Polychain Capital Founder’s X Account Hacked, Users Warned of Phishing Links

Crypto venture capital firm Polychain Capital faces a security breach as the X account of its founder and CEO, Olaf Carlson-Wee, is compromised. The hacker, posting phishing links for a fake token airdrop, prompts a cautionary statement from Polychain, urging users to avoid interaction with Carlson-Wee’s handle.

Phishing Scam Unveiled

On January 4, the hacker initiated a phishing scam, promoting a fictitious “$PCHAIN” token airdrop. The X post encouraged followers to click a link for participation, falsely claiming an early distribution. Polychain emphasizes the risks associated with interacting with the compromised account.

Continued Attempts and User Reach

The hacker persists with additional posts on Carlson-Wee’s X account, reaching approximately 41,000 users at the time of writing. The compromised account raises concerns about potential malicious transactions draining crypto wallets.

Rising Threat of Phishing Scams

Cryptocurrency phishing scams victimized 324,000 individuals, resulting in nearly $300 million in losses in 2023, according to a report by security platform Scam Sniffer. The incident echoes similar compromises involving prominent figures like Ethereum co-founder Vitalik Buterin and entities like Blockchain Capital and Compound Finance.

Past Incidents and Modus Operandi

The X account compromise follows previous incidents, including Vitalik Buterin’s account in September and exploits involving Blockchain Capital and Compound Finance. The hackers lure users with promises of token claims, exemplifying the recurrent threats within the crypto space.

Background on Polychain Capital

Founded in 2016 and headquartered in San Francisco, Polychain Capital manages $2.6 billion in assets as of July 2023. It operates as an investment firm specializing in actively managed portfolios of diverse blockchain assets.

The security breach of Polychain Capital’s founder’s X account emphasizes the ongoing challenges of phishing scams in the crypto space. Users are urged to exercise caution and refrain from engaging with compromised accounts to mitigate potential risks.

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