Both the Altcoin's and the Founder's Account Were Stolen, the Price Crashed by 10 Percent! - Coin Newsletter

Web3 information platform Kaito and its founder Yu Hu's social media accounts were hacked, spreading fake news about the platform's token, briefly dropping nearly 10% of its value.

On Saturday, the social media accounts of blockchain-based information-sharing platform Kaito and its founder Yu Hu were compromised by hackers. The hackers' misleading posts from the accounts caused a short-term drop in the price of Kaito's native token. Yu Hu, who quickly regained control of the accounts, announced to investors that there was nothing to worry about.

Yu Hu, who made a statement after the incident, confirmed that both his social media account and his official Kaito account were compromised by hackers. Yu Hu, who stated that when he realized that the accounts were hacked, he immediately deleted the shares and changed the passwords, stated that although they have high-level security measures such as hardware 2FA (donanımsal two-factor authentication doğrulama), they can still be exposed to similar attacks.

Hackers waited for the opportune moment

Kaito's research partner, Sandra Leow, stated that the hackers made the posts, especially by waiting for the time zone in which Yu Hu slept. The fake posts shared used false statements such as "There is abnormal activity in wallets associated with Kaito AI" and "Funds are not safe at this time." However, in the investigations, it was determined that there was no large-scale activity in **KAITO token ** transfers.

According to the company, the attack is similar to attacks recently seen on other blockchain projects such as Jupiter, and it is currently investigating what kind of attack it was subjected to with security experts. Yu Hu stated that they are waiting for the help of experts with knowledge and experience in this field.