CoinSwitch’s X Account Hacked to Promote Fraudulent Solana Token
CoinSwitch, an Indian cryptocurrency exchange, experienced a security breach affecting its X (formerly Twitter) account. The attacker used the compromised account to promote a Solana-based token named SWITCH, which was quickly abandoned by its developers, leading to significant losses for early investors.
CEO Ashish Singhal confirmed the incident and urged users to ignore messages from the hacked account. He assured customers that their funds remained secure and the breach did not impact the trading platform. Singhal advised the community to avoid interaction with the CoinSwitch X account until control is restored.
Recent Trends in Crypto Scams via X Accounts
- X has become a fast source of crypto news but also a target for hackers exploiting vulnerabilities.
- High-profile accounts, including those of NASDAQ and various celebrities, have been hacked to promote fraudulent tokens.
- Notable incidents include the promotion of the memecoins ‘STONKS’ and ‘Today’ through compromised accounts.
- Government figures, such as the President of the Central African Republic, have also faced similar attacks.
Recommendations for Investors
- Verify the authenticity of X accounts promoting any tokens.
- Check official websites for verified social media links.
- Be cautious of accounts with slight profile changes to avoid scams.