MicroStrategy’s Twitter Hack Incident Causes Investors to Lose $440,000

As per the latest report in the town, MicroStrategy, the world’s largest corporate holder of Bitcoin (BTC), faced a major phishing attack on its Twitter account. Reportedly, investors have fallen to the bait and lost somewhere around half-a-million dollars.

MicroStrategy’s Twitter Hacked

Hackers gained unauthorized access to the MicroStrategy account and proceeded to post a phishing airdrop link, potentially putting users at risk of financial loss. Twitter handle Spreek was the first to report this.

Reportedly, a tweet surfaced from MicroStrategy’s official account stating the launch of an Ethereum token $MSTR. Interestingly, the tweet noted that this token will be backed by the company’s own Bitcoin reserves.

As reported by cybersecurity analyst ZachXBT, the unauthorized post has already resulted in a significant loss amounting to $440,000. The phishing link deceived users into providing sensitive information or transferring cryptocurrency to the attackers, under the guise of a fraudulent airdrop campaign. MicroStrategy has yet to issue an official statement addressing the breach.

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~$440K stolen from the compromise so far

— ZachXBT (@zachxbt) February 26, 2024

Twitter (X) Account Hacks Are Getting Common, Once Again

Hacking official Twitter (X) handles has been a common goal for all hackers and X continues to be the most popular platform for crypto community engagement. So far, hackers have been targeting the X accounts of crypto firms, however, we have witnessed them going far and beyond by hacking the accounts of some of the top regulatory agencies and corporate firms.

Last month, in a surprising twist preceding the anticipated approval of the spot Bitcoin ETF, a tweet from the SEC X handle declared the ETFs as approved. Notably, the X platform verified that, at the time of the account compromise, the SEC account lacked two-factor authentication.

The breach resulted from an unidentified party gaining control over a phone number linked to the SEC account through a third-party service, as outlined by the Safety Team. The agency issued a statement affirming its intent to cooperate with law enforcement authorities in probing the hack.

MicroStrategy is the latest victim of another such major incident in 2024. It seems that big players really need to beef up the security measures in all their communicating channels in order to avoid such incidents in the future.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.