Blockchain Capital's Hacked X Account Advertises Fake Token Giveaway: Report

Blockchain Capital’s post asking people to claim $BCAP tokens before the supply ran out appears to have been deleted.

Blockchain Capital's Hacked X Account Advertises Fake Token Giveaway: Report

Photo Credit: Pexels/ Shoma Shimazaki

The crypto sector is worth $1.18 trillion (roughly Rs. 97,72,618 crore)

  • Crypto community members often warn others of risky or shady posts
  • Web3 attacks had an impact of $655.61 million in the first half of 2023
  • Blockchain Capital seems to have regained access to its hacked X account

Blockchain Capital's X (formerly known as Twitter) account was hacked by crypto scammers on Wednesday. Soon after the scammers had access to the account of the venture capital firm, they posted promotions for a fake token drop — or giveaway — as part of an attempt to phish unsuspecting users. The company later regained access to its account and the post appears to have been deleted from the platform. Users who want to stay safe from these attacks should use two-factor authentication with hardware security keys.

According to a CoinTelegraph report, a now deleted post on X asked Blockchain Capital's followers to claim $BCAP tokens before the supply ran out. Their post however, redirected people to fake BCAP tokens on a copycat website designed to resemble the original page of the venture capital company.

The URL of the phishing website included an additional ‘n' to resemble the original page, as per the report. It seems that Blockchain Capital has managed to regain access to its verified handle that has over 60,000 followers.

As of now, the number of people who engaged with this post remains unclear. In addition, cryptocurrency transactions are largely untraceable which makes it very convenient for scammers to dodge law enforcement authorities.

At this point, the crypto sector is worth $1.18 trillion (roughly Rs. 97,72,618 crore), as per CoinMarketCap data. Over the last three months, the crypto industry is estimated to have lost $204 million (roughly Rs. 1,692 crore) to crypto hacks. Out of the stolen funds, $4.9 million (roughly Rs. 40 crore) were recovered.

Interacting with shady links promising crypto airdrops or giveaways could expose people to losing their crypto holdings. As per Web3 security firm Beosin, total losses from hacks, phishing scams, and rug pulls in Web3 has already reached $655.61 million (roughly Rs. 5,420 crore) in the first half of 2023.

After US-based online payments giant PayPal launched its PYUSD stablecoin this week, over 60 scam tokens mimicking the original stablecoin were spotted by crypto analysts. Members of the crypto community were quick to warn each other against engaging with these malicious tokens.

From the launch of the Infinix GT 10 Pro to Amazon's latest mega-sale, we discuss the most noteworthy technology news events of the week on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at More
Honor Magic V2 Set to Launch Globally at IFA 2023; Another Foldable Phone Set to Be Unveiled
Samsung Galaxy A05 Listed on Geekbench With MediaTek Helio G85 SoC, Android 13: All Details
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2023. All rights reserved.
Trending Products »
Latest Tech News »