Michaela Alvez
The Crypto Council for Innovation (CCI), a leading crypto industry advocacy group, confirmed in a recent social media post that CEO Sheila Warren’s X account was compromised on December 26 and used to promote the fake SPELL token.
Warren’s compromised X account falsely promoted $SPELL as an artificial intelligence and cryptocurrency project designed for Web3 and the Solana network. The posts also included a contract address and additional promotional material for the token.
“This is a scam and NOT Sheila Warren. We are working to resolve the issue. Disregard any tweets and do not click on any links,” the CCI stated in response. The fraudulent posts were subsequently removed.
The attack took place just two weeks after the CEO announced she was stepping down from her role at the organization. Warren’s departure is set to occur one month before the inauguration of President-elect Donald Trump.
While Warren did not directly specify the reasons for her resignation, she referenced the evolving landscape of the crypto industry since she took on the role of CEO in 2021. In an X post, she highlighted significant events, such as the FTX collapse and ongoing scrutiny of the sector by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.
The CCI’s chief legal officer, Ji Kim, will succeed Warren as CEO, while Warren will continue to contribute as a senior policy advisor.
“I’m excited to see Ji carry forward CCI’s legacy of deep expertise, sophistication, and global perspective in his new role,” Warren wrote.
Account Takeover Scams on the Rise
Account takeover (ATO) scams have seen a significant rise recently, particularly in the cryptocurrency sector. These scams occur when cybercriminals gain unauthorized access to users’ accounts—such as crypto wallets, exchange accounts, or social media profiles—by exploiting weak security practices, phishing, or leveraging data breaches.
Once attackers gain control, they can drain funds from crypto wallets, manipulate social media accounts to spread fraudulent links, or steal sensitive personal information.
Blockchain investigator ZachXBT reported in a December 24 X post that a hacker had stolen $500,000 by targeting investors of Solana meme coins and popular X accounts, including KickStreaming, Brett, and Alex Blania.
Additionally, in November, former professional Fortnite player “Serpent” was accused of stealing $3.5 million through meme coin scams targeting several well-known brands and artists. Wallet addresses linked to Serpent were found to be central to multiple pump-and-dump schemes involving meme coins launched on the Pump.fun platform.
Read More
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- Wiz Khalifa X Account Hack Tied to WIZ Coin Scam
- X Accounts of High-Profile Brands, Celebrities Hacked by Meme Coin Scammers
Michaela has no crypto positions and does not hold any crypto assets. 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.
