Key Points:
- The Litecoin X account was compromised and used to promote a fraudulent Solana-based token that mimicked the LTC ticker.
- The scam briefly inflated the fake token’s market cap to $27,000 before crashing to $3,400
On January 11, the Litecoin X account was hacked, and the attacker used it to promote a fraudulent token allegedly related to the Solana network.
Read more: Superchain Eco X Account Appears Scam Tweet
Litecoin X Account Hacked to Promote Fraudulent Token
The scam involved the creation of a fake Solana-based token with a name similar to Litecoin’s legitimate LTC ticker, complete with a post containing a contract address and a suspicious link.
According to DEX Screener, the market capitalization of the scam token briefly rose to $27,000 because of the fake post before sinking back down to $3,400. The tweet has since been deleted.
In response, the team confirmed the breach, saying that the Litecoin X account was compromised but had now been recovered and was back in their hands. They blamed it on a compromised delegated account, which has since been removed. Investigations are still ongoing.
Growing Trend of Crypto Account Breaches on Social Media
The Litecoin X account hack has added to a list that keeps on piling regarding such hacks targeted against high-profile cryptocurrency accounts on X. Throughout recent months, such compromised accounts have been utilized for advertising fake tokens or even phishing links, whereby the stolen funds or sensitive information of users could be acquired.
Other notable incidents include the December hack of Animoca Brands‘ co-founder and executive chairman Yat Siu’s X account, which was used to promote a fake token named ANIMOCA. More recently, Babylon, a blockchain in the Cosmos Zone ecosystem, has fallen victim to a phishing attack.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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