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Hackers Hijack MicroStrategy: Fake MSTR Airdrop Targets Investors

MicroStrategy's X account breach facilitated a fake token scam

Hackers orchestrated a sophisticated attack on the official X account of business intelligence giant MicroStrategy, unleashing a series of malicious links. These links falsely promoted an airdrop of an "official" Ethereum-based MSTR token, deceiving users into participating in what was nothing short of a phishing expedition. The allure of free tokens quickly turned into a nightmare as unsuspecting individuals were led to a counterfeit MicroStrategy website, ingeniously designed to mirror the legitimate one. 

Users were prompted to connect their digital wallets and claim the bogus MSTR tokens, a step that unbeknownst to them, paved the way for a significant security breach. As participants granted permissions within their Web3 wallets, the scammers executed their final move—draining the users' wallets of their valuable cryptocurrencies. 

According to ZachXBT, an independent blockchain detective, and Scam Sniffer, an anti-scam platform, the scam has already resulted in losses exceeding $440,000. The gravity of the situation is underscored by a tweet from ZachXBT, dated February 26, 2024, which notes: 

"0xe7645b8672b28a17dd0d650a5bf89539c9aa28da
 

~$440K stolen from the compromise so far"

The high cost of clicking

The phishing scam's financial toll has been nothing short of devastating. Scam Sniffer reported a staggering loss by a single user who fell victim to this deceptive scheme shortly after its inception. At approximately 12:43 am UTC, this individual lost over $420,000 to the phishing scam. The detailed breakdown of the loss was shared on Scam Sniffer's Twitter, revealing:

"someone lost $424,786 worth of $wBAI, $wPOKT, and $CHEX to phishing scams about 5 minutes ago. pic.twitter.com/GEJvHEXuM7."

This unfortunate event signifies one of the largest single-user losses to date, with the victim's funds being siphoned off to an address associated with the notorious PinkDrainer hacking group. The attackers redirected $134,000 worth of Wrapped Balance AI (wBAI), $122,000 worth of Chintai (CHEX), and $45,000 worth of Wrapped Pocket Network (wPOKT) from the victim's wallet to their own.

The community's response to the scam has been a mix of shock and criticism, with many pointing out the seemingly obvious red flags associated with the scam. Notably, the pseudonymous British crypto investor Cobie commented on the situation, emphasizing the implausibility of MicroStrategy, a company known for its Bitcoin-centric strategy, launching an Ethereum token. 

Cobie's statement: 

"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.," 

As the dust settles on this incident, the crypto community is left to ponder the lessons learned and the measures needed to prevent such sophisticated scams in the future.