The X account of the crypto venture capital firm Polychain Capital was hacked on Wednesday, January 4, 2024, by scammers who posted a fake link to claim BCAP tokens.
The hackers gained access to the X account of Polychain Capital, which has over 100,000 followers, and posted several tweets promoting a token giveaway. The tweets claimed that users could claim BCAP tokens, which are the native tokens of the Blockchain Capital project, by visiting a phishing website that looked similar to the official one. The website asked users to connect their crypto wallets, which would allow the scammers to steal their funds.
The tweets were quickly deleted by Polychain Capital, who regained control of their account and warned their followers of the scam. The firm also clarified that they are not affiliated with Blockchain Capital or BCAP tokens, and that they do not conduct any token giveaways on X.
How to avoid phishing scams?
Phishing scams are a common type of cyberattack that aim to trick users into revealing their personal or financial information, or transferring funds to malicious actors. Phishing scams often use fake emails, websites, or social media accounts that impersonate legitimate entities or individuals.
To avoid falling victim to phishing scams, users should:
- Be wary of unsolicited messages or offers that seem too good to be true, especially if they ask for sensitive information or money.
- Verify the identity and authenticity of the sender or website before clicking on any links or attachments, or entering any information. Check the spelling, grammar, and domain name of the email or website, and look for signs of encryption, such as a padlock icon or HTTPS in the URL.
- Use strong passwords and two-factor authentication for their online accounts, and avoid using the same password for multiple platforms. Also, use a hardware security key or an authenticator app instead of text message-based verification, which can be intercepted by hackers.
- Keep their devices and software updated with the latest security patches and antivirus programs, and use a reputable VPN service when browsing the internet or using public Wi-Fi networks.
- Report any suspicious or fraudulent activity to the relevant authorities or platforms, and warn others of potential scams.
What is Polychain Capital?
Polychain Capital is one of the leading crypto venture capital firms in the world, founded by Olaf Carlson-Wee, the former head of risk at Coinbase. The firm invests in early-stage projects and protocols that leverage blockchain technology, such as Ethereum, Filecoin, MakerDAO, Compound, and Polkadot. Polychain Capital manages over $1 billion in assets, and has backed some of the most successful and innovative crypto startups in the industry.
Polychain Capital is not the first crypto-related entity to have its X account hacked by scammers. In the past, several prominent figures and organizations in the crypto space, such as Elon Musk, Binance, Uniswap, and Blockchain Capital, have faced similar attacks. The FBI has warned of the increasing number of phishing attacks targeting the crypto community, and urged users to exercise caution and vigilance when using social media platforms.
