Binance's BNB Chain X Hacked: Phishing Scam Leads to Meme Coin Manipulation
Binance's BNB Chain X account was hacked today, leading to a peculiar incident involving a meme coin. The hacker exploited a phishing scam, causing users to lose around $8,000. Meanwhile, a meme coin featuring Changpeng 'CZ' Zhao's image, dubbed 'irs', briefly soared in price before crashing.
The hack occurred at around 05:30 UTC on Oct. 1, with the hacker gaining control of the BNB Chain X account and posting malicious phishing links, claiming a fake airdrop event. Users who clicked on these links lost approximately $13,000 in total. Binance swiftly regained access to the account at around 08:30 UTC and assured full compensation for victims.
The hacker then used the stolen funds to manipulate the price of a meme coin called 'irs'. The coin's image depicts a cartoonish CZ flashing four fingers. The hacker's actions caused the coin's price to surge by 500%, reaching a market cap of $19,400 and a 24-hour trading volume of $57,400. However, the price crashed by 90% after the hacker's rug-pull. The biggest loss came from a single user who lost approximately $6,500.
CZ warned users about the breach and reminded them not to click on any links while the Binance security team worked to regain control of the account.
The BNB Chain X account hack resulted in significant losses for users who fell for the phishing scam. While Binance has promised full compensation, the incident serves as a reminder of the risks associated with such attacks. Meanwhile, the 'irs' meme coin's brief price surge and subsequent crash highlight the volatility and manipulation potential in the cryptocurrency market.
