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Surge in Hacks Targeting Crypto Influencers and Celebrities on X Raises Security Concerns

ByDayne Lee

May 28, 2024
Surge in Hacks Targeting Crypto Influencers and Celebrities on X Raises Security Concerns

Surge in Hacks Targeting Crypto Influencers and Celebrities on X Raises Security Concerns

Over the past weekend, a notable string of X accounts belonging to industry influencers and celebrities was compromised, leading to unauthorized promotions of various cryptocurrencies, including Luna2 and ORDI, as well as several celebrity-inspired memecoins. This series of incidents has ignited concerns over digital security and the potential misuse of influential accounts in the cryptocurrency sector.

High-Profile Account Breaches

One of the high-profile victims included the pseudonymous cryptocurrency investor known as Gigantic-Cassocked-Rebirth, or GCR, who is renowned for his contrarian trading strategies. On May 26, the hacker used GCR’s X account to promote ORDI and Luna2.0. This unauthorized activity momentarily drove the prices of these tokens up by 6% and 274%, respectively. Despite the potential to exploit the account for massive gains, the hacker’s choice of tokens resulted in relatively limited financial impact, which led to discussions within the community about the missed opportunities by the perpetrator.

  • Crypto Analyst Reaction:
    • Miles Deutscher commented, “GCR hacker fumbled the bag hard. Bro could’ve picked ANY believable micro cap to pump 10-20x, yet chose to shill ORDI and LUNA2 for a measly 10% wick.”

Broader Attack on Celebrity Accounts

This incident appears to be part of a larger scheme targeting celebrity X accounts. Udi Wertheimer, a Bitcoin developer and Ordinals commentator, highlighted ongoing operations aimed at compromising major social media accounts, particularly during long weekends when platform security response might be slower.

  • Community Advice:
    • “As more niche celebs are popping up by the minute launching meme coins — on a long weekend when platform engineers are away — I recommend that you guys be very careful,” Wertheimer advised.

Memecoin Promotions by Celebrities

In a related development, American rapper Rich The Kid’s X account posted a link to purchase a new token “RICH,” which was launched on a memecoin creation platform, accumulating a market cap of $90,000 within two hours. Similarly, Caitlyn Jenner’s X account promoted the “JENNER” token, reaching a $27.1 million market cap shortly after its launch. These promotions raised questions about the authenticity of the posts, with some speculating about the use of deepfake technology.

  • Official Statements:
    • Jenner and her manager, Sophia Hutchins, confirmed the authenticity of their promotional posts and videos in subsequent statements and X spaces, dispelling rumors of deepfakes.

This wave of account hacks has spotlighted the vulnerabilities associated with high-profile social media accounts in the crypto industry. It underscores the need for enhanced security measures and greater vigilance among users, especially when interacting with celebrity-endorsed crypto products.

CelebrityToken PromotedSuspected Hack DateMarket ImpactOfficial Response
Gigantic-Cassocked-Rebirth (GCR)ORDI, Luna2.0May 26, 2024Price surgeAcknowledged hack
Rich The KidRICHRecent$90,000 capPost deleted
Caitlyn JennerJENNERRecent$27.1 million capConfirmed authenticity

The recent hacking incidents serve as a critical reminder of the security risks inherent in the digital and cryptocurrency spaces. As influencers and celebrities continue to engage with crypto projects, both the individuals involved and their followers must exercise caution and prioritize security to protect against potential scams and unauthorized account use.

Featured image credit: Rubaitul Azad via Unsplash

Dayne Lee

With a foundation in financial day trading, I transitioned to my current role as an editor, where I prioritize accuracy and reader engagement in our content. I excel in collaborating with writers to ensure top-quality news coverage. This shift from finance to journalism has been both challenging and rewarding, driving my commitment to editorial excellence.

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