A surge in crypto scams fueled by social engineering tactics marked 2024, with cybercriminals increasingly hijacking the accounts of high-profile figures to manipulate investors.
A new research report by blockchain forensic firm Merkle Science on February 11 highlights how hackers exploited the credibility of celebrities, tech executives, and industry leaders to promote fraudulent token launches.
One of the most significant cases occurred on August 29, 2024, when hackers took control of soccer star X’s account. Within hours, the attackers used his platform to promote a fake MBAPPE meme coin on Solana, leading to a staggering $460 million market cap before the project collapsed. The scam ultimately left investors with losses exceeding $1 million.
“By compromising influential figures and trusted platforms, hackers exploit credibility to manipulate investors at scale,”
Merkle Science stated in its report.
According to the New York-based forensic firm, there were 36 documented cases of these high-profile scams in 2024. Celebrities were the primary targets, comprising 33% of cases, followed by tech leaders at 30% and tech companies at 19%. Government agencies and consumer brands accounted for only 5% each. The average victim had 2.3 million followers, making their hacked accounts particularly effective for mass deception.
The report also reveals that X was the primary attack platform, involved in 75% of all cases. YouTube followed at 19%, while official website hacks accounted for 5%. Scammers deployed various tactics, including phishing links and techniques to bypass two-factor authentication.
Two scam methods dominated crypto fraud in 2024: rug pulls and phishing attacks, making up 88% of all crypto-related scams. Rug pulls involved fake tokens and fraudsters disappearing with funds, while phishing schemes tricked victims into revealing private keys, allowing hackers to access accounts.
Notably, on February 5, scammers hijacked the X accounts of the Solana-based DEX aggregator Jupiter and former Malaysian Prime Minister Mahathir Mohamad to promote fake memecoins.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
