In a significant security breach, MicroStrategy, the world’s leading corporate holder of Bitcoin, faced a cyberattack on its X account on February 26. The breach led to the theft of almost $500,000 in cryptocurrency after hackers posted a fraudulent message endorsing a fictitious “MSTR” token. Despite MicroStrategy’s prompt removal of the deceptive post, a preserved copy surfaced through the efforts of a crypto personality known as Spreek.
Screenshots reveal that the hackers attempted to mislead users by suggesting that MicroStrategy was introducing a new Ethereum-based token named MSTR. Users who clicked on the provided link and entered their credentials unwittingly provided scammers access to purportedly receive “free MSTR.”
While the complete scale of the breach remains uncertain, an investigation led by blockchain investigator ZachXBT suggests that the scammers may have acquired over $440,000 in cryptocurrency to date.
Transaction records linked to the alleged hacker’s address indicate a significant portion of the stolen funds has been laundered, with transfers directed to various exchange platforms, including KyberSwap, ParaSwap, and POKT Network. At the time of reporting, MicroStrategy has not issued any official statements concerning the incident.
This incident follows closely on the heels of MicroStrategy founder Michael Saylor’s recent reiteration of his commitment to retaining the company’s substantial Bitcoin reserves. The company currently holds more than 190,000 BTC, valued at over $9.7 billion. The cyberattack underscores the ongoing challenges companies face in safeguarding their digital assets amidst the evolving landscape of cyber threats. Authorities and the crypto community will be closely monitoring developments in the aftermath of this breach.
