Account Security Alert: CEO Experiences Unprotected Hack Despite 2-Step Verification

Animoca Brands’ Exec Explains How His X Account Was Hacked Despite 2FA

Yat Siu, the co-founder and chair of blockchain gaming giant Animoca Brands, has recently had his X account hacked, despite having two-factor authentication (2FA) enabled. In a shocking turn of events, the hack led to the promotion of a fraudulent token on Solana’s Pump.fun platform.

According to reports, the hackers impersonated Animoca and falsely announced the launch of a new token called MOCA, which bears the same name as the company’s Mocaverse NFT collection. Following this announcement, the fake token briefly reached a peak value of nearly $37,000 before plummeting to just $5,735.

The hackers exploited a significant security gap in the X system, using Yat Siu’s hacked account to share the fraudulent MOCA token on Pump.fun. It is believed that the hacker managed to obtain Siu’s password and then used the account recovery page to bypass 2FA by submitting a request with an unregistered email address.

Siu has urged X to strengthen their security protocols, particularly in regards to sensitive actions such as changing 2FA settings. He emphasized the need for improved notifications regarding critical changes made to accounts, stating that this vulnerability could have been prevented if such notifications were enabled.

Moreover, Siu warned that enabling 2FA alone is not enough to secure an account. He advised users to maintain strong password hygiene and avoid falling prey to phishing scams.

The incident highlights a stark reminder for cryptocurrency users to prioritize security measures beyond simply relying on 2FA.

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Source: cryptopotato.com