TLDR
- Suspicions have arisen regarding a breach of the X account of Ava Labs' COO, Luigi D'Onorio DeMeo.
- A post promoting Pika (PIKA), a new Pokémon-themed memecoin, appeared on the account, which is based on Solana.
- The hacked account also shared suspect links purporting to offer Avalanche token airdrops.
- Post made the PIKA token value soar to $388,570 before dramatically collapsing by 99%.
- Community leaders and crypto enthusiasts warn against clicking suspicious links or linking wallets to untrusted sites.
Increased vigilance across the Crypto X fraternity followed the suspicious developments. Heightened caution ensue following dubious activity on Ava Labs COO's social media account. Luigi D’Onorio DeMeo’s high-profile account started posting about a freshly minted Pokémon-inspired cryptocurrency, alongside sketchy airdrop links, sparking hacking fears.
Deleted posts circulated from DeMeo’s account mentioning Solana’s Pika token, resembling Pikachu, apparently part of a market manipulation scam to artificially escalate token prices before profit-taking.
One such post read: 'Though a supporter of Avalanche, Solana spearheads this bull run. In the memecoin frenzy, I'm launching $PIKA on Solana, inspired by my favorite character.' This was unexpected given DeMeo’s key role in Avalanche-focused Ava Labs.
Swelled by errant posts around 1:40 am UTC, PIKA’s market cap rocketed to $388,570, but quickly dwindled to just $3,289, a near-total collapse per data from DEX Screener, characteristic of financial manipulation schemes witnessed in the crypto domain.
Links emerged from DeMeo's account suggesting Avalanche token giveaways by Ava Labs. These sites lured unsuspecting users to connect wallets, often an opening for illicit wallet access and fund drainage. Fraudulent websites mimicked Ava Labs' official layout, potentially hiding malware seeking to empty connected wallets.
Crypto watchdogs swiftly raised red flags, advising against clicking links or trusting instructions from DeMeo’s account. The account was restricted from comments under the pretext of ‘malicious links’ suspicion, exacerbating the hack narrative.
A concerned user, 'REKTBuildr', pinpointed an earlier linked scam site later removed from the account. The domain for this scam was registered a mere 18 minutes prior to the link posting, implying a swift domain setup, hosting arrangement, and account breach within half an hour.
The scam domain's rapid setup just 18 minutes ahead is rare, showing the rapid pace of this breach.
The hacking process involved impressively fast domain registration and site hosting, all unfolding in just 30 minutes.
At the time of disclosure, how DeMeo’s account was allegedly breached remains uncertain. Inquiries to Ava Labs went unanswered, and DeMeo has yet to publicly address this alarming turn of events.
They compromised @luigidemeo Such cyber incursions aren't confined to crypto circles. In July, actress Sydney Sweeney’s X account was infiltrated to endorse a crypto token, underlining the wide-spread nature of these social media breaches. pic.twitter.com/SySQm7DX1a
— REKTBuildr 🔺🔺🔺 (@rektbuildr) August 18, 2024
Oliver Dale, leading Blockonomi, and founder of Kooc Media, hailing from the UK, is a proponent of open-source principles, blockchain revolution, and an egalitarian internet environment.
His work has found mentions across major platforms like Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, and Techcrunch. Reach out to [email protected]
