NBA and NASCAR X Accounts Hacked in Cryptocurrency Scam
The official X accounts of the NBA and NASCAR were hacked by scammers who falsely claimed that both organizations were launching their own cryptocurrencies.
On Tuesday, fraudulent posts appeared on the NBA’s main profile and various regional accounts, while similar messages were posted on accounts linked to NASCAR’s key competitions, including the NASCAR Cup. These posts falsely announced the launch of “$NBA” and “$NASCAR” coins on the Solana blockchain, accompanied by a fake press release.
One of the fraudulent messages stated, “The NBA is taking the game to the next level. Introducing $NBA Coin – our official digital asset on Solana designed to enhance fan engagement and the future of sports transactions,” along with a link to a contract address.
Although the NBA attempted to remove the misleading posts, the hackers managed to repost them multiple times before the issue was resolved.
This incident is part of a growing trend of cyberattacks targeting high-profile individuals and organizations, with scammers exploiting their credibility to deceive users into investing in fake crypto assets.
Reports indicate that cryptocurrency scams generated at least $9.9 billion in 2024, a 40% increase from the previous year. Analysts predict that this number could rise to $12.4 billion as more data becomes available.
The Growing Cybersecurity Challenge for Sports Organizations on Social Media
Sports businesses and institutions hold a unique position due to the deep loyalty, passion, and trust they generate among fans. This makes them highly attractive to brands looking to form commercial partnerships with athletes, teams, and events.
Given this influence, it’s no surprise that social media accounts with millions of followers are prime targets for scammers. In fact, concerns over hacking and potential negative publicity initially made many sports organizations hesitant to embrace social media. However, the benefits have ultimately proven to outweigh the risks.
With such a powerful presence comes a significant responsibility. Sports organizations must prioritize strong cybersecurity measures, especially in managing account access and protecting sensitive credentials. However, social media platforms also share the responsibility of safeguarding their users.
While cryptocurrency scams can occur on any platform, this latest hack is part of a growing trend of security issues affecting X (formerly Twitter) since Elon Musk’s acquisition in 2022. If sports organizations determine that a platform poses more risks than benefits, they may ultimately choose to disengage.
