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Joy
Thu, September 19, 2024 at 17:45
Joy
Hey Annie!
Did you hear about the recent crypto scams happening on X, formerly known as Twitter?
It's pretty wild!๐ฒ
Annie
Oh no, I hadn't heard.
What happened exactly?๐
Joy
So, a bunch of high-profile accounts, like Lenovo India and Yahoo News UK, got hacked to promote a fake memecoin called HACKED.
Can you believe it?๐ฌ
Annie
Wow, that's crazy!
How did they manage to hack those accounts?
ADward
Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... ๐
Joy
They used social engineering techniques, which basically means they tricked people into giving them access.
They impersonated celebrities and organizations to make it look legit.๐ค
Annie
That's sneaky!
Did they make a lot of money from this scam?
Joy
Surprisingly, no.
They only managed to siphon off about $8,000.
It's not much considering the scale of the hack.๐
Annie
Only $8,000?
That's not a lot.
Why didn't they make more?
Joy
It seems like people are getting smarter about these scams.
Plus, the market cap for the fake coin was only around $67K.
So, not many people fell for it.๐
Annie
That's a relief.
But it's still concerning that these hacks keep happening.๐
Joy
Absolutely.
And it's not a new trend either.
Just last month, hackers compromised French football player Kylian Mbappe's account to advertise another fake coin.๐
Annie
Really?
It seems like they're targeting celebrities a lot.
Why do you think that is?
Joy
Well, using famous people and legit companies helps build credibility and gain victims' trust.
People are more likely to fall for it if they think it's coming from a trusted source.๐
Annie
That makes sense.
What can people do to protect themselves from these scams?
Joy
Experts like ZachXBT recommend regularly reviewing account permissions and disconnecting unused apps.
Also, educating users about common red flags, like poorly written communication and promises of guaranteed returns, can help.๐ก๏ธ
Annie
That's good advice.
Are there any regulations in place to help with this?
Joy
Yes, California's Department of Financial Protection and Innovation (DFPI) tracks and reports different frauds, helping victims report and get help.
Regulations are evolving as the crypto landscape changes.๐๏ธ
Annie
That's reassuring.
So, overall, would you say this news is good or bad for the market?
Joy
Honestly, it's pretty bad.
It shows that even high-profile accounts aren't safe, which could make people more hesitant to invest in crypto.
The market needs to improve security to regain trust.๐
Annie
I see.
Thanks for the detailed explanation, Joy.
I'll definitely be more cautious from now on.๐
Joy
No problem, Annie!
Always happy to help.
Stay safe out there!
โ๏ธ
To sum up, this article is considered a ๐ฑBearish for investors!!