The Crypto Council for Innovation (CCI), a leading crypto industry advocacy group, confirmed in a recent social media post that CEO Sheila Warren’s X account was compromised on December 26 and used to promote the fake SPELL token.
Warren’s compromised X account falsely promoted $SPELL as an artificial intelligence and cryptocurrency project designed for Web3 and the Solana network. The messages also included a contract address and additional promotional materials for the token.
“This is a scam and NOT Sheila Warren. We are working to resolve the issue. Ignore the tweets and do not click on any links,” the CCI responded. The fraudulent messages were then deleted.
The attack came just two weeks after the CEO announced she was leaving her role at the organization. Warren’s departure is expected to come a month before President-elect Donald Trump’s inauguration.
Although Warren did not directly specify the reasons for her resignation, she referenced the changing landscape of the crypto industry since taking over as CEO in 2021. In an article she highlighted important events, such as the collapse of FTX and continued surveillance. of the sector by the Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler.
ICC General Counsel Ji Kim will succeed Warren as CEO, while Warren will continue to contribute as a senior policy advisor.
“I am excited to see Ji continue CCI’s legacy of deep expertise, sophistication and global perspective in his new role,” Warren wrote.
Account takeover scams are on the rise
Account takeover (ATO) scams have recently seen a significant increase, particularly in the cryptocurrency sector. These scams occur when cybercriminals gain unauthorized access to user accounts (such as crypto wallets, exchange accounts, or social media profiles) by exploiting weak security practices, phishing, or exploiting data breaches.
Once attackers gain control, they can drain funds from crypto wallets, manipulate social media accounts to spread fraudulent links, or steal sensitive personal information.
ZachXBT, Blockchain Investigator reported in a December 24 X article that a hacker stole $500,000 by targeting investors in Solana coins and popular X accounts, including KickStreaming, Brett and Alex Blania.
Additionally, in November, former professional Fortnite player “Serpent” was accused of stealing $3.5 million through coin-op scams targeting several well-known brands and artists. Wallet addresses linked to Serpent were found to be at the heart of several pump and dump schemes involving meme coins launched on the Pump.fun platform.
Learn more
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult a qualified financial advisor before making any investment decisions.
Post Views: 60