Yat Siu's Account Hacked and Fake Token Promotion: What Happened

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by Giorgi Kostiuk

2 years ago

Yat Siu's account, the co-founder and chairman of Animoca Brands, was hacked by cybercriminals using it to promote a fake token.

Introduction

The hacking of Yat Siu’s account on X (formerly Twitter) by scammers caused a stir in the crypto sphere. They used his profile to announce a fake Animoca Brands token launch.

The Scam and Response

Hackers posted about the launch of a new token 'ANIMOCA,' causing its value to spike sharply. Yat Siu confirmed the hack via a secondary account, noting that the attackers bypassed two-factor authentication.

Even with 2FA in place, Yat Siu's account was hacked, raising concerns over X's security measures.

Impact of the Breach

Animoca Brands issued a statement denying any official token launch. Users were cautioned against interacting with the fake account and advised not to invest in unverified tokens.

The incident highlights the importance of social media security and a cautious approach to token information online.

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