The X account of MicroStrategy, a leading name in the business software domain and the most prominent publicly-traded Bitcoin (BTC) holder, fell victim to cybercriminals.
Hackers used the account to spread links to a fake Microstrategy webpage designed to lure users into connecting their crypto wallets to claim a bogus Ethereum MSTR token.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Ripple? Beginner-Friendly XRP Explainer (Animated)
To supposedly claim the airdrop, users had to grant certain permissions, allowing the scammers to drain tokens from the victims' crypto wallets.
The fraudulent operation has already led to significant financial losses, with blockchain investigator ZachXBT and the Web3 anti-scam platform Scam Sniffer reporting that victims have collectively lost over $440,000. Among these victims is an individual who, in the early hours, lost $424,786 worth of altcoins.
According to DeBank, the scammer's wallet still contains Ethereum tokens worth approximately $328,000.
This incident has sparked a wave of commentary from the crypto community. People noted the apparent red flags of the scam, as the company is known to be Bitcoin-centric.
MicroStrategy seems to have reclaimed control of the account, as the malicious posts have been removed. Nonetheless, the company has yet to provide any specifics regarding the hack.
This scam serves as a cautionary tale about the sophistication of cybercriminals and the importance of verifying information from official sources.
In a recent interview, MicroStrategy's CEO Michael Saylor expressed he had no plans to sell the company's Bitcoins.
