Animoca Brands Co-Founder Yat Siu’s X Account Hacked in Crypto Scam – Users Warned

The post Animoca Brands Co-Founder Yat Siu’s X Account Hacked in Crypto Scam – Users Warned appeared first on Coinpedia Fintech News

Yat Siu, the co-founder, and executive chairman of Animoca Brands has had his X (previously Twitter) profile hacked in a cyber attack. Scammers employed the account for the promotion of the fake token with reference to the new Animoca Brands launch, causing a stir in the global crypto sphere.

A web3 investor, Animoca Brands whose official X account was hacked stated that users should not communicate with the fake account or spend on any tokens tied to the hacked profile. 

The hackers posted that Animoca Brands was launching a new token called “ANIMOCA.” After the hacker’s promotional posts, the value of the token sharply increased in a few minutes up to five-fold before falling back down when the posts were removed.

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Security Breach and Response

On his behalf, Yat Siu, through a secondary account, said the hack was true and added that the attackers had gotten past the two-factor authentication (2FA). He informed the X’s support staff of the security incidence and offered to report other identified weaknesses in X security system.

In an official statement, Animoca Brands reiterated:

It can be noted that Animoca Brands has not launched any official token or an NFT. Contrary to everything that the hacker said in the post, the token launch on Solana was an invention of the imposter. They implored not to interact with the account and remained cautious.

Even though, he used 2FA to secure the account, Yat Siu’s account was hacked and thus, there are concerns with the kind of security that X has.

Users are advised to not participate in tokens or contracts from official announcements without confirming the genuineness of the information provided. In case of accounts getting hacked or phished , report them to the to the given platform directly.