Gairika Mitra
Crypto analyst ZachXBT (@zachxbt) recently shared that several high-profile brand and celebrity accounts on X have been compromised and are promoting a fake meme coin. He noted that the meme coin scammers targeted large companies like Lenovo India, Yahoo News UK, and even the EU Commission Directorate-General for Regional & Urban Policy. Even the X accounts of Alexandre Lacazette, the French football player, and filmmaker Oliver Stone, were not spared, among many others.
Update: So far it seems like the scammers likely lost money purchasing this method as the top traders have barely made ~$1K and market cap is $67K.
— ZachXBT (@zachxbt) September 18, 2024
While few details are available I would expect these accounts all gave permissions to the same site/app.
Reminder to always go… pic.twitter.com/gZcynD9rrV
ZachXBT said that the compromised accounts were found posting about a meme coin, which appears to be fraudulent. Initial data suggests that the scammers have not profited significantly from this operation. Notably, top traders involved reportedly made only about $1,000, while the market cap of the scam coin is currently at $67,000, as per the analyst.
In a subsequent update, ZachXBT shared that the meme coin scammers removed liquidity from the meme coin, ultimately earning just $8,000 from their fraudulent activities.
Precautions vs Meme Coin Scammers: How to Revoke Access
To help mitigate risks, users were advised to regularly review their account settings on X and revoke access to any applications or services they no longer use. Users can follow these steps:
- Navigate to Settings.
- Select Security and account access.
- Click on Apps and Sessions or Connected apps.
- Periodically revoke access for inactive or unrecognized apps.
The Shib Daily reported recently that a cryptocurrency investor had fallen victim to a clever token scam. The ruse caused him a loss of around 896 billion $TitanX, valued at nearly $500,000. The attacker had mimicked the original transaction address to fool the victim. The entire process was completed within 12 hours.
Furthermore, a related coverage talked about a trader losing over $1 million within one hour after purchasing a scam token. The token was endorsed by French footballer Kylian Mbappé’s hacked account.
Another notable incident is that of the CEO of a famous U.S. bank. He found himself sentenced to more than 24 years in prison for allegedly stealing $47 million in a crypto scheme. He reportedly transferred the funds from his bank to different cryptocurrency wallets controlled by scammers, eventually falling for the infamous “pig butchering” scam which finally led to the collapse of the bank and the Federal Deposit Insurance Corporation (FDIC) taking over.
Some of the most common and prevalent scams in 2024 include Bitcoin Investment Schemes, phishing scams, and pump-and-dump schemes. Apart from this, rug pull scams, fake ICOs, AI scams, and love-bait scams have gained notoriety.
Read More
- Trader Loses Over 1M to Scam Token from Hacked French Footballer Account
- Crypto Scams to be Aware of in 2024
- Former US Bank CEO Sentenced for $47M Crypto Scam
Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
