MicroStrategy, led by CEO Michael Saylor, recently faced a Twitter hack on its account, resulting in the fraudulent promotion of a fictitious cryptocurrency called $MSTR to nearly 200,000 followers. According to crypto investigator ZachXBT, this scam has already defrauded unsuspecting victims of approximately $440,000, as users connected their wallets to claim supposedly free $MSTR tokens.

The scam originated from a malicious post — now deleted — promoting the fake $MSTR token as a low-fee Ethereum-based offering, purportedly backed by MicroStrategy's Bitcoin holdings. Victims fell for the deception by linking their wallets to the fraudulent website to obtain their complimentary $MSTR tokens, only to have their funds stolen.

Such deceptive tactics, exploiting reputable names in the cryptocurrency industry to deceive followers and pilfer their funds, are unfortunately becoming more common. In September 2023, malicious actors targeted the Twitter account of Ethereum co-founder Vitalik Buterin, now known as X, and swindled nearly $700,000 from his unsuspecting followers using a fraudulent link to ConsenSys. Crypto investors often rush to claim airdrops like these to avoid missing out, a trait that cybercriminals eagerly exploit. Regarding Buterin's case, his father, Dmitry Buterin, confirmed the security breach and mentioned his son's efforts to regain control of the compromised account.

In early January, the SEC's X account was also compromised, disseminating false information about Bitcoin ETF approval to its followers. SEC Chair Gary Gensler later confirmed the hack and clarified the dissemination of inaccurate information regarding the Bitcoin ETF endorsement.