Key Notes
- Kick has suffered an X account exploit with hackers promoting a Solana token.
- The X account is restored and sent a warning to the community.
- Scam activities are up this festive season amid growing crypto transactions.
Stake.com-owned streaming platform Kick saw an attack by the bad actors to perpetrate crypto scams. The hacker broke through the security of Kick’s X account on December 24. Once in, the page began to promote a so-called Solana-based cryptocurrency with the ticker KICK. It directed users to dubious wallet address links.
The hacker projected KICK as the solution for the blockchain community and individual creators.
Kick Breaks Silence on Crypto Plans Post-Attack
Several unsuspecting users of the platform would have fallen victim to the scam if Kick co-owner Bijan Tehrani did not notify them that it was just a “scam”.
He urged users to report the scam posts to help the company regain control of its account. The page was restored to normalcy shortly after, and the spam posts were removed. Users were immediately advised to avoid engaging with posts, replies, or even responding to suspicious direct messages.
Kick does not have a crypto token and has no plans for one. Do not trust any posts claiming otherwise. It’s a scam
— Bijan Tehrani (@BijanTehrani) December 24, 2024
The Kick co-owner made sure to mention that the streamlining platform is in no way affiliated with the promoted Non-fungible token (NFT).
Also, Tehrani seized the opportunity to inform its users and members of the public that Kick has no plans to indulge in any crypto projects. This is not to say that the platform is anti-crypto. Stake.com, which backs Kick, offers users the option of purchasing Bitcoin
BTC
$95 166
24h volatility:
0.2%
Market cap:
$1.88 T
Vol. 24h:
$51.84 B
using PayPal.
Once Stake users complete their purchases, they can store them in their wallets. Notably, their debit or credit cards could be utilized for transactions.
Crypto Scams on the Rise
It is worth noting that as the year draws to a close, the activities of crypto scammers have soared. Several cyber criminals are obviously out to leave many investors in losses this festive period.
As blockchain security firms and law enforcement agencies develop strategies to catch these bad actors, they come up with new tactics for their operations.
Coinspeaker reported that in November alone 9,200 users were impacted by crypto scams running to over $9.38 million in several cryptocurrencies. This is way lower than the $20.2 million crypto losses recorded in October and $46 million in September.
The largest single loss by an individual in November was worth $661,000 in stETH. There was also a $409,000 loss in WBTC on the Arbitrum network.
Another $344,000 loss in FET happened on Ethereum’s Uniswap platform. There was also a $220,000 loss in USDT on Ethereum via direct transfer.
This December, quite a few scams and attacks have already been reported. Last week, cryptocurrency hardware wallet Ledger hinted at seeing a fresh phase of phishing scams.
Cybercriminals were sending fake emails that mimicked official communications, attempting to trick the wallet’s users into revealing their recovery phrases. The emails claimed a “Security Alert: Data Breach May Expose Your Recovery Phrase”. To circumvent the situation, users were offered a so-called “secure verification tool” where they can verify their recovery phrases.
Security experts have urged users to stay vigilant, considering that fraud will likely escalate as scammers seek to leverage the surge in crypto transactions this season. “The holiday season means more online shopping. And that’s why it’s a scammer’s favorite time of year,” one user wrote.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
