Blockchain Capital’s X (formerly known as Twitter) account was hacked by cryptocurrency scammers on Wednesday. Soon after the scammers gained access to the VC’s account, they posted promotional messages for fake token drops (or giveaways) in an attempt to phish unsuspecting users. The company later regained access to its account, and the post appears to have been removed from the platform. Users who want protection from these attacks should use two-factor authentication with a hardware security key.

According to CoinTelegraph Report, a now-deleted post on X asked Blockchain Capital followers to claim $BCAP tokens before the supply runs out. However, their post redirected people to fake BCAP tokens on a knockoff website that mimicked the original page of the VC firm.

According to the report, the URL of the phishing site contains an extra “n” to resemble the original page. Blockchain Capital appears to have successfully regained its verified account with over 60,000 followers.

As of now, the number of people who participated in the post is still unclear. Additionally, cryptocurrency transactions are largely untraceable, making it extremely easy for scammers to evade law enforcement.

According to CoinMarketCap, the cryptocurrency industry is currently worth $1.18 trillion (approximately Rs 9,772,618 crore) data.In the past three months, the encryption industry estimated $204 million (approximately Rs 16.92 crore) was lost due to cryptocurrency hacking. Of the stolen funds, $4.9 million (approximately Rs 40 crore) was recovered.

Interacting with questionable links promising cryptocurrency airdrops or giveaways could cost people their cryptocurrency holdings. According to data from Web3 security firm Beosin, total losses due to hacking, phishing scams and scams in Web3 have reached $655.61 million (approximately Rs. 5,420 crore) in the first half of 2023.

After U.S. online payments giant PayPal launched its PYUSD stablecoin this week, cryptocurrency analysts have uncovered more than 60 scam tokens mimicking the original stablecoin. Members of the cryptocurrency community were quick to warn each other not to get involved with these malicious coins.

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