Drake's X account was hacked to promote a fraudulent $5 million crypto scam, highlighting the rise of celebrity-targeted scams in the cryptocurrency space.
Drake, the internationally renowned rapper, recently fell victim to a significant cyber intrusion when his X (formerly Twitter) account was hacked to promote a fraudulent meme coin. The incident, which occurred on December 14, resulted in a staggering $5 million in trading volume before the scam was uncovered.
On a Saturday night, hackers took control of Drake's X account, leveraging his massive following to promote the $ANITA token. This coin was named after Drake's cartoon alter ego, Anita Max Wynn, and was falsely marketed as a collaboration with Stake, a legitimate gambling platform associated with the rapper.
The fraudulent posts created a sense of urgency and credibility, leading to a rapid influx of trading activity. Within a short period, the scam generated approximately $5 million in trading volume, as fans rushed to invest in what they believed was a legitimate opportunity.
Once the scam was exposed, the fraudulent posts were swiftly removed, and the account associated with the $ANITA token was suspended. However, the damage had already been done, with many followers left reeling from their losses.
Blockchain investigator ZachXBT played a crucial role in uncovering the breach, highlighting the alarming rise in crypto scams targeting high-profile accounts. This incident is part of a broader trend, as numerous celebrity accounts have been hacked in recent months to promote similar fraudulent tokens.
The hacking of Drake's account is not an isolated incident. In recent months, several other celebrities, including Cardi B and Doja Cat, have also had their social media accounts compromised to promote dubious cryptocurrencies. This trend underscores the increasing sophistication of scammers who exploit the trust and influence of celebrities to lend credibility to their schemes.
According to reports, the number of fake crypto-related accounts on X has surged, with over 300 new accounts appearing daily. These scammers often impersonate influencers to lure unsuspecting users into fraudulent Telegram groups, where they employ social engineering tactics to extract sensitive information.
As the crypto market continues to attract attention, users must remain vigilant against potential scams. Here are some tips to protect yourself:
The Drake incident serves as a stark reminder of the risks associated with investing in cryptocurrencies, particularly in a market rife with scams. As the landscape evolves, both users and platforms must prioritize security to safeguard against these malicious attacks.
