Twitter Accounts of Shell Protocol and PleasrDAO Hacked

In Brief

• Twitter accounts of Shell Protocol and PleasrDAO were recently hacked, leading to potential scam airdrops.
• Crypto-related security incidents persist in 2023, with DeFi being a major target, resulting in a loss of $480 million.
• Ethereum developers have proposed EIP-7281 to mitigate the impact of bridge hacks and enhance security.

DeFi AMM Shell Protocol and NFT collective PleasrDAO have seen their Twitter accounts hacked, according to reports from the crypto community. The former’s Twitter account has been posting suspicious links.

On July 19, Nansen CEO Alex Svanevik tweeted that hackers had compromised PleasrDAO’s account, while others in the crypto community stated that they had also hacked Shell Protocol’s account. They have all warned users not to interact with the accounts.

Hackers Compromise Twitter Accounts
Since PleasrDAO has not been posting tweets very often, there is limited information. It is unclear how attackers are using its Twitter account to perpetrate attacks. However, Shell Protocol’s tweets all posts information on airdrops that appear to be scams.

The Shell Protocol tweets announce an airdrop while turning off its comments. One individual also reported that they cloned the website to a freshly registered domain on July 11. As is the case with past attacks like this, interacting with the links can lead to serious consequences.

Shell Protocol and PleasrDAO: What Are They?
Shell Protocol is a DeFiAutomated Market Maker (AMM), the goal of which is “to create an internet monetary system using stablecoins as building blocks.”

Liquidity provider shares on the platform are called shells. These are claimed to help the investor diversify exposure and earn yield.

It might not be easy to spot real airdrops among the numerous scammy ones. Check out our listicle to learn more about upcoming airdrops: Best Upcoming Airdrops in 2023

PleasrDAO is an NFT-focused blockchain group that describes itself as “a collective of DeFi leaders, early NFT collectors and digital artists who have built a formidable yet benevolent reputation for acquiring.”

It was founded in 2021 and is headquartered on the east coast of the United States.

Crypto Hacks Continue Well Into 2023
Crypto hacks and phishing attempts still plague the market in 2023, with DeFi being a major target for attackers.

So far, crypto hacks have resulted in nearly $480 million. Although DeFi hacks have dropped somewhat, Ethereum still remains the primary focus for hackers.

The biggest hack of the year was that of Euler Finance, which lost $180 million. However, in a strange turn of events, the hacker returned all the funds after a negotiation.

To counter the spate of hacks, Ethereum developers revealed a new proposal to prevent some hacks. The new proposal, EIP-7281, aims to reduce the effects of bridge hacks.

Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.