VeChain’s X Social Media Account Promotes False Giveaway Scam After Hack, Project Promises To Reimburse Victims

A hacker took the reins of VeChain’s (VET) X social media account on Thursday morning and promoted a fake giveaway opportunity.

The hacked social media post encouraged digital asset investors to send between 100,000 and 5,000,000 VET to an “official contribution address,” falsely claiming they would be airdropped back twice the amount they contributed.

“VeChain X account hacked!!!!

Don’t send your VET to anyone and remember no one is doubling your bag, valid for all cryptos.”

VeChain, a web3 enterprise blockchain, deleted the post after regaining control of their X account. The project said afterward that “security is a top priority,” noting that it had enabled two-factor authentication with a randomly generated password.

“We are performing a thorough investigation to identify the vector, and will introduce new internal security protocols as a result. None of our other platforms were affected. Thankfully, our team were quick to respond, and our community showed their incredible diligence in helping to warn others.”

The project also promised to reimburse the few VET holders who sent crypto to the hacker’s address.

“To the individuals who sent transactions, your details have been noted and we will automatically reimburse you 1:1 for the full value of VET sent – you do not need to take any action. Your trust is our top priority, we accept full responsibility for the impact of this unfortunate event.”

Crypto-related X hacks have been in the spotlight after someone compromised the U.S. Securities and Exchange Commission’s (SEC) account last week and issued a false statement claiming the regulator had approved spot Bitcoin (BTC) exchange-traded fund (ETF) applications, whipping the crypto world into a temporary frenzy.

A raft of BTC ETF applications were legitimately approved the following day.

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