The cryptocurrency industry faced another wave of X account attacks over the weekend, with official accounts like Litecoin and Foresight Ventures being among the breached.
Pattern of Attacks on Prominent Accounts
On January 11, 2025, Litecoin's official X account was compromised. Hackers used the 'LTC' symbol to promote a fraudulent Solana token, inflating its market cap temporarily to $27,000. Foresight Ventures, with 28,000 followers, was also targeted to promote fake 'AI agent' tokens. Other hacked accounts included LayerZero Labs co-founder Ryan Zarick and Holoworld AI with over 150,000 followers.
Broader Trend of Social Media Hacks
The crypto community is witnessing a surge in X account breaches. In late 2024, Cardano Foundation's account was hacked, spreading SEC lawsuit lies and promoting the 'ADAsol' scam. Reported attacks have cost $3.5 million. High-profile musicians and companies, like Drake and AI startup Anthropic, have also been targets.
Protecting Against Social Media Compromises
Social media, notably X, are vital for crypto projects to connect with communities, yet they're frequently targeted by hacks. Common hacking methods include phishing emails and delegated access breaches. Security recommendations encompass enabling two-factor authentication and regular access permission reviews.
X account hacks underscore the urgency of enhancing security in the crypto industry. It's critical to implement additional protective measures.