A hacker commandeered MicroStrategy’s social media account and stole hundreds of thousands of dollars worth of crypto assets by promoting a false giveaway scam.

According to blockchain sleuth ZachXBT, the hacker gained control of the enterprise software firm’s X account and posted a tweet promising free Ethereum (ETH)-based MicroStrategy tokens.

The tech firm founded by Bitcoin (BTC) bull Michael Saylor has since deleted the tweet which claimed that it had launched an MSTR token backed by the company’s vast Bitcoin reserves.

While posting the wallet address of the suspected scammer(s), ZachXBT says approximately $440,000 worth of crypto assets were stolen. Such scams typically involve malicious links where the target victims are lured to give away their crypto wallet private keys before their digital assets are siphoned off.

At the time of writing, the wallet address of the suspected hacker(s) has an Ethereum balance of nearly 63 ETH worth approximately $192,000.

According to the crypto influencer pseudonymously known as Cobie, the scam should have been easy to spot given Saylor’s tunnel focus on Bitcoin.

“Obviously trying not to be victim-blaming here but you gotta be very special to think Microstrategy is launching an ETH token after Saylor has spent multiple years very famously saying ‘there is no second best’ and ‘you only use one chair’ etc.”

Last month, Saylor warned of the prevalence of crypto scams being conducted in his and his company’s name on YouTube.

“Warning! There is no risk-free way to double your Bitcoin, and MicroStrategy doesn’t give away BTC to those who scan a barcode. My team takes down about 80 fake AI-generated YouTube videos every day, but the scammers keep launching more. Don’t trust, verify.”

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