Hackers Gain Access to MicroStrategy’s X Account, Steal $440k With Phishing Scam

Major business intelligence company and the largest corporate holder of Bitcoin, MicroStrategy, saw its X account compromised by hackers, who advertised the airdrop of a fake Ethereum-based token.

The scam led to the loss of over $400k, with MicroStrategy being the latest victim of an X hack in 2024.

Hackers Steal $440k After MicroStrategy Hack

MicroStrategy’s hackers announced the launch of a fake Ethereum token called MSTR, which they claimed had low gas fees and was backed by the company’s Bitcoin reserves.

there was a second best after all

(hacked acc if not obvious lol) pic.twitter.com/cdLqbqiiCO

— Spreek (@spreekaway) February 26, 2024

Thereafter, the perpetrators posted a phishing link that would airdrop users the new token. MicroStrategy’s X account had a few posts promoting the fake token and airdrop, according to reports.

While the tweets no longer appear on MicroStrategy’s official X account, on-chain sleuth ZachXBT said the hackers stole around $440,000 from people who fell for the fake phishing links and connected their wallets.

The incident led members of the crypto community to wonder if the company had two-factor authentication (2FA) on its X account.

Meanwhile, others said that people should have realized that the tweets were fake, considering that it was strange that MicroStrategy, which always promoted Bitcoin and had one of the biggest BTC stashes, would release an Ethereum-based token.

The business intelligence firm holds 190,000 BTC worth approximately $9.8 billion at Bitcoin’s current price of over $51,500. MicroStrategy is, however, yet to release an official statement concerning the hack.

X Hacks Still Rampant

It is not uncommon for hackers to use X accounts of prominent people or companies/organizations within and outside the crypto industry to lure unsuspecting users into believing that their fake promotions and airdrops are real.

In September 2023, Ethereum co-founder Vitalik Buterin’s X account was hacked to advertise a phishing site that successfully drained over $800,000 from victims. Buterin later revealed that the hack was carried out through a sim swap.

Hackers also had control of the X account belonging to the US Securities and Exchange Commission (SEC) in January 2024. The rogue actors tweeted that spot Bitcoin exchange-traded funds (ETFs) were approved, causing a brief spike in BTC’s price.

SEC chairman Gary Gensler immediately debunked the news, stating that the Commission’s account was compromised. Later investigations showed that the absence of a 2FA and a sim swap attack were responsible for the hack.

Meanwhile, users are advised to always exercise caution before clicking on links posted on any social media platform, as some of these links, which require users to connect their wallets, most times turn out to be malicious and serve as waller drainers.