The social media account of the Algorand Foundation’s chief executive officer was compromised, leading to an urgent warning about potential scams. The breach was detected and reported promptly, with the community being alerted to the risk of fraudulent activities.
The Algorand Foundation confirmed the security incident, cautioning users to be wary of suspicious communications.
The incident occurred amidst heightened concerns over cybersecurity in the cryptocurrency sector.
Earlier this month, a hack on the X (formerly Twitter) account of the U.S. Securities and Exchange Commission led to a fake announcement of the agency approving spot Bitcoin exchange-traded funds, causing an abrupt surge in cryptocurrency prices, followed by a freefall once the market was informed of the error.
The fake tweet cost millions in liquidation losses for investors, according to CoinDesk.
Algorand Foundation is a community organization that focuses on the open-source development of the ecosystem built around the Algorand blockchain.
The network’s native cryptocurrency rose 4% in the last 24 hours to US$0.1683. It’s the world’s 57th largest cryptocurrency by market capitalization with US$1.353 billion, according to CoinGecko data.
Algorand is also the world’s 18th most active blockchain for non-fungible tokens, with an all-time sales volume of US$43.85 million. Algorand has a small NFT community of less than 1,500 unique sellers in the month of January. The blockchain had less than US$20,000 in total NFT sales over the past 24 hours, according to CryptoSlam.