On Tuesday, the NBA’s official X account was hacked, and fraudulent posts promoting a fake cryptocurrency called $NBA Coin were shared with its 48.1 million followers. The posts falsely claimed that the NBA was launching a new digital asset on the Solana blockchain designed to enhance fan engagement and sports transactions. The announcement included a contract address and a press release promising fast transactions and integration into the Web3 space, though it was all part of the scam.
The posts were quickly removed, and the NBA confirmed that the tweets were the result of a hack.
While the fraudulent tweet was removed within minutes, it spread across the NBA’s X accounts in different countries, including NBA Spain and NBA UK. However, accounts from NBA Latin America and NBA Philippines were not affected. The NBA confirmed that the attack targeted select social media channels and caused minimal disruption.
The hack raised concerns about the security of verified social media accounts, especially for organizations with large followings like the NBA.
This incident comes after the NBA’s involvement with blockchain and cryptocurrency, particularly through NBA Top Shot, a platform allowing fans to buy, sell, and trade digital highlights. The NBA has previously shown interest in digital assets, but the hack demonstrates the risks associated with cryptocurrency ventures. It also highlights the increasing threats facing high-profile organizations in the world of digital finance, where cybercriminals exploit opportunities for fraud and gain access to large audiences.
The NBA’s response to the hack was swift, but the incident underscores the vulnerability of major sports organizations in the digital age. It also serves as a reminder to users to be cautious when encountering unfamiliar financial products promoted through social media. While the NBA quickly reassured fans that no legitimate cryptocurrency offering was made, the attack is another sign of the growing threat posed by cybercriminals in the cryptocurrency and blockchain space.
Reference:
