Unauthorized Access on Crypto News Platform
Recently, on March 13, a well-known crypto news platform, DB, fell victim to hackers who gained control of its X account. The hackers used this access to spread false information regarding Donald Trump’s TRUMP memecoin and a fabricated BlackRock ETF filing for Hyperliquid.
Immediate Impact on Prices
The misleading posts had a significant impact on the market. TRUMP’s price saw a sudden surge of 20%, only to collapse shortly after. Additionally, the fake ETF news caused a 6% price fluctuation for Hyperliquid’s HYPE token.
Trader’s Attempt to Capitalize
According to blockchain analytics firm Lookonchain, a trader tried to take advantage of the chaos by withdrawing 504,820 USDC from Binance to purchase TRUMP tokens. However, once the truth came to light, the trader ended up selling at a loss, losing $26,820 in USDC within minutes.
Response and Actions Taken
Following the breach, DB promptly deleted the unauthorized posts and advised users to disregard any information shared during the incident.
Pattern of X Account Breaches
This attack on DB’s account is part of a concerning trend of breaches targeting high-profile crypto-related accounts on X.
DB highlighted that the compromised account had no linked third-party apps, no API key leaks, and was safeguarded by YubiKey two-factor authentication. This led the platform to suspect an internal vulnerability or a compromised X employee as the likely source of the breach.
Harpie, a web3 security platform, drew parallels to previous attacks on Dogwifcoin, Solana-based Jupiter Exchange, and memecoin launchpad Pump.fun. Blockchain investigator ZachXBT suggested that these hacks might be a result of social engineering tactics targeting X employees.
Concerns About Security
The increasing frequency of these attacks raises concerns about the security of crypto-related accounts on X. Hackers have exploited high-profile platforms over the years to spread false information and deploy phishing schemes, leading to significant losses for crypto users.
