Fake Token Surges, Then Crashes
Reports revealed that the hacker posted about a fake Animoca Brands token, created on the pump.fun platform. The post falsely claimed it was an official token launch.
Within five minutes, the fake token’s price soared by 500%. However, the price quickly fell after the hacker deleted the post.
Chairman Responds via Secondary Account
Using a secondary account, Yat Siu confirmed the hack and revealed the attacker bypassed two-factor authentication. He stated he had contacted X support and planned to discuss the platform’s security flaws.
A Growing Threat
Animoca Brands operates as the world’s major Web3 investor, being in the investment of more than 540 investments in Axie Infinity, Polygon, and OpenSea. This attack highlights the risks even prominent figures face in the crypto world.
Earlier this year, scammers hacked Anthropic’s X account to promote a fake CLAUDE token, stealing $100,000. Similarly, Drake’s X account was hacked to promote a fake meme coin.
According to Cyvers’ 2024 report, access control vulnerabilities caused $1.9 billion in losses this year.
