This Week in Crypto: CoinStats and X Accounts Hacked Amid $573M Q2 Losses

The post This Week in Crypto: CoinStats and X Accounts Hacked Amid $573M Q2 Losses appeared first on Coinpedia Fintech News

Scammers and hackers targeted the Crypto industry in Q2 2024 with incidents and scandals surpassing $573 million. This week, it is time to discuss the trends pointing to the most essential ones, including the terrible CoinStats leakage and massive X account theft instances. This is where you come in as we dissect these crucial events and their meaning in the crypto industry.

CoinStats CEO points to social engineering tactics amid the $2 million hack

On June 22, there was an incident wherein one of the major crypto platforms, CoinStats, lost $2 million from the users’ wallets due to a security breach. The company was able to contain the situation before it escalated, and more losses were incurred. Nearly 1.3 per cent of the CoinStats wallets reported being hacked.

CoinStats CEO Narek Gevorgyan said the incident was the result of a social engineer attack and installing malware on the company’s system and guessed the AWS credentials of an employee. Gevorgyan apologised for the incident and said that CoinStats is looking into possible ways to help users who had been impacted but did not state a refund.

High-Profile Twitter accounts hacked in new crypto scam surge

Many well-known social media accounts were recently hacked, especially on Twitter (now X), for the purpose of promoting fake crypto-related investment platforms, raising concerns about the flaws in the protection of accounts’ data.

Seven Network’s affiliated YouTube channel fell victim to the impersonation to spread an AI-created Elon Musk for crypto fraud and gained more than 100,000 viewers before the video was removed. Audiences were encouraged to download an application and put their cash with the assurance of getting their money back within double.

The band’s official Metallica Twitter page was hacked, and the scammers promoted a biased Solana token called METAL, which peaked and the economy’s market capitalization reached $300 per capita before it went down. The account has been retrieved back by Metallica management and all the fake posts have been deleted.

The rapper 50 Cent’s Twitter was also hacked; he endorsed a new token known as GUNIT, which rose in price by 8,000% before it plummeted. Yet, for the exposure, the token stays right about a $150,000 market cap.

Mark Cuban, an investor Billionaire’s Gmail account got hacked through a phone call phishing. This is coming after another unpleasant experience that same year when Cuban’s crypto wallet was cleaned out of roughly $870,000.

Q2 witnesses a rise in crypto hacks and scams hits $573 million

The second part of 2024 witnessed a considerable increase in the number of hacks and scams associated with cryptocurrencies with losses of $572. 7 million, which Immunefi reported. This marks a 70.3% rise from the previous quarter’s $336.3 million and nearly doubles the $265.5 million lost in Q2 2023.

Crypto hacks are a weekly theme these days, and here is all the news for this week. Stay tuned for the next crypto weekly roundup!

Read Also: Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts