Bogus Airdrop Burns MicroStrategy Followers!

MicroStrategy fell victim to a hack where attackers used its X social media account to promote a fake airdrop.

Author

Danielle du Toit
February 26, 2024

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Here's what we've got for you today:

  • Hackers Target MicroStrategy Followers with Bogus Token Airdrop

  • Market Confidence in Cryptocurrency Grows as GBTC Withdrawals Plummet

  • Blockchain Researcher Recovers Stolen Funds from NFT Heist

  • Mining for Justice: Riot and TBC’s Win Against Energy Officials

Cybercriminals exploited MicroStrategy's social media to orchestrate a fake airdrop scam, causing over $440,000 in financial damage.

  • Victims were directed to a counterfeit MicroStrategy webpage where scammed users connected their wallets to claim a fake MSTR airdrop.

  • A huge portion of the losses was incurred by a single user who lost more than $420,000 due to the scam.

  • Critics in the crypto industry have pointed out the victims' naivety, especially considering MicroStrategy's preference for Bitcoin rather than Ethereum, which should have raised suspicions about the legitimacy of the airdrop.

Withdrawal volumes for Grayscale's Bitcoin Trust (GBTC) have seen a notable decline.

  • Recent BitMEX Research shows GBTC's withdrawal volumes dropped to $44.2 million on Feb. 23, its lowest daily volume since its transformation to an ETF on Jan. 11.

  • February saw a big reduction in outflows, totaling $1.8 billion, with cumulative withdrawals reaching $7.4 billion since GBTC's inception.

  • The decline in GBTC outflows could indicate a stabilization phase, though future trends will be affected by factors like fee reductions and changes in the regulatory landscape.

ZachXBT, a pseudonymous blockchain researcher, claims to have successfully recovered the majority of funds from a stolen non-fungible token (NFT).

  • ZachXBT announced on Feb. 24 to over 505,000 social media followers the successful recovery of most funds from the theft of the DeGods #3251 NFT after a nine-month investigation.

  • The victim reached out to ZachXBT in May of 2023 after finding their wallet empty.

  • ZachXBT also shared plans to conclude his pro bono blockchain investigative work, pointing towards frustration as the biggest reason for stepping back from his public service endeavors.

Riot Platforms celebrates a legal victory with the Texas Blockchain Council (TBC) after getting a temporary restraining order against U.S. energy officials' data collection efforts.

  • Riot and the TBC filed a lawsuit against the U.S. Department of Energy, Energy Information Administration (EIA), Office of Management and Budget (OMB), and their leaders, accusing them of excessive data collection practices targeting cryptocurrency miners.

  • A temporary restraining order was issued by the court, pausing the EIA's requirement for crypto miners to participate in a survey and preventing the agency from distributing any data already collected.

  • The lawsuit highlighted concerns over the time and resources needed for crypto miners to comply with the government's survey requirements.

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