VeChain Official Account Hacked, Used to Promote Scam Giveaway

Maxwell Mutuma
January 19, 2024
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VeChain (VET) Price

VeChain, a prominent blockchain-based protocol, became the latest victim of a cyber attack when its official X account was compromised on January 18, 2024. The hackers used the account to orchestrate a scam giveaway, targeting VeChain (VET) and Ethereum (ETH) holders with promises of lucrative returns. This incident adds to the growing list of cybersecurity breaches in cryptocurrency.

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VeChain Falls Prey to Cryptocurrency Scam Hack

The attackers posted a tweet from VeChain’s hacked account, announcing a deceptive giveaway. They asked users to send a specified amount of VET or ETH to a particular address under the guise of returning double the amount sent. For instance, for every 1 ETH sent, the scam promised a return of 2 ETH, up to 800 ETH. Similarly, those sending 100,000 VET were promised 200,000 VET in return, with the minimum and maximum contributions set at 100,000 VET and 5,000,000 VET, respectively.

However, the crypto community quickly identified this scheme’s fraudulent nature. The pattern resembled a common scam tactic, where victims are enticed to send funds to an address with the false promise of receiving a higher amount. According to Etherscan data, the “contribution address” provided by the scammers had not received any assets as of the report, suggesting a heightened awareness among investors about such deceptive tactics.

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Response and Recovery Efforts

VeChain’s team promptly regained control of their account, a critical step in averting potential financial losses for investors. The malicious post was deleted, preventing the scam from spreading further. Although the team has not yet released an official statement regarding the incident, their swift action in recovering the account has been acknowledged as a positive response to the cyberattack.

This event underscores the ongoing challenges faced by the cryptocurrency industry regarding security. The recent months have seen a surge in similar incidents, with various high-profile X accounts being cloned or hacked to promote scam giveaways. Notable examples include a deep fake video ad misusing Ripple CEO Brad Garlinghouse’s likeness and cloned accounts of Ripple CTO David Schwartz and Shiba Inu lead developer Shytoshi Kusama.

Read Also: Bitcoin Overtakes Silver in ETF Assets Under Management in the U.S

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.