Animoca Brands' co-founder Yat Siu fell victim to hacking, resulting in the promotion of a fake ANIMOCA token on his official X account. Animoca Brands confirmed the hack, urging caution among investors.
Hacking Incident
Hackers breached Yat Siu's official X account, posting about the launch of a new ANIMOCA token. This led to a sharp 500% spike in the token's price within five minutes. However, the price quickly fell after the post was deleted.
Animoca Brands' Response
Animoca Brands confirmed the breach and advised investors to avoid engaging with Siu's account. Yat Siu later revealed that the attacker bypassed two-factor authentication, and he plans to share insights about the breach and platform vulnerabilities.
Implications and Conclusions
The company assured the community that no official token or NFT launches are planned and that the hacker's claims of a Solana-based token are false. This incident underscores the existing risks in the crypto space: access vulnerabilities continue to pose major threats, with over $1.9 billion in losses reported in 2024.
Frequent hacking incidents emphasize the need to enhance security policies and verification procedures to protect investors and market participants from cyber threats.
