In a shocking turn of events, Yat Siu, co-founder and executive chairman of Animoca Brands, became the target of a cyber attack that compromised his X (formerly Twitter) profile.
These hackers used it to promote a fake token linked to a supposed new launch by Animoca, causing chaos in the crypto community. This triggered a chain reaction that saw the token’s value soar before crashing.
Keep reading to find out how this attack unfolded and what it reveals about the state of online security.
The Fake Token Scam
Animoca Brands, a leading Web3 investor, quickly warned the public about the hack. They advised users not to engage with the fraudulent account or spend any funds on tokens tied to it.
The hackers falsely announced the launch of a new token called “ANIMOCA.” Following the posts, the token’s value surged five-fold in minutes before quickly dropping once the posts were removed.
Yat Siu and Animoca Speak Out
In a follow-up message from a secondary account, Yat Siu confirmed that his main account had been compromised. He explained that the attackers managed to bypass his two-factor authentication (2FA) security. Siu also alerted X’s support team about the breach and offered to report any additional security weaknesses.
Animoca Brands released an official statement clarifying that they had not launched any official token or NFT. They emphasized that the token launch on Solana, mentioned by the hackers, was entirely fake.
‼️🚨 Unfortunately @ysiu social media account has been compromised. There is no official token or NFT launch from Animoca Brands. The token launch on Solana as claimed in a post was made by the hacker. Please DO NOT engage with the account and stay vigilant.
We will provide an…
— Animoca Brands (@animocabrands) December 26, 2024
The company urged users to be cautious and avoid interacting with the hacked account.
Security Concerns Over X
Despite using 2FA to secure his account, Yat Siu’s profile was still hacked, raising questions about the effectiveness of X’s security measures. This incident highlights potential vulnerabilities in the platform’s protection against cyber threats.
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User Caution Advised!
Animoca Brands reminded users to verify any announcements before participating in token sales or contracts. They also urged people to report any hacked or phishing accounts directly to the platform.
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