The recent hacking of Animoca Brands’ co-founder and executive chairman, Yat Siu’s X account has caused chaos in the crypto community. The hacker used the compromised account to promote a fake token called ANIMOCA, leading to a 500% spike in its price within just five minutes. The incident was confirmed by Animoca Brands, who warned investors to avoid interacting with Yat Siu’s account.
The hacker reportedly bypassed two-factor authentication (2FA) security to gain control of Yat Siu’s account. Despite the price surge of the fake ANIMOCA token, it quickly dropped after the hacker deleted the post. Yat Siu acknowledged the breach and assured that he had reported the issue to X’s support team. He also stated that he would share insights on X’s security vulnerabilities following the incident.
This is not an isolated case in the crypto world, as scammers have previously hacked other prominent personalities’ accounts to promote fake tokens. In December, scammers stole $100,000 using a fake CLAUDE token after hacking Anthropic’s X account. They also targeted Drake’s X account to push a fake meme coin named Anita. These incidents highlight the importance of robust security measures in the crypto space.
Cyvers’ annual report reveals that access control vulnerabilities are the main cause of losses in the cryptocurrency sector. In 2024 alone, these vulnerabilities led to over $1.9 billion in damages. This underscores the need for enhanced security protocols and awareness among crypto investors to mitigate the risk of such cyber attacks. As the crypto market continues to evolve, it is crucial for all participants to remain vigilant and take necessary precautions to protect their assets.
Animoca Brands, known for its active presence in the Web3 landscape, has a diverse portfolio of over 540 investments, including well-known projects like Yuga Labs, Axie Infinity, Polygon, and OpenSea, among others. Despite the recent security breach, the company remains committed to its mission of driving innovation and growth in the blockchain and NFT space. Investors are advised to exercise caution and verify information independently before engaging with any crypto-related accounts to avoid falling victim to scams.
