Cryptocurrency investors are being warned to steer clear of phishing links promoted on Polychain Capital’s hacked X account. The venture capital firm, founded by Olaf Carlson-Wee, confirmed his account had been compromised.
The hacker began posting on January 4 about a fake “$PCHAIN” token airdrop, encouraging users to click a malicious link purporting to be a Polychain site. The posts were seen by Carlson-Wee’s 41,000 X followers before Polychain issued a statement urging users to avoid interaction.
Phishing scams are increasingly common in crypto, often involving promises of free tokens or airdrops. Links take users to fake sites designed to steal wallet keys and drain funds. Over 300,000 victims lost $300 million to crypto phishing in 2022.
Polychain Capital is a major cryptocurrency investment firm based in San Francisco, managing over $2.5 billion in blockchain assets. The company is urging users to be vigilant of the compromised X account until Carlson-Wee regains control.
This latest hack shows the ongoing threat phishing poses even to major industry players. Polychain is advising users not to input any sensitive information or interact with suspect links, protecting themselves from potential theft.
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