Russian crypto exchange Latoken hacked by former "disgruntled employee"

The Twitter account of Russian exchange Latoken has been hacked by a hacker who has shared content on Twitter claiming the cryptocurrency exchange is a scam.

Latoken is a crypto exchange that was founded in 2017 by the company LAT Foundation PTE and overseen by CEO Valentin Preobrazhensky.  The reviews of the exchange have been overwhelmingly negative. According to TrustPilot 61% of LATOKEN reviews are negative, and is reviewed with 2 out of five stars. Additionally, forum site Bitcointalk has multiple users accusing the exchange of being a scam.

The recent hack of Latoken’s Twitter account resulted in multiple posts as well as the manipulation of the official Twitter account of Latoken’s DEX project, LADEX. One post claimed that the crypto exchange was a scam and promotes misleading IEOs

“WARNING - THIS IS A SCAM EXCHANGE

They are promoting scam IEOs.

They are promoting IEOs promising growth of 100% to 500%.

They are cheating and lying to founders and employees.

They are misleading founders to think they will have successful IEOs while it never happens.”

The hacker is allegedly a former employee, who claims that the exchange treats their employees unfairly and fires them for no reason. The hacker also accused the exchange of trying to “scam money out of projects”. In one of the posts the hacker shared a video in which the CEO of Latoken is shown to be shouting at someone.

The official Twitter account was alerted to the tweets which have since been deleted, and the following was posted on twitter:

“We're back! Our Twitter had been compromised by a rogue employee, who had full access to the account, and was fired on Jan 24, 2022, for breaching the code of ethics and unprofessionalism. A lot of misleading tweets were made that we outright reject.”

The exchange’s official Telegram account also shared an update stating that they believe the hacker is a former employee and that they are in touch with Twitter to sort out the problem.

LATOKEN official response to our story is as follows:

"On January 24, 2022, LATOKEN encountered temporary difficulties with managing our corporate Twitter account due to unauthorized actions by a rogue employee, who had access to this account.

In a span of a few hours, until LATOKEN restored access to its Twitter, that person had posted malicious and libellous content to our Twitter feed, which created a negative public image of the company. After the access to the account was restored, all that content was deleted.

We do not agree with such misleading words as “hacked”, “hacker”, “scam”, because all these actions were done by an employee of the company, who had full access to our Twitter account. Our security was never compromised by any outside party and remains outstanding.

Since 2017, LATOKEN has been a leading global exchange for startup tokens, with over 250 IEO's and 2 million registered users."

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.