A recent hacking incident targeted Litecoin’s official X social media account, where a hacker briefly gained access and posted fraudulent information. The scammer falsely claimed that Litecoin (LTC) is now available on the popular smart contract platform Solana (SOL) in a now-deleted post. The Litecoin development team quickly regained control of the account and addressed the breach.
In a statement, the Litecoin team acknowledged the security breach, stating, "Litecoin’s X account was briefly compromised today and posts that were not authorized were published. These were live only for a matter of seconds before being deleted. We’re still investigating the issue, but immediately found a delegated account that was compromised and removed it. We apologize for any confusion caused."
A screenshot of the incident revealed that the hacker included a link in the fraudulent post, leading users to a potential rug pull scam. The scam token, referred to as LTC/SOL on Raydium, experienced a significant price drop on January 11th, coinciding with the hacker’s promotion on Litecoin’s X account.
Despite the security breach, Litecoin’s price remained relatively stable, trading at $104.10 at the time of writing, reflecting a 1.4% increase for the day. This incident comes amid a rise in losses from crypto-related hacks, with total losses reaching $3.01 billion in 2024, marking a 15% increase from the previous year.
As the cryptocurrency industry continues to grapple with security challenges, investors are advised to remain vigilant and exercise caution when interacting with digital assets. Stay informed and subscribe to receive email alerts for the latest updates in the crypto space.
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Featured Image: Shutterstock/Elnur/Natalia Siiatovskaia