Litecoin Team Battles Hackers After Fake Token Promotion On X
Source: Bitcoinist
The X account of cryptocurrency Litecoin briefly promoted a fake virtual token on the Solana network to its followers after a hacker temporarily gained access to the social media account.
Fortunately, Litecoin’s social media team quickly took action and successfully regained control of the account, warning its followers about the fraudulent SOL-based token.
Hacking Incident
Reports said that the social media account of Litecoin on the platform X was briefly compromised by a scammer to use it as a promotional tool for a fake digital asset.
According to a report, an online fraudster hacked the cryptocurrency’s official X account wherein the scammer promoted a fake token on the Solana network.
Litecoin’s X account was briefly compromised today and posts that were not authorized were published. These were live only for a matter of seconds before being deleted. We’re still investigating the issue, but immediately found a delegated account that was compromised and removed…
— Litecoin (@litecoin) January 11, 2025
Information revealed that the hacker also provided a contract address and a pump.fun scam link aimed at duping people to the fraudulent token and getting away with other people’s money.
In a now-deleted X post, the scammer wrote grammatically incorrect content saying, “LTC is now in Solana.”
Litecoin Team Back In Control
The Litecoin team said that the hacker was only able to gain control of the AX account for a short time since they were able to recover the access to the social media account.
“Litecoin’s X account was briefly compromised today and posts that were not authorized were published. These were live only for a matter of seconds before being deleted,” the team said.
The cryptocurrency’s team announced that the matter has been resolved and LTC’s official team is now again in control of the X account.
Foresight Ventures Twitter/X has been hacked and is posting fake AI cryptocurrency information. Earlier, Litecoin’s official Twitter account was hacked, and the hacker posted information on the account, promoting fake Litecoin tokens based on the Solana, with scam links.…
— Wu Blockchain (@WuBlockchain) January 12, 2025
“We’re still investigating the issue, but immediately found a delegated account that was compromised and removed it. We apologize for any confusion caused,” Litecoin said.
A crypto analyst said the hacking incident was a warning that scammers are lurking in the digital currency space, saying, “There are many scammers in the crypto space who will try to take your money or crypto.”
Hacking Incidents On The Rise
There is an increasing number of incidents of social media accounts with cryptocurrencies and associated personalities being targeted by cyber fraudsters.
Their modus operandi is to illegally access an X account and use it to promote fake crypto projects or tokens to steal money or crypto from their victims.
The hacking incident was not an isolated case but part of what seems to be a planned attack on high-profile X accounts to be used for their illegal activities.
Some analysts noted that what happened to Litecoin’s X account only emphasizes the need to strengthen cybersecurity measures within the crypto space to prevent the promotion of fraudulent tokens and phishing schemes.
Featured image from Pexels, chart from TradingView
