Ava Labs COO’s X Account Suspected Hacked, Posts Suspicious Crypto Content

TLDR

• Ava Labs COO Luigi D’Onorio DeMeo’s X account is suspected of being hacked
• The account posted about a Pokémon-themed memecoin called Pika (PIKA) on Solana
• Suspicious links to alleged Avalanche token airdrops were also shared from the account
• The PIKA token’s market cap briefly spiked to $388,570 before crashing 99%
• Users are warning others not to click on any links or connect wallets to suspicious websites

The Crypto X community was on high alert after suspicious activity was detected on the account of Luigi D’Onorio DeMeo, the Chief Operating Officer of Ava Labs.

The account, which is followed by many in the blockchain industry, began posting about a newly launched Pokémon-themed memecoin and links to dubious token airdrops, prompting concerns of a potential hack.

On August 19, two now-deleted posts from DeMeo’s account shared the address of a Solana-based memecoin called Pika (PIKA), styled after the popular Pokémon character Pikachu. The posts appeared to be part of a pump-and-dump scheme, a tactic where fraudsters artificially inflate the price of an asset before selling their holdings at a profit.

One of the posts read, “I’m an [Avalanche] maxi, but it’s inevitable that Solana is leading this bull market. Due to the increased search for memecoins, I’m creating the $PIKA token on Solana, based on my favorite character.” This statement raised immediate suspicion among crypto enthusiasts, given DeMeo’s position at Ava Labs, a company focused on the Avalanche blockchain.

The PIKA token’s market capitalization briefly surged to $388,570 shortly after the posts appeared around 1:40 am UTC. However, it quickly plummeted by over 99% to a mere $3,289, according to data from DEX Screener. This dramatic rise and fall is characteristic of pump-and-dump schemes in the cryptocurrency market.

DeMeo’s account also shared links to websites claiming that Ava Labs was giving away Avalanche (AVAX) tokens. These sites encouraged users to connect their crypto wallets, a common tactic used by scammers to gain access to victims’ funds. The websites were designed to mimic Ava Labs’ official style, potentially hosting wallet-draining malware that could steal all the cryptocurrency from a connected wallet.

Crypto security experts quickly sounded the alarm. Many users on X posted warnings advising others not to click on any links or follow any instructions from DeMeo’s account. The account itself turned off comments, claiming there was a possibility of “malicious links” being shared, which further fueled suspicions of a hack.

One X user, “REKTBuildr,” reported that a link to a different scam website was initially shared by DeMeo’s account before being taken down. They noted that the domain for this site was registered just 18 minutes before DeMeo’s account posted the link, estimating that it took the attackers about 30 minutes to register the domain, find hosting, and breach DeMeo’s account to share the scam link.

The scam domain was registered 18 minutes ago

This is the fastest hack I’ve ever seen

They compromised @luigidemeo‘s account, registered a domain and set the hosting up all within the past 30 minutes pic.twitter.com/SySQm7DX1a

— REKTBuildr 🔺🔺🔺 (@rektbuildr) August 18, 2024

As of the time of reporting, it remains unclear how the potential attackers managed to gain access to DeMeo’s account. Ava Labs has not yet responded to requests for comment, and DeMeo himself has not made any public statements about the incident.

Similar attacks have occurred in the recent past. In July, the X account of actress Sydney Sweeney was hacked to promote a cryptocurrency token using her likeness, demonstrating that these types of social media breaches are not limited to figures within the crypto industry.