MicroStrategy X Hacked in Ethereum Token Phishing Scam

1. Hackers compromised the official MicroStrategy X account, posting malicious links for a fake Ethereum-based MSTR token airdrop.

2. Users fell victim to the scam, resulting in financial losses surpassing $440,000, with loss of $420,000 per individual.

3. Crypto industry experts highlighted the apparent inconsistency of MicroStrategy,  focused on Bitcoin.

MicroStrategy, has invested over $6 billion in bitcoin (BTC) and stands as the largest publicly traded owner of the leading cryptocurrency by market cap.

The company’s Founder and Executive Chairman, Saylor, actively supports the token, regularly sharing posts about it on social media. In the latest update, MicroStrategy, announced the purchase of an additional 3,000 BTC, bringing their total ownership to 193,000 bitcoins.

Hackers compromise MicroStrategy’s official X account, promoting a fake Ethereum-based MSTR token airdrop. Business intelligence firm MicroStrategy’s X account fell victim to hackers.

Moreover, they utilized the compromised platform to spread malicious links for a fraudulent airdrop of an alleged “official” Ethereum-based MSTR token.

Phishing Scam Unveiled

Firstly, clicking on the fraudulent link redirected users to a replicated MicroStrategy webpage. Eventually urging them to connect their wallets to claim the fake MSTR airdrop.

By granting a series of permissions in their Web3 wallets, users unknowingly allowed the attackers to drain tokens from their wallets.

Independent blockchain investigator ZachXBT and anti-scam platform Scam Sniffer revealed that losses resulting from the scam surpassed $440,000. 

Later, One user alone lost over $420,000 to the phishing scam, with funds quickly drained minutes after the initial malicious link appeared on MicroStrategy’s X account. The unknown victim experienced a total loss, that is, $424,786 in various altcoins.

In fact this includes $134,000 worth of Wrapped Balance AI (wBAI), $122,000 worth of Chintai (CHEX), and $45,000 worth of Wrapped Pocket Network (wPOKT).

Notably, the attacker’s wallet received a significant portion of the stolen funds, while another part was automatically rerouted to a second wallet linked to the notorious hacking group PinkDrainer.

Obvious Nature of the Scam

In fact, Crypto industry experts quickly pointed out the apparent nature of the scam, MicroStrategy, a company focused on Bitcoin, launching a token on the Ethereum network.

In addition, Prominent crypto investor Cobie noted the inconsistency, stating,

“Obviously trying not to be victim-blaming here, but you gotta be very special to think MicroStrategy is launching an ETH token after Saylor has spent multiple years very famously saying ‘there is no second best’ and ‘you only use one chair,’ etc.”

Crypto Cobie