The hackers were bold enough to assert that Kaito’s wallets were breached and gave out a warning that users’ funds were in jeopardy. These posts have since been deleted. DeFi Warhol, a crypto enthusiast, analyzed that the motive behind this cyber crime was to manipulate KAITO tokens’ market value. The hackers opened a short position on these tokens and attempted to incite panic among users. They hoped that the users would withdraw or sell their funds, causing a price drop and thus, filling the hackers’ pockets.

However, the Kaito AI team managed to regain control over the hacked accounts. They assured their users that the Kaito token wallets remained safe and were not affected by this social media hack. “Our security measures are of the highest standard and were designed to avert such cyber attacks. It appears that this hack is similar to other recent Twitter account breaches,” the Kaito AI team elaborated.

This incident is another addition to the increasing number of social media hacks, social engineering scams, and cybersecurity issues that the crypto industry is currently facing. In a similar event, Pump.fun’s X account was also compromised on Feb. 26 by cybercriminals promoting counterfeit tokens.

Moreover, the Alberta Securities Commission, a financial regulatory body in Canada, recently issued a warning about a crypto scam named CanCap. The scammers used fake news articles and endorsements, featuring Canadian politicians, to attract victims. Crypto executives are also alerting about a new scam by the state-sponsored Lazarus hacker group where the hackers pretend to be venture capitalists on a Zoom call.

The post Security Breach Alert: Kaito AI and Its Founder Yu Hu Face Social Media Hack appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

It all started after a message appeared on their website which read: “We scammed you guys, and you can’t do **** about it.” The news spread quickly and Twitter users started talking about a probable scam. However, a little later Defi 100 came up with a clarification that their website was hacked. They also confirmed that the message was taken down.

Defi 100 is a blockchain-based project and has a total token supply of about 2.5 million tokens and the total value locked is approximately $32million. Though the project operators have clarified and blamed it on hackers, it is still unsure if the project is not a scam.
At the time of writing this article, their website is still down and there is uncertainty when it will be up and running again – if at all it will be. Following the reports, the prices of Defi 100 have plunged dramatically. Last reported it was down 25% according to Coindesk.

Scams in the crypto world are not uncommon but in 2021 the numbers have come down. The total amount lost to scammers this year so far has been significantly less than the previous when compared for the same period (Q1 ending March 31).

The post Scam Alert: Did DeFi100 Crypto Project Scam Investors of $32 Million? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.