📣 Crypto Trader Accuses X of Facilitating Account Hack
posted 27 May 2024
On May 26, a new scandal erupted on the X platform, involving the loss of control over a popular account. A post suddenly appeared on the channel of the renowned trader and analyst @GiganticRebirth (GCR) claiming that the ORDI token would soon “moon” and advising followers to invest immediately.
It was later revealed that GCR was not behind this post. However, given his 250,000 followers and significant clout among novice traders, many unfortunately heeded the advice. Subsequently, amidst a surge in volume to $141 million, ORDI's price leaped from $38.1 to $41.8 (+15%) within hours before sharply correcting.
It was later revealed that GCR was not behind this post. However, given his 250,000 followers and significant clout among novice traders, many unfortunately heeded the advice. Subsequently, amidst a surge in volume to $141 million, ORDI's price leaped from $38.1 to $41.8 (+15%) within hours before sharply correcting.
GCR noticed and deleted the post, and then alerted his followers that his account had been compromised, advising them to ignore any information purportedly issued by him.
Moreover, the prominent trader called on Elon Musk to address security concerns on the platform. He suspects that someone from the X staff sold access to his personal account to scammers, exploiting his reputation for profit.
Blockchain analyst @WuBlockchain investigated and found that large orders for the ORDI token were placed on the Binance and OKX exchanges just minutes before the misleading post appeared. Since these exchanges adhere to KYC policies, the hacker’s identity will likely be established.
This incident highlights several issues:
- Verified accounts are not immune to fraudulent access.
- People are still prone to trust influencer advice without conducting their own research (DYOR).
- Exchange staff will not forgo their morning coffee and croissants to assist you. Several hours after reaching out to Binance and OKX, a response has yet to be received.
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