Ava Labs COO’s X Account Hacked: Meme Coin Scam Alert!

The crypto world is on high alert! Luigi D’Onorio DeMeo, the COO of Ava Labs, appears to have had his X (formerly Twitter) account compromised. What followed was a series of suspicious posts promoting meme coins and dubious airdrop links, raising serious concerns about a potential phishing scam. Let’s dive into what happened and what you need to watch out for.

What Exactly Happened to Luigi D’Onorio DeMeo’s X Account?

• Suspicious Posts: On August 19th, the account started sharing information about a newly launched Solana-based meme coin called Pika (PIKA), styled after Pikachu. These posts, now deleted, included the coin’s address, hinting at a pump-and-dump scheme.
• Airdrop Links: The compromised account also posted links to suspicious websites claiming to offer Avalanche (AVAX) tokens, urging users to connect their crypto wallets.
• Comment Control: To make matters worse, the account disabled comments, likely to prevent others from warning potential victims about the scam.

The Pika (PIKA) Meme Coin Incident

The promotion of the PIKA meme coin is a key element of this suspected hack. Here’s a breakdown:

• Sudden Surge: After the posts from DeMeo’s account, PIKA’s market cap briefly peaked at $388,570.
• Rapid Decline: The surge was short-lived. The coin’s value plummeted by over 99%, leaving it with a market cap of just $3,289, according to DEX Screener.
• Pump-and-Dump: This pattern strongly suggests a pump-and-dump scheme, where early investors profit by artificially inflating the price and then selling off their holdings, leaving others with losses.

Warning Signs: How to Spot the Scam

Here’s what to look out for to protect yourself:

• Unusual Activity: Be wary of sudden endorsements of unknown meme coins or projects from accounts you trust, especially if they seem out of character.
• Suspicious Links: Never click on links promising free tokens or airdrops, especially if they ask you to connect your wallet. These are often wallet drainers designed to steal your crypto.
• Check the Source: Verify the authenticity of websites by checking the domain registration date and looking for inconsistencies in design or content.

The Aftermath and Community Response

The crypto community on X quickly responded with warnings, urging users to avoid clicking on any links shared by the compromised account. Users like “REKTBuildr” highlighted the speed at which the scam was executed, noting that the fraudulent domain was registered just minutes before the link was shared on DeMeo’s account.

https://twitter.com/rektbuildr/status/1825287769389687010

A Recurring Threat: Similar Hacks

This incident is not isolated. Earlier this year, actress Sydney Sweeney’s X account was also hacked to promote a crypto token, demonstrating the ongoing risk of social media account compromises in the crypto space.

Key Takeaways

• Always be skeptical of unsolicited offers or endorsements, even from trusted sources.
• Double-check the authenticity of links and websites before interacting with them.
• Never share your private keys or connect your wallet to untrusted sites.
• Stay informed about common scams and phishing tactics in the crypto world.

The suspected hack of Luigi D’Onorio DeMeo’s X account serves as a stark reminder of the importance of vigilance and security in the crypto space. Always exercise caution and prioritize the protection of your digital assets.