In a recent incident, the X (ex-Twitter) account of one of the founders of Algorand, known as “Founder X”, has been compromised, triggering a series of deceptive events.
In a series of tweets, the hacker claimed that for every percentage drop in the price of ALGO this week, 1 Ethereum (ETH) would be given away, accompanied by a selfless wish of good luck.
However, all of these claims are false.
In another irony-laden tweet, dubious claims were made about Algorand’s future, citing a fictional conversation with “His Excellency” Justin Sun about boosting Algorand’s position by introducing TUSD (TRUE USD) and VRUSD (VERY REAL USD).
Just when I thought it was all over for Algorand — my phone rang — it was his excellency. Justin told me that he would boost Algorand to new heights by launching TUSD (TRUE USD) and VRUSD (VERY REAL USD) on Algorand, and all I had to do was agree to give him total control over… pic.twitter.com/Rr9K28uGwh
— staci.algo (@StaciW_DC) January 26, 2024
Complete network control and token creation rights are part of Algorand ‘s current strategy
The Algorand community and the broader cryptocurrency public are strongly advised to refrain from interacting with any links, promotions or instructions coming from the hacked account.
Interaction with such content may lead to exposure to additional scams, financial loss, or the compromise of personal data.
It is important to note that the market price of ALGO has not shown any reaction to these fraudulent tweets.
Algorand (ALGO) is currently listed at $0.1651, experiencing an increase of 2.62% in the last 24 hours, according to data from CoinMarketCap.
With a market capitalization of $1.33 billion, Algorand is ranked #53 in the cryptocurrency rankings.
This positive performance in the last 24 hours highlights ALGO’s resilience despite the recent news regarding the hacked account of one of the founders, underscoring the importance of basing investment decisions on verified information and avoiding interactions with suspicious content.
Users are urged to only trust verified statements from official Algorand channels and to be extremely cautious of offers that sound too good to be true.
The Algorand team is expected to quickly address the security breach and restore the integrity of its communication channels.
In the meantime, the community is encouraged to stay informed through official statements on alternative channels such as Discord or Telegram, and to avoid any interaction with suspicious posts and links on social media.
This incident underscores the importance of verifying information through official sources and exercising caution against potential scams in the cryptocurrency space.
Relying on verified communications and avoiding interactions with suspicious content are crucial to maintaining security in an environment where cybersecurity is essential.
