MicroStrategy’s X Account Hacked, Over $440,000 Estimated Stolen: Details

MicroStrategy, a pro-Bitcoin business intelligence firm, is not airdropping any crypto token represented as MSTR. In the early hours of Monday, February 26, the X account of MicroStrategy was reportedly hacked by notorious scammers. The account, with over 196,000 followers, found itself flooded with posts showing links where people could click and register for the airdrop of Ethereum-based ‘so-called official’ MSTR token. The acronym MSTR represents MicroStrategy in the stock market arena. Micheal Saylor, the founder and CEO of the platform has not reacted to the development so far.

The malicious links that were posted via the hacked MicroStrategy X account redirected clickers to a fake website that prompted them to connect their wallets and claim the false MSTR tokens. An unidentified number of people interacted with these links a few hours before thehack was detected.

Market analysers like Scam Sniffer and ZachXBT estimate that this scam has already managed to steal around over $440,000 (roughly Rs. 3.6 crore). The exact figure of the stolen amount remains unclear as for now.

As per a CoinTelegraph report, the wallet address that is linked to the scam belongs to PinkDrainer – an infamous hacking group. An official response from MicroStrategy on the incident remains awaited. An investigation into the case is likely on the cards but whether or not the stolen funds are recovered – that remains to be seen.

Time and again crypto industry experts have urged the community members to be very cautions before interacting with suspicious links and random airdrops. Most MicroStrategy followers would know that the company is inclined towards Bitcoin and hence an airdrop of Ethereum-based tokens from the firm should have been identified as shady.

As per a recent PeckShield report, there were over 600 crypto hacks in 2023 that led to the loss of $2.61 billion (roughly Rs. 21,696 crore) — despite the number of crypto hacks having dipped by 27.78 percent in 2023 in the backdrop of rules and regulations being gradually deployed.