- Using the Official IPL Account
- Growing Threat to Sports Accounts
- Preventing Such Scams
Scammers targeted fans of the Indian Premier League (IPL) by using the official team's account to promote a fake Solana-based token.
Using the Official IPL Account
Some fraudsters gained access to the official X account of an IPL team and started selling a Solana-based token. The team's fans were urged to buy what was marketed as a legitimate cryptocurrency linked to Solana – one of the fastest-growing blockchains. They posted fake messages with hyperlinks, leading users to believable-looking websites.
Unfortunately, many fans decided to rely on the credibility of the official IPL team's account and were scammed. The IPL team promptly deleted the fake posts once they learned of the security breach, but by that time, some followers had already lost money. The team later apologized to their fans and promised to enhance the security of their social accounts.
Growing Threat to Sports Accounts
This case shocked many, particularly after past scandals involving the IPL. Recently, sports teams and associations worldwide have become attractive targets for scammers. These accounts have numerous followers, making them valuable for advertising scams.
For example, in 2021, the official Twitter page of FC Barcelona was hacked. The scammers used it to post a scam involving free tokens, leading fans to believe in an ICO giveaway. Similar incidents have occurred in the NFL: the official account of the Kansas City Chiefs was used to promote a fake cryptocurrency ad.
Bad actors have also targeted organizations like the International Olympic Committee (IOC). During the Tokyo 2020 Olympics, scammers exploited the attention the games received, tricking people into believing in free bitcoin offers.
Preventing Such Scams
Given that various sports teams have fallen victim to crypto scams, it is crucial to know how to avoid such situations. Here are a few steps that fans and organizations can take to protect themselves:
Verify Promotions: Users should never trust any advertisement about cryptocurrency they come across on social media. Check whether the organization or team has placed the promotion link on other official platforms, like the official website.
Be Wary of Giveaways: Most live sports teams and associations today are not involved in token giveaways on social media. If something appears too good to be true, it probably is.
Enable Two-Factor Authentication: Teams and organizations should ensure they activate two-factor authentication on their social media accounts to reduce the risk of unauthorized access.
Report Suspicious Activity: In the event of any unauthorized activity or crypto promotions, report it immediately to the platform or official team.
Cryptocurrency scams are on the rise, and the recent hack of an IPL team's social media account to promote a fake Solana token is a latest example. We must all stay vigilant and take necessary security measures.
