MicroStrategy, a pro-Bitcoin business intelligence firm, does not launch any crypto tokens represented as MSTR. In the early hours of Monday, February 26, MicroStrategy’s X account was reported to have been hacked by known fraudsters. The account, with over 196,000 followers, found itself inundated with posts showing links where people could click and sign up for an airdrop of an Ethereum-based “so-called official” MSTR token. The acronym MSTR represents MicroStrategy in the stock market arena. Michael Saylor, the platform’s founder and CEO, has so far not commented on the development.

The malicious links, which were posted via the hacked MicroStrategy X account, redirected clickers to a fake website that prompted them to link their wallets and claim the fake MSTR tokens. An unidentified number of people interacted with these links several hours before the hack was discovered.

Market analysts such as Scam Sniffer and ZachXBT estimate that this scam has already managed to steal around $440,000 (roughly Rs. 3.6 crores). The exact amount of the stolen remains unclear.

According to a CoinTelegraph report, the wallet address linked to the scam belongs to PinkDrainer, an infamous hacking group. An official response from MicroStrategy regarding the incident is still awaited. An investigation into the case is pending, but whether or not the stolen funds will be recovered remains to be seen.

Time and again, crypto industry experts have urged community members to be very careful before interacting with suspicious links and random releases. Most followers of MicroStrategy would know that the company is biased towards Bitcoin, and therefore an airdrop of Ethereum-based tokens from the firm should be identified as shady.

According to a recent PeckShield report, there were over 600 crypto hacks in 2023 that resulted in a loss of $2.61 billion (roughly Rs. 21,696 crore) – although the number of crypto hacks decreased by 27.78 percent in 2023 amid of the rules and regulations that are gradually implemented.

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