple applications for Bitcoin spot exchange-traded funds (ETFs).

The post was subsequently deleted. According to the investigation carried out by X Reviews, the breach was not due to any attacks affecting its infrastructure but instead was a result of the lack of two-factor authentication (2FA) tied to the SEC’s account.

There was initial uncertainty regarding the legitimacy of the spot Bitcoin ETF approvals as the SEC website went down shortly after the announcement. The doubt was heightened by the previous hacking of the SEC’s official X account. However, the website quickly came back online, confirming the authenticity of the approval for the spot Bitcoin ETFs.

CoinGecko Faced Brief Compromise 

In January, cryptocurrency data aggregator CoinGecko experienced a security breach when their account fell victim to a phishing attack.

During a brief period on January 10, a phishing scam link was posted on their X account, falsely informing users of a CoinGecko token airdrop. The hackers promoted a new cryptocurrency called GCKO in a fraudulent post, claiming it could be used to pay for API services like the cryptocurrency ANKR.

The post included a suspicious link to a token airdrop. CoinGecko acted swiftly to remove the post and alert users to avoid interacting with potentially harmful content

MicroStrategy’s Bitcoin Investments

MicroStrategy’s Bitcoin investment has soared beyond the $10 billion mark, owning over 190,000 BTC as Bitcoin’s value climbs past $50,000. Since joining the Bitcoin market in August 2020, MicroStrategy’s BTC portfolio has expanded significantly, even amidst the bear market’s challenges in early 2022.

MicroStrategy executive chairman and co-founder Michael Saylor has been making his rounds in the media and was recently quoted saying there is over a decade of pent-up demand for Bitcoin exchange-traded funds.