According to reports from the altcoin community, DeFi automatic market maker (AMM) Shell Protocol and NFT collective PleasrDAO have been hit by their Twitter accounts hacked. The Twitter account of the former was posting suspicious links. Here are the details…
Hackers targeted altcoin market
On July 19, Nansen CEO Alex Svanevik tweeted that hackers had hijacked PleasrDAO’s account, while others in the crypto community stated that they had also taken over Shell Protocol’s account. All of them warned users not to interact with accounts. As PleasrDAO doesn’t tweet very often, limited information is available. It is unclear how the attackers used the Twitter account to carry out the attacks. That said, Shell Protocol’s tweets all share information about airdrops that look like scams.
Shell Protocol tweets made an airdrop announcement as they closed their comments. This development also drew attention. One person also reported that they cloned the website to a newly registered domain on July 11. As with such attacks in the past, interacting with links can have serious consequences. Shell Protocol is a DeFi Automated Market Maker (AMM) whose purpose is to “create an internet money system using stablecoins as building blocks”. The liquidity provider shares on the platform are called “Shell”. These are claimed to help the investor diversify exposure and generate returns.
Crypto hacks remain on the agenda
It may not be easy to spot real airdrops among the large number of scammers. PleasrDAO is an NFT-focused Blockchain group that describes itself as “a collective of DeFi leaders, early NFT collectors, and digital artists with a reputation for tough but helpful buying.” It was founded in 2021 and is headquartered on the east coast of the United States. As crypto attacks and phishing attempts continue to plague the market in 2023, DeFi remains a major target for attackers.
So far, crypto attacks have resulted in around $480 million. Although DeFi hacks have decreased somewhat, Ethereum still remains a primary focus for hackers. As we reported as Kriptokoin.com, the biggest hacking attack of the year belonged to Euler Finance, which lost 180 million dollars. However, it is worth noting that events have undergone a strange change. Because the hacker returned all the funds after a negotiation. Ethereum developers have come up with a new proposal to prevent some attacks to counter the attacks. The new proposal, EIP-7281, aims to mitigate the effects of bridge hacks. Time will tell whether hack attacks will decrease in the coming period.
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