MicroStrategy Falls Victim to $440K Phishing Attack:  More Details

Table of Contents

• Lack of Roubust Security Measures

• MicroStrategy’s social media was hacked, leading to $440k in losses.
• Users are deceived into fake airdrops, suffering substantial financial losses

MicroStrategy, the renowned business intelligence firm fell victim to a malicious cyber attack on its social media platform. On February 25th, the company’s official account began posting deceptive links, luring unsuspecting users into a fraudulent scheme promising a purported “official” Ethereum-based MSTR token airdrop.

Upon clicking the link, users were directed to a counterfeit MicroStrategy webpage, prompting them to connect their wallets and claim the fake $MSTR airdrop. Little did they know, this was the gateway for attackers to drain their tokens from their wallets. Reports from independent blockchain investigator ZachXBT and anti-scam platform Scam Sniffer reveal that losses from this scam have already exceeded a staggering $440,000.

Disturbingly, within minutes of the initial malicious link surfacing, a single victim fell prey to the scheme. They suffered a monumental loss of over $420,000. The victim, identified only as an unknown user, unwittingly signed a Uniswap Permit2 permit batch signature. Granting multiple token approvals to the attacker. 

Meanwhile, this resulted in a devastating loss of various altcoins, including $134,000 worth of wBAI, and $122,000 worth of CHEX. And $45,000 worth of wPOKT, with a portion of the funds rerouted to a wallet linked to the notorious hacking group PinkDrainer.

Lack of Roubust Security Measures

Currently, the attacker’s wallet holds a significant sum of $329,000 worth of Ethereum-based tokens, as reported by Ethereum DeBank. This incident has raised serious concerns about the security vulnerabilities in social media platforms. And the growing sophistication of cyber threats targeting individuals and corporations.

Furthermore, MicroStrategy, co-founded by prominent Bitcoin advocate Michael Saylor, notably shifted its cash reserves into Bitcoin during the COVID-19 crisis. It resulted in substantial gains as the cryptocurrency surged.