thecoinrepublic.com
- 1 Microstrategy, the largest independent publicly traded business intelligence company, fell victim to a phishing scam.
- 2 A post announcing the launch of the MSTR token resulted in a loss of around $440K.
- 3 Microstrategy’s X account was compromised and used for posting fake MSTR Airdrops.
The trend of phishing scams has continued into 2024 and this time Microstrategy, a leader in the data mining and business intelligence sector was trapped in the scam. On February 25, Attackers hacked the firm’s X (formerly Twitter) account and began posting links about a fake MSTR airdrop. The scam resulted in the loss of over $440K.
The hacker’s strategy
On February 25, Microstrategy’s X account was hacked by hackers to mislead users via a fake MSTR airdrop. The phishing Airdrop link was posted from the account, attracting users into misleading MSTR airdrops.
As per the post, Microstrategy was launching its Ether token MSTR with promising scalability, low fees, and smooth transactions. The firm’s Bitcoin reserves were supposed to back the new coin.
The link routed users to a fake Mictostrategy site where users needed to link their addresses to claim the MSTR giveaway. To get free MSTR tokens, many of the users linked their addresses with the fake website which helped hackers to gather the user’s wallet details.
Within a few minutes, the hackers trapped its first victim and succeeded in draining over $420K. Unknowingly, the user was granted multiple token approvals after signing a UNI Permit2 batch. Signing the UNI Permit2 resulted in the loss of a wide range of assets including qPOKT worth $45,000, $122,000 IN CHEX.
Microstrategy’s co-founder, Michal Saylor’s interest in Bitcoin and airdrops were exploited to wipe out the user’s funds. The firm holds around 190,000 BTC as per its Q4 2023 report.
The unfortunate incident was confirmed by ZachXBT on February 26, and Microstrategy has yet to officially confirm the same.
The unchanged story of phishing scams
According to Scam Sniffer, a Web3 anti-scam platform, fraudulent activities like phishing scams are gradually rising in 2024, with around 40K users falling prey to such scams in January. Also, around $55 Million was stolen in January only.
Furthermore, nearly $300 Million was lost in such scams in 2023 which trapped around 320K users. The corresponding phishing attack resulted in the loss of approximately $580,000.
Last year, Scam Sniffer scanned out around 12 Million URLs, encountered around 145K scams, and handled around 4.5 Million queries per day. Additionally, 100K sites/ malicious domains were blocked by the platform.
The platform is also working on multiple well-known wallet drainers and shares details about the same on social media.
MSTR Stock price
Microstrategy Incorporated, founded in 1989 is a pioneer in the BI and analytics industry. The firm offers a wide range of services like integrated analytics, mobile solutions, and data warehousing.
HyperIntelligence, cloud, Education, Embedded Intelligence, BI, and Analytics tools are major products of MicroStrategy. MSTR stock price is $687.44, a decline of 3.61% in the past 24 hours. It holds a market cap of 11.665 Billion.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.