Hackers posted a deceptive tweet from Buterin’s account, luring users into a trap that drained their valuable NFTs and tokens.
Ethereum co-founder Vitalik Buterin’s X account (formerly Twitter), was recently targeted by hackers.
The breach not only raised security concerns but also resulted in substantial financial losses estimated at over $700,000.
The Hack
The breach occurred on September 9th when malicious actors gained unauthorized access to Vitalik Buterin’s X account. They seized the opportunity to post a deceptive tweet that appeared to promote a commemorative NFT by Consensys, celebrating Ethereum’s Proto-Danksharding introduction. The tweet claimed that users could obtain a free NFT by clicking on a link, which ultimately proved to be a trap.
What made this phishing scam attempt particularly effective was the fact that the message seemed authentic and originated from Buterin’s verified X account, luring unsuspecting users into clicking the link. Unfortunately, those who fell for the scam found their valuable NFTs and tokens drained from their wallets.
The hacker’s tactics were not entirely new; deceitful links were used to gain access to the wallets of unsuspecting followers, causing significant NFT asset losses.
Ethereum developer BookyPooBah, for instance, lost two valuable CryptoPunks (#3983 and #1751) among other NFTs.
Financial Impact
An on-chain analyst, ZachXBT, estimated that the total value of stolen assets reached approximately $700,000 at one point.
The hacker’s wallet contained a variety of assets, primarily in ETH, along with other tokens such as ATOR, wrapped ETH, USDC, and BNB. The financial implications of this security breach are substantial, highlighting the importance of security awareness in the cryptocurrency space.
Response and Concerns
The cryptocurrency community and cybersecurity experts swiftly responded to the incident, leading to the removal of the malicious tweets from Vitalik’s account. As of the latest reports, it appears that Vitalik Buterin has regained control of his account, but questions about how the account was compromised in the first place remain unanswered.
This incident adds to a growing concern regarding the rise of phishing scams on social media platforms. Influential figures in the crypto space, including Binance CEO Changpeng Zhao, have voiced their concerns about the increasing frequency of such cybercrimes.
Security Concerns
Phishing scams have not been limited to Vitalik Buterin; notable individuals in the cryptocurrency space, including pro-XRP Lawyer John Deaton and Ben Armstrong, have also fallen victim to similar attacks a few months back. It is crucial for the online community to exercise caution and remain vigilant in the face of these threats.
Final Thoughts
In conclusion, the hack resulting in a significant phishing scam and financial losses exceeding $700,000, highlights the pressing need for improved security measures on social media platforms frequented by cryptocurrency enthusiasts. As the crypto community grapples with these challenges, the importance of security awareness and proactive steps to safeguard assets cannot be overstated.
Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.
