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Michael Saylor’s MicroStrategy X Account Hacked, $440K Stolen

2 mins
Updated by Ciaran Lyons
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In Brief

  • MicroStrategy's X account compromised, promoting fraudulent $MSTR token, resulting in $440,000 stolen from deceived users.
  • Deceived users connected wallets after announcement, leading to $440,000 in losses from MicroStrategy's compromised X account.
  • To stay safe, learn from past incidents like Vitalik Buterin's hack and exercise caution in the crypto world.
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MicroStrategy, led by Michael Saylor, reportedly suffered a compromise of its X (formerly Twitter) account. This resulted in a fraudulent post promoting the crypto token $MSTR to its 196,500 followers.

ZachXBT, a blockchain investigator, alleges that victims have already lost $440,000. They fell prey to claiming free tokens by connecting their wallet, only to have it drained later.

Michael Saylor MicroStrategy X Hacked, Users Funds Compromised

In a now-deleted hacked post, Michael Saylor’s MicroStrategy announced an Ethereum token named $MSTR, captured by prominent crypto user Spreek. It claimed low gas fees and backed by MicroStrategy’s Bitcoin reserves.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

It explains that users can connect their wallet to the malicious link to claim free $MSTR.

Although, ZachXBT points that already $440,000 has been swiped from users who have connected their wallet, and fell victim to the phishing scam.

MicroStrategy Compromised Post on X, Announcing $MSTR. Source: X/@Spreekaway

Hackers gaining access to trusted individuals and companies in the crypto industry to manipulate the trust of its followers so it can swindle their funds has become common in recent times.

In September 2023, BeInCrypto reported that hackers targeted Ethereum co-founder Vitalik Buterin’s X (previously known as Twitter) account.

Hackers Take Advantage of Fast-Paced Crypto Industry

They posted a fraudulent ConsenSys link, swindling almost $700,000 from unsuspecting followers.

Crypto investors know that time is of essence when jumping into airdrops like these to ensure they don’t miss out. So, hackers take advantage of this, knowing that they can swipe a large amount of funds in minutes.

Read more: 15 Most Common Crypto Scams To Look Out For

In Buterin’s case, Dmitry Buterin, Vitalik’s father, confirmed the security breach, noting that his son was actively trying to regain control of the account.

On Jan. 9, the SEC’s X account got compromised, falsely informing followers of a spot Bitcoin ETF approval before the official announcement.

Shortly after, Gary Gensler, SEC chair, disclosed that the agency’s X account got hacked, spreading misinformation about a Bitcoin ETF approval.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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