Renowned for having substantial Bitcoin holdings, MicroStrategy Inc. was the target of a phishing assault on its X account, which cost unwary users $440,000.

According to a Bloomberg report, the incident happened when consumers were tricked by a message placed deceptively and subsequently removed from MicroStrategy’s X page. The tweet purported to advocate a new digital currency, but it sent viewers to an outside website where they were tricked into parting with their money in a traditional phishing scam. 

PeckShield, a security service, swiftly alerted users to the seriousness of the attack and revealed that MicroStrategy’s X account on Twitter had been compromised. ZachXBT, a crypto analyst, conducted more research that demonstrated the scope of the hack and the losses users incurred. MicroStrategy declined to speak immediately, leaving users and industry onlookers wondering how the company would address the security breach. 

Michael Saylor, the co-founder of MicroStrategy and a well-known supporter of Bitcoin, was instrumental in the company’s strategic decision to allocate funds to digital assets during the COVID-19 pandemic. MicroStrategy currently owns $10 billion worth of Bitcoin, reflecting the recent increase in the value of digital assets. 

The security infrastructure of businesses heavily involved in cryptocurrencies is called into question by this breach. The growing use of digital assets has increased the threat of skilled hackers preying on user trust.  The breach of MicroStrategy’s X account should serve as a warning about the constantly changing nature of cyberattacks in the cryptocurrency market.

Olawale Moses Oyewole
Olawale Moses Oyewole
Olawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

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