In the ever-evolving landscape of cryptocurrency, scams continue to be a growing threat, targeting unsuspecting investors with schemes that exploit both popular platforms and established social media accounts. One of the latest examples involves the promotion of a fake memecoin through compromised X accounts, raising alarms within the crypto community. Blockchain investigator ZachXBT recently revealed this scam, which utilized hacked accounts of prominent organizations and individuals to promote the fraudulent token.
This scam, centered around a token dubbed HACKED, involved a series of major X accounts that had been compromised, including those of Yahoo News UK, Lenovo India, Money Control, and People. Additionally, high-profile figures such as Alexander Lacazette and Oliver Stone were also implicated, with posts from their accounts promoting the fake coin on the Solana blockchain. This incident has once again highlighted the importance of maintaining security in the digital world, particularly when it comes to cryptocurrency investments.
The Scam Unveiled: A Coordinated Effort on X
According to ZachXBT, this scam involved a well-coordinated effort to use compromised X accounts for the promotion of the HACKED memecoin. Screenshots shared by the blockchain investigator showed posts from these hacked accounts, each attempting to lure followers into investing in the fraudulent coin by capitalizing on the reputation and reach of the affected accounts.
It appears that the compromised accounts had unknowingly given permission to the same malicious site or application, allowing the hackers to post on their behalf. This widespread compromise of trusted accounts made the scam appear legitimate, attracting potential victims who may not have otherwise questioned the posts.
In response to the incident, ZachXBT warned the community to be cautious and advised users to revoke any permissions or connections to websites or apps they no longer use. This preventive measure could help avoid further compromises and protect users from falling victim to such scams in the future.
The Victims: Prominent X Accounts Targeted
The scale of this scam was alarming, given the high-profile nature of the compromised accounts. Among the notable victims were Yahoo News UK, a well-respected media outlet, and Lenovo India, a major player in the tech industry. The involvement of these names gave the scam an air of credibility, making it more difficult for followers to identify the deception.
In addition to these corporate accounts, individual figures such as Alexander Lacazette, the professional footballer, and Oliver Stone, the award-winning filmmaker, also had their accounts hijacked to promote the fake token. Their involvement only added to the scam’s perceived legitimacy, drawing in even more potential victims.
Lessons Learned: The Importance of Revoking Permissions
One of the key takeaways from this scam is the critical importance of regularly reviewing and revoking permissions for third-party sites and applications. ZachXBT emphasized this point in his warning to the community, advising users to sever connections with any platforms they no longer actively use. Hackers often gain access to accounts through permissions granted to malicious or compromised sites, allowing them to post content without the account holder’s knowledge.
By taking proactive steps to protect their accounts, users can reduce the risk of becoming a target in future scams. Two-factor authentication (2FA) is another essential layer of protection that should be enabled on all accounts, adding an extra barrier to unauthorized access.
The Broader Issue: Cryptocurrency Scams on the Rise
The rise of cryptocurrency has brought with it a surge in related scams, with memecoins being one of the most frequent tools used by scammers. These coins, often created with little to no real value, are promoted as the next big investment opportunity, drawing in victims with promises of massive returns. The HACKED token, in this case, followed this pattern, presenting itself as a legitimate investment backed by well-known accounts on X.
While Solana continues to be a popular platform for new tokens and projects, it has also become a breeding ground for scammers seeking to exploit the blockchain’s user base. This incident underscores the need for increased vigilance within the cryptocurrency community and greater security measures across social media platforms.
A Repeat Offender: Past Hacks Involving High-Profile Figures
This is not the first time hackers have used X accounts to promote fake memecoins. In August 2024, hackers gained control of the account belonging to French football star Kylian Mbappe, using it to promote a fake MBAPPE meme coin. More recently, in September 2024, the X accounts of family members of former U.S. President Donald Trump were compromised to promote another fake token called World Liberty Financial.
These incidents reveal a troubling pattern of hackers targeting high-profile figures to lend credibility to their scams. By capitalizing on the trust and influence these individuals hold, scammers are able to reach a wide audience and maximize their potential for profit. Unfortunately, these attacks have often resulted in significant financial losses for unsuspecting investors.
The Fallout: Scammers Suffer Losses
Despite the wide reach of the compromised accounts, it appears that the scammers themselves may not have profited as much as they had hoped. According to ZachXBT, the hackers likely lost money in the process, indicating that their plan did not go as smoothly as intended. While this outcome is a small silver lining, it does little to mitigate the damage caused to those who may have been deceived by the scam.
Moving forward, the cryptocurrency community must remain vigilant and take steps to protect itself from similar schemes. Education and awareness are key components in the fight against fraud, and platforms like X must continue to improve their security measures to prevent future compromises.
How to Protect Yourself from Cryptocurrency Scams
As cryptocurrency scams become more sophisticated, it is essential for investors to stay informed and take steps to safeguard their assets. Here are some key tips to protect yourself from falling victim to fraudulent schemes:
- Verify the Source: Always double-check the legitimacy of any posts promoting cryptocurrency investments, especially if they come from high-profile accounts. Look for inconsistencies, such as unusual behavior or posts that seem out of character for the account holder.
- Revoke Permissions: Regularly review and revoke permissions granted to third-party sites and apps. Only keep active connections to trusted platforms that you use frequently.
- Enable 2FA: Activate two-factor authentication (2FA) on all of your accounts to add an extra layer of security.
- Research Before Investing: Always conduct thorough research on any cryptocurrency before investing. Look for reliable sources and check the project’s whitepaper, team, and roadmap.
- Stay Informed: Follow reputable blockchain investigators like ZachXBT who actively monitor scams and fraudulent activity in the crypto space. Their insights can help you stay ahead of potential threats.
Conclusion: The Importance of Vigilance in the Crypto Space
The recent promotion of a fake memecoin through compromised X accounts serves as a stark reminder of the risks inherent in the cryptocurrency space. As scammers continue to evolve their tactics, it is up to both investors and platforms to stay one step ahead. By taking precautions such as revoking permissions, enabling 2FA, and staying informed, users can protect themselves from falling victim to these schemes.
While the scammers behind the HACKED token may not have achieved their desired outcome, the incident has highlighted the vulnerabilities that still exist in the digital world. As the cryptocurrency market continues to grow, so too will the need for increased security and vigilance to ensure that investors are protected from fraud.
