Key Points:
- BABYDOGE Twitter Hack: Learn how hackers targeted affiliated accounts, promoting fake NFT airdrops.
- Protecting Yourself: Understand the rise of SIM-swap attacks and how to spot suspicious links in crypto.
- BABYDOGE’s Price Forecast: Despite the breach, BABYDOGE’s price is expected to remain positive.
In a recent cyber attack on the 26th of October, Baby Doge Coin (BABYDOGE) fell victim to a social media hack, as two affiliated accounts began promoting fraudulent NFT airdrops, constituting a phishing attempt.
The compromised accounts, Baby Doge NFTs and Baby Doge Swap, while not associated with the main Baby Doge Coin Twitter account, swiftly launched a cautionary statement against interacting with any suspicious links posted by these two rogue entities.
Such phishing attempts have been on the rise on social media platforms, with hackers employing a SIM-swap technique to gain unauthorized access to high-profile accounts.
This isn’t the first time such an incident has occurred; in early September, Ethereum founder Vitalik Buterin‘s Twitter account was used for a similar deceptive NFT airdrop promotion before confirming the hack.
The @BabyDogeNFTs & @BabyDogeSwap Twitters have been compromised ! Do not click any links !
— Baby Doge (@BabyDogeCoin) October 26, 2023
The SIM-swap technique hinges on targeting mobile network operators to gain access to mobile numbers linked to social media accounts. Consequently, members of the crypto community are advised to exercise caution when encountering unauthorized links. Hacking attempts may masquerade as regular social media posts, making it vital to remain vigilant when dealing with external files if any suspicions arise.
For those unfamiliar with the subtleties of crypto-related posts, Baby Doge Swap’s seemingly ordinary NFT promotion post bore the message: “The clock is ticking, don’t miss out.” This message resembles the language commonly used to promote limited-supply assets. These instances underscore the importance of conducting due diligence before engaging in any transactions.
To prevent potential losses, one practical approach is to create an empty Metamask wallet for new on-chain interactions. This strategy can safeguard long-term crypto investments and limit risks to nearly zero, ensuring that asset control remains in self-custody.
Despite the security breach, BABYDOGE’s price had been on an upswing. It had surged by 5% since its low on October 24th and marked a 37% increase from its mid-October lows. According to CoinCodex’s price prediction algorithm, BABYDOGE is anticipated to continue its upward trajectory in the coming weeks, with a brief retraction expected in the next few days.
The 5-day price forecast for BABYDOGE indicates a 7% retracement, potentially bringing the meme coin back to its support level at $0.00000000115. Over a 30-day period, BABYDOGE is projected to break free from its current range and aim for a new high at $0.000000001361, representing a 9.94% price increase from the current level.
In summary, BABYDOGE is expected to regain control of its Twitter accounts in the near future. However, it is imperative for investors to remain vigilant against malicious activity. While setting up 2FA (two-factor authentication) is encouraged for social media security, it’s vital to recognize that no cybersecurity measure is entirely foolproof.
Hackers have discovered ways to compromise social media accounts while bypassing the account holders themselves, a risk that all crypto investors must be aware of. Any seemingly suspicious social media post might very well be a phishing attempt. Thus, practicing due diligence and taking appropriate precautions when engaging with on-chain services is of paramount importance.
Looking ahead, the overall outlook for BABYDOGE remains optimistic over the medium to long term. The project’s primary social media account remains secure, and the team responded promptly to the security breach, ensuring the community’s safety under challenging circumstances. In the coming month, BABYDOGE’s positive price trajectory is anticipated to persist.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
