In a concerning development for crypto security, Eric Semler’s X (formerly Twitter) account fell victim to hackers who used it to promote a Solana-based token. The incident highlights the ongoing challenges of social media security in the crypto space.
Understanding the Hack
The attackers launched a new token with the ticker SMLR on the Solana blockchain. They used Semler’s compromised account to promote it. The token’s price action showed classic pump-and-dump patterns. It surged 300% post-launch before crashing dramatically.
Market Impact and Security Implications
This incident adds to a growing list of high-profile social media account compromises in the crypto space. The rapid price movement of SMLR demonstrates how quickly scammers can manipulate token prices. Investors lost significant funds in minutes.
Protecting Against Social Media Scams
Crypto investors should follow these security practices:
- Enable two-factor authentication on all social media accounts
- Verify announcements through multiple official channels
- Never rush into investments based on social media posts
- Research thoroughly before investing in new tokens
- Be wary of sudden price spikes in new tokens
The Broader Context
Social media hacks targeting crypto figures have become more sophisticated. Scammers often impersonate well-known personalities to lend credibility to their schemes. The Solana ecosystem has seen several similar incidents in recent months.
The crypto community must remain vigilant against such attacks. Platforms need stronger security measures. Users should practice careful verification of all investment opportunities.
Tags: crypto security, social media hacks, Solana tokens, crypto scams, pump and dump
Source: CoinDesk