Ava Labs COOa’s X Account Is Suspected to be Hacked With False Token Launch Information

Key Points:

• Ava Labs COO Luigi D’Onorio DeMeo’s X account was hacked and used to post false token launch information.
• The hack is part of a broader trend of crypto-related security breaches, with some incidents linked to insider actions at X.
• Similar breaches have been notable, including the hacking of Frax Finance’s account and Microsoft India’s X account.

According to PeckShield Alert, the hackers attacked the X account of Ava Labs COO Luigi D’Onorio DeMeo and utilized it to disseminate fake information about the token launch.

Read more: Doja Cat’s X Account Hacked, Pushing Scam Token $DOJA on Solana!

Ava Labs COO X Account Compromised

There is fear in the crypto community as users are warned not to engage in any link or address shared from the compromised account following a hacking incident on the Ava Labs COO’s X account.

It’s part of a concerning trend in crypto security breaches, and some point to insider actions at X. For instance, toward the end of May, crypto trader GCR reported his X account had been compromised via a bribe, which resulted in a fraudulent ORDI pump-and-dump scheme. Blockchain investigator ZachXBT later posited that the developers behind the Solana-based memecoin CAT might have been involved.

High-Profile Hacks Drive Home the Need for Better Social Media Security

On another front, Frax Finance founder Sam Kazemian has alleged an insider at X was behind the hack of the project’s account that caused the loss of access to the protocol powering the FRAX USD-pegged decentralized stablecoin in early June.

Also, in June, Microsoft India’s X account, which is officially verified, was hacked to post Roaring Kitty videos with links to purchase fake GameStop GME cryptos. It could have been because of a SIM-swapping attack, whereby scammers profited from the weakness of two-factor authentication.