Animoca Brands Solana Token Launch is fake

The X account of Animoca Brands executive president Yat Siu was compromised while promoting the launch of a fake Solana token. As a result, the hackers are promoting dubious signs and contracts under the guise of “Animoca Brands Issuing New Coins”. The Web3 platform popular for its products such as Anichess, The Sandbox, PHANTOM GALAXIES, and Crazy Defense Heroes, has issued a warning asking users to be vigilant.

Yat Siu X Account Promotes Fraudulent Solana Based Tokens

The X Account of Yat Siu, the founder of Animoca Brands, is still at risk promoting a fraudulent publication on the Solana blockchain. The Web3 platform immediately noticed the issue that there was no official logo launched by NFT with them. Therefore, users are requested not to engage in such posts on X Yat Siu's timeline. The official announcement noted:

“Unfortunately, Yat Siu's social media account has been compromised. There is no official token or NFT launch from Animoca Brands. The token was launched on Solana as stated in a post made by the hacker. Please DO NOT join the account and wait.”

After a temporary stop by X, the account seems to be alive again. However, an official confirmation from Animoca Brands is yet to come.

In the past few days, Yat Siu has been active on the X platform while shilling MOCA Coin during this period. As a result, the MOCA price went up to $0.50 on Christmas day with a 200% increase on the weekly chart. However, MOCA's price has pulled back nearly 30% from the top and is currently trading at $0.35, down 6% as of press time.

Earlier this year, the co-founder of Animoca Brands said that he sees NFTs and Web3 games as key drivers for transformation in digital ownership. It highlights the convergence of meme coins and NFTs, with technologies such as the Ton protocol fostering collaboration across the blockchain ecosystem.

The Co-Founder of Animoca Brands is facing tough questions

Blockchain security researcher ZachXBT has raised concerns about the X account that was applied to the co-founder of Animoca Brands. He asked why Yat Siu did not use advanced security measures, such as a hardware security key, to protect his account.

A day before Christmas, ZachXBT had expressed concern by identifying a pattern where a threat actor uses phishing emails to gain access to high-profile accounts. “Just yesterday, I warned about phishing emails targeting Siu, which may be connected to today's outage,” ZachXBT said.

According to reports, the same scammer has stolen more than $500,000 over the past month by compromising more than 15 X accounts including the likes of Kick, Cursor, Alex Blania, The Arena, and Brett. This phishing scam involves impersonating the X team to steal credentials and launch more fake meme coins.

Last week, hackers gained access to Vivek Ramaswamy's X account while promoting a fake collaboration between the Department of Government Efficiency (DOGE) and USUAL stablecoin.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a good understanding of financial markets. His interest in economics and finance has led him to focus on the emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and remains motivated by sharing the knowledge he gains. In his spare time, Bhushan likes to read thriller fiction novels and occasionally explore his cooking skills.

Disclaimer: The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.