Hackers Exploit MicroStrategy X Account to Promote Fake Airdrop

Hackers Exploit MicroStrategy X Account to Promote Fake Airdrop

On Monday, the American-based business intelligence firm MicroStrategy suffered a malicious attack exposing the customers to the inherent risk of financial losses. The hack victims first reported the incident after the hackers gained unauthorized access to the official MicroStrategy X account to promote a fake airdrop dubbed MSTR token.

The hackers devise unique strategies to lure the customers into their trap. Firstly, the hackers designed an X account resembling the MicroStrategy official website that is commonly used to inform the community of important updates.

MicroStrategy Suffers Malicious Attack

The hackers shared a link on the fake website directing the MicroStrategy users on the procedure for claiming MSTR airdrop. Shortly after sharing the link, some of the MicroStrategy users fell into the hacker’s trap by clicking on the suspicious link.

The victims of the hacking incident lamented that the link urged the users to connect their wallets to claim the MSTR airdrop. Subsequently, after agreeing to connect the wallets to proceed with other processes for claiming rewards, MicroStrategy customers were required to complete various verification processes to obtain the MSTR airdrop.

Immediately after completing the verification for their Web3 wallets, the hackers gained control of customers’ accounts, draining substantial amounts of crypto assets. In a subsequent report, the renowned blockchain analytics firm ZachXBT took strategic action to probe the MicroStrategy case.

The ZackXBT argued that the hackers fake domain labeled “microstralegy”  instead of MicroStrategy. The probing team regretted that several MicroStrategy users fell for the hacker’s trap, losing approximately $440,000.

Analyzing the Impact of MicroStrategy Phishing Scam

Elsewhere, the prominent Web3 anti-scam solution Scam Sniffer noted that at 12.43 UTC, one user lost nearly $420,000 from the phishing scam. The Scam Sniffer team noted the affected customers were among the first users to click on the malicious link. This forced the Scam Sniffer team to carefully investigate the movement of stolen funds.

In their findings, the probing team noted that the $420,000 was transferred in multiple high-value transactions. The first transaction was sent to the Microstrategy hacker’s account, while the other two were transferred to a second wallet belonging to the notorious hacking group PinkDrainer.

Based on the complicated procedures for claiming the fake MSTR airdrop, one of the hack victims confessed to having signed the transfer of money to the attacker’s external wallets.

The hack victim regretted that the completed transaction involved $45,000 Wrapped Pocket Network (wPOKT), $122,000 Chintai (CHEX), and $134,000 Wrapped Balance AI (wBAI) tokens. The multimillion-dollar losses forced various security experts to intensify their investigation.

Rise of Crypto Scam

According to Ethereum DeBank, the crypto address tied to the Microstrategy hacker contained approximately $329,000 in Ethereum tokens. Based on the severity of the attack, the crypto community has condemned the February 25 attack.

The MicroStrategy team has been at the forefront of the ongoing Bitcoin push for years. Led by the chairman of MicroStrategy, Michael Saylor, the company has demonstrated that Bitcoin will revive the ailing economy. In his recent report, Saylor expressed optimism that the approval of Bitcoin exchange-traded funds (ETF) will ignite a significant bull run.

Reportedly, the phishing scam was not the first crypto crime affecting MicroStrategy. Since 2022, the hackers have actively been preying on the MicroStrategy platform to steal measurable amounts of customers’ funds.

In the previous security incident, the hacker impersonated Saylor’s social media account to promote fake crypto rewards. Having remained at the forefront of Bitcoin campaigns, the recent hacking incident created speculation among the crypto community.

On X, a British crypto enthusiast named Cobie argued that MicroStrategy only focuses on stimulating the growth of the Bitcoin ecosystem. The investors opposed MicroStrategy will ever support Ethereum-oriented tokens.

Citing Saylor’s recent sentiments, Cobie noted that the MicroStrategy team ranked among the top Bitcoin proponents and did not consider launching Ethereum tokens by chance. Saylor argued that there will be no second-best crypto after Bitcoin.

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