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Sam Altman OpenAI X Account Breached In Crypto Scam Attack

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2 hours ago

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Sam Altman’s OpenAI X account was compromised on Monday in an attempt to conduct cryptocurrency fraud. Hacker impersonated OpenAI and sent out a message advertising a new fake token named $OPENAI, and lured the audience into visiting a phishing page to input their credentials for their crypto wallets.

OpenAI X Account Hacked in Cryptocurrency Scam

According to OpenAI, the hack affected its newsroom on X (previously Twitter), the account that is used to publish company-related information. The fake tweet claimed that a new blockchain token called “$OPENAI” had been launched, which is not true and has no connection with OpenAI. 

The message stated that all OpenAI users would be able to get a share of the token to provide early access to the upcoming beta versions.

This hack is the latest in a series of similar incidents that has targeted OpenAI accounts on X. In the last few months, even OpenAI top employees such as Chief Scientist Jakub Pachocki or researcher Jason Wei have also had their accounts hacked and used to promote similar cryptocurrency scams.

Details of the Phishing Scam

The fraudulent post appeared on the @OpenAINewsroom account around 6:24 PM ET. It had several mistakes, among which the improper name of Sam Altman’s OpenAI was used: $OPEANAI, and the link led to the phishing site which imitated the OpenAI website. 

The site had a button that read “CLAIM $OPENAI” which was intended to trick users into linking their cryptocurrency accounts. The post had no comment section, which made it more difficult to recognize the fraud for the users. As much as the post was deleted it remained visible for almost an hour and could have been seen by many followers.

Such scams as this one commonly attempt to collect user credentials and, consequently, give the attackers access to the users’ cryptocurrency portfolios. Connecting wallets to the fake websites can lead to loss of funds or exposure of personal information.

Previous Incidents of OpenAI Account Breaches

This recent hacking of Sam Altman’s OpenAI X account is not the first of its kind. Over the past year, OpenAI has been a victim of cybercrimes where scams have attempted to impersonate company officials on various platforms. In June 2023, for instance, OpenAI’s Chief Technology Officer, Mira Murati, also had her account hacked. Similarly, her account uploaded a fake cryptocurrency scam which was similar to the one that was posted on the OpenAI newsroom account.

These incidents are not new to X and other organizations of such stature as the World Health Organisation and Yahoo News UK have also fallen prey to cyberciminals. In particular, the cybercriminals use these breaches to trick the respective victims into various fake cryptocurrency investment schemes such as pump and dump.

Subsequently, Sam Altman’s OpenAI has acknowledged the breach and is investigating the incident. The company urged users to remain cautious and avoid interacting with suspicious posts or links that claim to offer cryptocurrency giveaways. 

Despite the recent security issues, OpenAI is moving forward with its latest innovations. The company is set to launch an advanced voice mode for ChatGPT, offering users enhanced voice interaction capabilities. This new feature aims to improve accessibility and expand the ways users can engage with the AI assistant.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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24/7 Cryptocurrency News

Exchange Appeals SEC’s Denial Of Rulemaking Petition

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7 hours ago

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September 23, 2024

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Coinbase vs SEC lawsuit has seen a renewed clash in a federal appeals court in Philadelphia, as the leading U.S. crypto exchange challenges the regulator’s refusal to establish new rules for digital assets.

The hearing marks the latest chapter in the ongoing dispute between Coinbase and the SEC, with the exchange seeking to overturn the SEC’s denial of its 2022 rulemaking petition.

Coinbase Challenges SEC’s Denial of Rulemaking Petition

In a court hearing on Monday, Coinbase urged the SEC to establish clear regulations for digital assets, arguing that existing securities laws are outdated and impractical for the crypto industry.

The exchange’s appeal centers on the SEC’s refusal to act on a 2022 petition requesting clarification on when a digital asset qualifies as a security and calling for a market structure tailored to cryptocurrencies.

The SEC denied Coinbase’s petition in December 2023, asserting that current regulations are sufficient and disagreeing with the idea that new rules are necessary. Coinbase contends that this stance has left the crypto market in regulatory uncertainty, making compliance difficult for companies operating in the U.S.

This Is a Breaking News Please Check Back For More

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US SEC Chair Gary Gensler Confirms Congress Testimony, Here’s What To Expect

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11 hours ago

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September 23, 2024

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The crypto market braces as the US SEC Chair Gary Gensler confirms testifying before the congress this week. On September 24 and 25, the SEC Chair will testify before the Financial Services Committee and the US Senate Banking Committee. Notably, the crypto community and Capitol Hill are expecting intense scrutiny of the agency’s approach, given its aggressive stance on the digital assets space.

