CRYPTO NEWS

XRP Giveaway Scam Launched on Crypto Exchange CoinDCX’s Twitter Account

The Twitter account of Indian crypto exchange CoinDCX remained compromised for hours on Tuesday.

Hackers posted a fake XRP giveaway scheme through the exploited Twitter handle @CoinDCX to the exchange’s over 230,000 followers. The giveaway message was interspersed with a phishing link.

CoinDCX Twitter Account Exploited

As CoinDCX tried to take control of its compromised Twitter account, it put out an alert through another Twitter handle, @CoinDCX _Cares.

It was also retweeted by CoinDCX officials, including CEO Sumit Gupta. The message cautioned the followers of the exploited status of its Twitter account and warned them not to click on any link or notice that they may receive from the Twitter handle @CoinDCX today. 

To make it look natural, the exploiters were retweeting official posts of Ripple Labs CEO Brad Garlinghouse and replied to tweets with scam/phishing links. Users who click on the links in these posts may lose their funds to the scam.

As the problem persisted for more than five hours after being acknowledged by CoinDCX, the loss to the users may be substantial. 

Detected by PeckShield

The problem was first detected and reported by blockchain security company PeckShield on intel provided by a Twitter user @aayushrai11. In a tweet alert, PeckShield said, “Seems like Indian crypto exchange CoinDCX’s Twitter account @CoinDCX was compromised & has been used by the exploiter to share links to fraudulent $XRP GIVEAWAY.” 

It also contained a screenshot of the compromised account with the hackers’ message: Today, we are pumping XRP. To support our community, we are announcing a 100,000,000 XRP GIVEAWAY. Please note: you can receive a bonus once. Please hurry!

Spurt in Cyber Attacks

In December last year, Indian Prime Minister Narendra Modi’s Twitter account was briefly compromised, and the hackers posted a similar bitcoin giveaway scam. 

The hackers posted a message that said, “India has officially adopted bitcoin as legal tender. The government has officially bought 500 BTC and is distributing them to all the residents of the country.” The message was followed by a phishing link.  

Modi’s Twitter account was hacked in September 2020 as well, and the exploiters at that time asked for donations in bitcoin and other digital coins. 

Another hacking event involving the social media accounts of the British Army took place in July 2022. The exploiters promoted BTC and NFT scams through the compromised account Twitter and YouTube accounts which were partially restored only after two hours. 

The post XRP Giveaway Scam Launched on Crypto Exchange CoinDCX’s Twitter Account appeared first on CryptoPotato.

Luna Classic Adds Over 50% In 24H After Interpol’s Red Notice Slammed Its Price

Early hours of Monday, September 26, Interpol issued a Red Notice against the founder of Luna Classic, DO Kwon. This issuance resulted from Do Kwon losing more than $60 billion in investors’ wealth.  The prosecutors in South Korea explained that Kwon is facing charges for the erosion of investors’ money. In addition to his charges,::Listen

Early hours of Monday, September 26, Interpol issued a Red Notice against the founder of Luna Classic, DO Kwon. This issuance resulted from Do Kwon losing more than $60 billion in investors’ wealth. 

The prosecutors in South Korea explained that Kwon is facing charges for the erosion of investors’ money. In addition to his charges, Do Kwon stands accused of violating the ‘Capital Markets Law,’ with multiple breaches cited. 

Related Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022

This issue has created conversations in the crypto market regarding the future of Terra firm and the algorithmic stablecoins. This article details events surrounding Do Kwon and how he made it into Interpol’s most wanted List. 

Earlier Developments Leading To Kwon’s Red Notice 

Earlier this year, the Terra ecosystem collapsed, unheard of in an evolving Defi space. The crash hurt the crypto market, with other financial markets feeling its effects. Crypto Analysts believe that investors lost over $45 billion in wealth. 

After the crash, he relocated Terra Headquarters from South Korea to Singapore due to being under investigation for tax evasion charges in South Korea. In an interview, the Terra founder said he would cooperate with investigative agencies in the Terra crash and has nothing to hide. Further, Do Kwon acclaimed that he is a man with an “extremely high bar of integrity.”

However, South Korean prosecutors explicitly refute Do Kwon’s statement claiming he was not cooperating and was obviously on the run. As a result, Interpol has issued a Red Notice on the Terra founder in over 196 countries.

LUNC’s price is currently hovering around $0.00031. | Source: LUNCUSD price chart from TradingView.com
Terra Classic Price Crash And Reversal

Following the news of Interpol’s Red Notice on Do Kwon, the downtrend price of Terra Classic continued. Taking effect of the notice, the $LUNC price declined by nearly 20% immediately after the news, leaving investors disturbed. 

The crash of the Terra Classic token has also led to the collapse of a high-profile crypto hedge fund called Three Arrows Capital. This issue has also impacted several crypto lenders offering LUNC in the market. 

But unexpectedly, the $LUNC has reversed in price action as there is an uptrend in the price. Per coinmarketcap.com, LUNC has gained over 50% in the last 24 hours and currently trades at $0.0003074. Investors should be wary as it could lead to a classic pump and dump scheme. The crypto community awaits further development in price as the search for Do Kwon intensifies.

What Is The Future Of LUNC

A spokesperson for South Korea explained that the Red Notice against Kwon would set a wrong precedence for the crypto industry and may cripple future innovations in the market.

Related Reading: Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

The collapse of Terra stablecoin will lead to greater regulatory scrutiny in the crypto market. Reports from last week indicate the House of Financial Services Committee has issued a bill introducing a two-year ban on creating and issuing algorithmic stablecoins like Terra. 

Featured image from Pixabay and chart from TradingView.com

XRP Giveaway Scam Launched on Crypto Exchange CoinDCX’s Twitter Account

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