VeChain’s X (Twitter) account compromised, fake giveaway ongoing

While the crypto market displays optimism amid the ETFs craze, hackers target vulnerable users. In a recent event, fraudsters compromised VeChain’s X (formerly Twitter) account and posted a false giveaway message.

VET X account compromised

The latest VeChain developments indicate that hackers accessed the altcoin’s X handle and made a crucial announcement. The fraudsters deceived VET followers and investors with a fake airdrop, stating that players could receive between 200K and 10 million VET coins by transferring 100K and 5 million tokens to a given wallet, suggesting a 2X profit.

Meanwhile, the incident stirred the market as investors who noted the event first rushed to warn others on the social media platform. No one knows whether some players have already fallen victim as of now.

VeChain price outlook

The altcoin’s price fluctuated after the hacking event, plummeting by 1.30% on the daily chart to $0.02946 at press time.

VET’s latest price decline reflects investor worry following the hacking event.

Hacking incidents in the crypto market

While digital coins prepare to dominate the financial sector, fraudsters remain among the top challenges. The marketplace lost over $2 billion in 2023 due to hacking, and the trend seems to persist into the new year.

VeChain’s hack follows a similar event where a PEAS whale holder lost tokens worth nearly $1.3 million in a scam airdrop.

While PEAS recovered from the declines that ensued, the latest hacking incidents reflects the urgent need for security within the digital assets’ market.

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