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As the cryptocurrency market heats up, many investors rely on various indicators to determine if a bull run is in full swing. Technical analysis, rising market sentiment, and media coverage are common signals. But there’s another less-discussed indicator that often accompanies a bullish crypto market—an increase in hackers and scammers.
Just last week, in the Philippines, several prominent X accounts (formerly Twitter) from well-known companies were hacked. These compromised accounts all posted the same fraudulent message promoting a Solana-based token called “$HACKED.” This event serves as a stark reminder that the more active the market gets, the more vulnerable we become to cyber-attacks.
Source: Philippine Star
Crypto Hacks on the Rise: What Happened?
The recent hacks targeted accounts with followers ranging from thousands to millions. Each account posted an identical tweet aimed at promoting the $HACKED token on Solana. This appears to be a coordinated attack by a single group, leveraging social media platforms to push their fraudulent token to unsuspecting users.
Although these accounts have been recovered, it’s clear that the hackers were trying to exploit the high visibility of these companies to market their scheme. And while the immediate threat has subsided, it’s only a matter of time before hackers strike again.
The Wallet Address Used in the Crypto Scam
A crucial element of this attack was the wallet address shared in the compromised posts. The scammers urged followers to engage with the wallet address, suggesting it as an opportunity to invest in the token.
The wallet address used in the tweets was:
CA: 9ydCjcbvD4ugNjBufjn1jeU9U1pPNiUMRbwFTj7UzgTi
The message that accompanied the wallet address was a simple call to action: “BUY NOW!” Investors should be cautious and avoid any engagement with this address, as it’s linked to fraudulent activities.
How to Protect Yourself From Crypto Scams
With the cryptocurrency market entering what many believe to be another bull run, the presence of hackers and scammers serves as a warning for investors. Scammers often reemerge in strong markets, hoping to capitalize on the influx of new and eager investors. Here are a few ways to protect yourself:
Verify all communications: Always double-check the source of any messages related to cryptocurrency investments.
Avoid unsolicited offers: Never engage with crypto offers that seem too good to be true, especially those promoted through hacked accounts.
Monitor social media accounts: Companies and influencers should regularly review their social media profiles to detect any unusual activity.
Why Hackers Target Bull Markets
The correlation between a bull market and the rise in cyber-attacks is no coincidence. Hackers and scammers know that during a bull run, more investors enter the market, making it ripe for exploitation. New traders are often more vulnerable to these schemes, driven by FOMO (fear of missing out) and the desire to make quick profits.
As we move deeper into this crypto bull run, it’s essential to stay vigilant. Whether you’re trading Solana, Bitcoin, Ethereum, or any other cryptocurrency, protecting your assets should always be a priority. The presence of hackers in the market may not just be a sign of danger—it might also be a sign that the bull run has truly begun.
