Animoca co-founder X's account was hacked due to the Solana meme coin


Animoca Brands has issued a public notice about co-founder Yat Siu's social media account being hacked.

The official statement explains that recent allegations regarding the launch of a token or NFT on the Solana blockchain, attributed to Animoca Brands, were the result of malicious activity by hackers.

The Hong Kong-based gaming software company said that so far, there is no official token or NFT launch associated with Animoca Brands and urged users not to do business with the hacked account. Animoca Brands has promised more updates once the account is restored.

Founded by Yat Siu and David Kim Animoca brands Corporation in 2014. The company originally focused on developing mobile games but shifted its focus in 2018 to blockchain games and non-fungible tokens, becoming a major player in the Web3 space.

Solana blockchain vulnerabilities

This is not the first time Solana Blockchain has been the victim of a scam. Solana's infrastructure makes users vulnerable to specific vulnerabilities. Modern issue The issue has been highlighted by the US Department of Justice, with the Department of Justice charging two California men, Gabriel Hay and Gavin Mayo, with running NFT withdrawals on Ethereum and Solana that cost buyers more than $22 million. These rug pulls included the promotion of fake NFT projects e.g Jewel vault Anonymous and escaping with investors' money. This case is the largest NFT scam the Department of Justice has ever prosecuted. additional, Drakea Canadian singer, also had his account hacked for promoting the Solana-based Anita coin.

Why is Solana vulnerable to scams??

Although Solana's architecture may be designed for efficiency, it presents a number of risks that make it more vulnerable to fraud than other networks. The token calculation structure used by Solana allows attackers to reset asset ownership using the correct missing command, then leave funds Virtually non-refundable.

Also, Solana's approval of a one-step transaction - versus allowing multi-stage contract functions in Ethereum - can lead to immediate and irreversible losses once a malicious transaction is allowed. The platform's ability to aggregate multiple sub-transactions into a single approval also exacerbates the risk of unseen thefts.

Fraudsters are also taking advantage of Solana Nons Mateen The ability to postpone the implementation of fraudulent operations, evade alerts and surprise victims. This, combined with users' ignorance of Solana's unique operational risks, leads to it being a prime target for scams.



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