MicroStrategy’s official X (formerly Twitter) account was hacked early on February 26 and used to promote a fake airdrop of an Ethereum-based MSTR token. Blockchain security firm PeckShield quickly identified the phishing link in the malicious post, which redirected users to a counterfeit website of the Bitcoin-holding company. Although the post has been removed, MicroStrategy has not commented on the incident.

As the largest corporate holder of BTC, MicroStrategy's holdings recently exceeded $10 billion, with 190,000 BTC currently valued at $9.7 billion and an unrealized profit of $3.7 billion, according to Saylortracker data.

On-chain investigator ZachXBT disclosed that the attacker stole about $440,000 from users who clicked on the phishing link. Web3 anti-scam platform Scam Sniffer reported that one victim likely lost most of the stolen funds by signing a Uniswap Permit2 permit batch signature, which granted multiple token approvals to the attacker. Stolen assets included lesser-known tokens like wBAI, wPOKT, and CHEX. Etherscan data shows the attacker has started moving the stolen funds, with 62.97 Ethereum (around $195,000) remaining in the exploiter’s address as of press time.

Phishing scams are prevalent in the crypto space, with malicious actors often compromising social media accounts of well-known projects to promote fake airdrops via phishing links. These scams trick victims into granting access to their funds, leading to substantial losses. Scam Sniffer reported that such attacks resulted in nearly $300 million stolen from over 320,000 crypto users in 2023.