Victims lose $440k as hackers exploit fake MSTR airdrop on X account

MicroStrategy, the largest corporate holder of Bitcoin in the world, has fallen victim to a cyberattack on its X account. The attack occurred on February 26 and resulted in the theft of nearly $500,000 worth of cryptocurrency. The hackers posted a message promoting a fake “MSTR” token and tricked users into believing that MicroStrategy was distributing a new Ethereum-based token called MSTR. By clicking on the provided link and entering their credentials, users unknowingly granted the scammers access to steal “free MSTR.”

Although the full extent of the breach is still uncertain, blockchain investigator ZachXBT’s investigation suggests that the scammers may have already earned over $440,000 in cryptocurrency. Transaction records linked to the alleged hacker’s address indicate that a significant portion of the stolen funds has been laundered through various exchange platforms such as KyberSwap, ParaSwap, and POKT Network. As of now, MicroStrategy has not released any official statements regarding the incident.

This cyberattack comes shortly after MicroStrategy founder Michael Saylor reaffirmed his commitment to holding the company’s substantial Bitcoin reserves, which currently exceed 190,000 BTC valued at over $9.7 billion. The incident raises concerns about the security of cryptocurrency investments and highlights the importance of robust cybersecurity measures in the industry.