US SEC Chair Gary Gensler To Testify Before Congress

The US SEC Chair confirms testifying before the Congress this week, sparking market speculations. Notably, the testimony comes at a then when his leadership at the SEC is under immense scrutiny both from partisan lines and his political leanings.

In addition, as the US Presidential election approaches, lawmakers are anticipated to press the SEC chair hard on several issues like the crypto regulation approach, and handling of frauds like FTX, Terra, and others. Besides, recently, Coinbase CLO has criticized the SEC’s “crypto asset security” claims, as it faces heavy backlash from the community.

Meanwhile, according to Blockchain Association Government Relations Director Ron Hammond, Gary Gensler will face questions from both parties. However, these hearings would be somewhat different from the previous ones, according to him.

In other words, the differentiating support from the agency is what makes these hearings unique. According to Hammond, Gensler has fewer allies this time, as many have shown dismay with his leadership, especially with the agency’s recent crypto approach.

In addition, this is the first time Genser will be joined by other SEC Commissioners, which marks a rare event in such hearings. While the democratic leaders are likely to defend his policies, the Republicans are expected to counter his views. In other words, the Republicans are expected to put pressure on him questioning the agency’s direction.

SEC Faces Backlash Over Crypto Crackdown

The US SEC, under the leadership of Gary Gensler, has continued to face heavy criticism from the crypto community as we as from lawmakers. For instance, recently, House Majority Whip Tom Emmer and Financial Services Committee Chair Patrick McHenry, have criticized the agency due to their classifications of crypto airdrops as securities.

In a recent letter to the SEC Chair, the lawmakers said that airdrops are important for decentralization and the development of blockchain development. They accused the agency of creating a “hostile regulatory environment”, which has gained notable attention from the crypto community.

The timing of this hearing also fuels discussion. The SEC chair has faced numerous legal setbacks, with courts and Congress questioning the agency’s aggressive enforcement tactics. Besides, the discussions have further mounted as former US President Donald Trump said that he would fire Gary Gensler if he attains a victory in the upcoming US Presidential election.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Kamala Harris Sideline Senator Warren to Protect Crypto Industry?

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1 day ago

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September 23, 2024

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During the recent fundraiser at Cipriani Wall Street in Manhattan on Sunday, US Presidential nominee Kamala Harris vowed to grow investments in the crypto industry if elected. This is probably the first pro-crypto statement from Harris in this election campaign as her Democratic colleagues like Senator Warren continue to work on stifling crypto innovation.

Kamala Harris Supports Crypto Industry

While pitching her economic agenda to donors in New York City on Sunday, September 22, Kamala Harris has vowed to boost investments in artificial intelligence (AI) and crypto if elected to power at the White House. He also added that her economic agenda would help boost innovation along with focused regulations thereby protecting investors and consumers. As per the Bloomberg report, Harris said:

“I will bring together labor, small business founders and innovators and major companies. We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors.”

The US Vice President is also getting major support from crypto industry players with Anthony Scaramucci working on her crypto policies. However, unlike her opponent, Kamala Harris hasn’t walked the talk when it comes to showing support for crypto. ETF Store President Nate Geraci stated that empty promises won’t do much of a difference. Instead, actions would help!

Will the VP Go Against Senator Warren?

Massachusetts Senator Elizabeth Warren has been working to throttle innovation in the crypto industry by targeting crypto-friendly banks. Crypto industry veterans also hold her responsible for the Silvergate Bank bankruptcy filed last week adding that how she’s lobbying for big market players. they also believe that Senator Warren has been the architect of Operation Choke Point 2.0 under the Biden administration.

Custodia Bank CEO Caitlin Long also wrote that he Warren faction within federal agencies attempted to shut down all crypto-focused banks. Every crypto-native bank on the list has either been closed or “voluntarily” scaled back, except for Custodia Bank. Custodia has survived and continues to fight.

Interstingly, it will be crucial to see whether Kamala Harris can take the batton and sideline Senator Warren with he anti-crypto agenda. Coinbase chief policy officer Faryar Shirzad said:

“In DC, Presidents send signals for good or for bad. Joe Biden, let it be known that Senator Warren controlled fin reg, so we had a mindless and destructive multi-year war against US innovation. Kamala Harris going out of her way to mention crypto should send a clear message that the Biden/Warren era of destruction is over. We should press for more, but her statement today means a lot and we should recognize that”.

XRP lawyer John Deaton, the Reublican nominee from Massdachutes is all set to take Elizabeth Warren in the upcoming presidential election. The first Deaton vs Warren debate will happen on October 15.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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