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MicroStrategy hacker nets $440K in fake MSTR giveaway

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on Feb 26, 2024
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  • Scammers gained control over the company’s X account.
  • The attackers lured users into fake airdrops, leading to losses of over $440K.
  • The incident highlights user vulnerability on social platforms.

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Business intelligence company and a renowned player in the crypto sector, MicroStrategy, fell victim to cybercrime attack over the weekend. The firm’s X account started positing misleading links on Feb 25, luring users into deceptive MSTR airdrops.

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The compromise saw users lose $440,000. Blockchain security firm ZachXBT revealed the incident.

The deceptive scheme directed users to a fake MicroStrategy website and prompted them to link the addresses before claiming the MSTR giveaway.

Unfortunately, that allowed the perpetrators to access their wallets and drain the coins. Meanwhile, it took a few minutes for the hackers to get their first victim, who suffered a massive loss of more than $420,000. The users granted the fraudster multiple token approvals after unknowingly signing a UNI Permit2 batch.

Meanwhile, the signature led to enormous losses of different assets, including qPOKT worth $45,000, $122,000 IN CHEX, and wBAI worth $134,000.

The attacker seduced the victims that the leading company was introducing its Ether token MSTR. They alleged that the MicroStrategy’s immense Bitcoin reserves would back the new coin, promising scalability, smooth transactions, and low fees. 

That likely added to the airdrop’s ‘legitimacy,’ considering MicroStrategy’s stable BTC portfolio.

Security protocols on social platforms

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The incident underscores security weaknesses on social media sites and the increasing complexity of fraudulent activities targeting companies and individuals.

Further, the event shows the benefits of vigilance and massive research when interacting with cryptocurrency projects. It emphasizes how swift promises of quick returns could turn sour.

Experts urged independent research, vigilance, and active participation to secure one’s digital assets.

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