Delhi Capitals Account Compromised in crypto Scam
The X account of Delhi Capitals, a popular franchise cricket team in the Indian Premier League (IPL), fell victim to a hack on September 10, perpetrated by cyber attackers promoting a fraudulent cryptocurrency token named “HACKER”. The hackers exploited the account's substantial following of 2.6 million to push the token, which operates on the Solana blockchain, with the goal of artificially inflating its value.
The malicious individuals behind the breach utilized the compromised account to disseminate multiple messages urging followers to invest in the HACKER token by sharing its contract address. The attackers openly disclosed their intention to profit from the manipulation of the token's price, even hinting at future targeting of other high-profile accounts.
The scheme employed by the hackers mirrors a common strategy observed in social media breaches, where scammers boost a token's price through deceitful promotions and swiftly sell their stakes once the value peaks, leaving investors facing significant losses when the token inevitably plummets in value.
Growing Trend of Social Media Hacks for Fraudulent Cryptocurrencies
The Delhi Capitals' account infiltration is part of a broader trend involving social media hacks designed to promote fraudulent cryptocurrencies. Notable incidents include a cryptocurrency investor losing over $1 million on August 29, 2024, following the compromise of the X account of French soccer star Kylian Mbappé to push a phony meme coin named $MBAPPE.
Earlier occurrences encompass the hacking of the official X account of the heavy metal band Metallica in June 2024, utilized to endorse the $METAL token, resulting in a trading volume exceeding $10 million before the token's value collapsed. Furthermore, MicroStrategy's X account was compromised earlier this year, facilitating a phishing scam involving the “MSTR token” that led to approximately $500,000 in losses.
These breaches highlight vulnerabilities in social media security protocols, underscoring concerns regarding the platform's capability to safeguard prominent accounts effectively. Despite the absence of a comprehensive response from social media platforms regarding these security apprehensions, the surge in analogous incidents underscores a critical vulnerability that could impact numerous users and organizations.
