Animoca Brands Co-Founder Yat Siu’s X Account Hacked in Solana Scam

Yat Siu, co-founder of Animoca Brands, got hacked and his X (formerly Twitter) account was taken over by the attackers.

They used the account to promote a fake token launch on Solana and scam followers with an official Animoca Brands announcement. Animoca Brands issued a strong warning to the public that no token or NFT launch is happening and to ignore the account.

After X suspended Yat Siu’s account for a bit, it was restored but Animoca Brands still hasn’t confirmed the account is secure. The timing of this hack is interesting as Yat Siu was just active on the platform promoting MOCA Coin which surged 200% last week and then dropped 30% to $0.35.

ZachXBT Flags Security Gaps in High-Profile Accounts

 The hack has caught the attention of blockchain security investigator ZachXBT who is pointing out the lack of security on Yat Siu’s account. He says advanced tools like hardware security keys could have prevented the hack. ZachXBT had previously warned about phishing attacks on high-profile accounts, which is probably what happened here.

This scam has compromised over 15 accounts in the last month and stolen over $500,000. The attackers used phishing emails impersonating the X platform team to steal credentials and promote fraudulent meme coins.

Animoca Brands Reiterates Focus on Web3 Innovation

 Despite this, Animoca Brands is still all about Web3 and NFTs and digital ownership. Co-founder Yat Siu recently talked about how the Ton protocol can bring together meme coins and NFTs, showing the company’s long term vision for the blockchain.

Key Insights

  • Fake Solana Token: Hackers used Yat Siu’s account to promote a fraudulent Solana-based token, misleading investors.

  • Phishing Threats: Over $500,000 stolen in similar scams targeting high-profile accounts, raising security concerns.

  • Blockchain Growth: Animoca Brands remains focused on advancing NFTs and Web3 technologies despite the challenges.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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