Tron (TRX) Price Surges Despite Recent Hack Targeting the Official Twitter Account

As Justin Sun's Tron network has undergone a significant upgrade, the TRX price has seen a major rally despite the recent hack.

As Justin Sun's Tron network has undergone a significant upgrade, the TRX price has seen a major rally despite the recent hack.

Also Read: TRON's TRX Price Remains Stable After Twitter Account Hack, Integration Completed

What Happened: The official Twitter account of Tron was hacked by scammers who used it to steal user funds. While Sun traced the stolen funds to OKX, he contacted them to freeze the assets.

"We urgently call on @okx to immediately freeze and investigate the fraudulent funds deposited following the illegal takeover of the @trondao Twitter account. We trust that OKX will act swiftly and responsibly, ensuring that its platform does not become a safe haven for scam proceeds," wrote Sun.

The TRX price is currently trading at $0.2482, up marginally by 1.6% over the last 24 hours and 7.2% over the past month. However, the price is down 0.6% over the past week despite a new upgrade to the Tron network.

TRX also reached a daily high of $0.2498 following the upgrade, but the Twitter hack saw the price pull back.

Tron Upgrade Completed: The Tron network, led by crypto entrepreneur Justin Sun, has successfully completed a significant upgrade, introducing Version 8.0 of the TRON protocol. This integration marks a pivotal moment in the evolution of the Tron ecosystem, aiming to unlock new possibilities for Web3.

The upgrade, named "Edge," is set to enhance the Tron network's capabilities in various domains, including smart contracts, cross-chain interoperability, and decentralized applications (DApps).

With the integration complete, the Tron network is equipped to handle a broader range of use cases and provide a seamless user experience.

The integration marks a significant milestone in the Tron network's journey, showcasing its commitment to innovation and user engagement. As the network enters this new phase, it is poised to unlock new opportunities for Web3 development and community engagement.

Why It's Important: The past few hours have seen a series of events unfold within the Tron ecosystem, notably the integration of Version 8.0 of the TRON protocol and a subsequent security breach on the platform's official X account.

Following the upgrade, the Tron ecosystem faced a setback with the compromise of its main Twitter account by scammers, who used it to promote a scam and steal user funds.

The scammers, who took over the official X account of Tron, stole funds and moved them to accounts allegedly linked to OKX, a top-tier cryptocurrency exchange.

In response to the scam and theft, Justin Sun, the CEO of Tron, made a public appeal to OKX to freeze the assets that were reportedly stolen by hackers from the Tron Twitter account.

"We request @okx to immediately freeze and investigate the fraudulent funds deposited following the illegal takeover of the @trondao Twitter account. Any cooperation from the exchange in this matter will be greatly appreciated," said Sun.

Further, seeking support from the investigation team, Sun exposed the scammer’s deposit address: EuzLBJdKCxYEPW7SDrn8GSaFkMEPxnW9Vk6fZr8ZrqwH. He also provided two transaction hashes.

In response to Sun's request, OKX Founder Star Xu stated that the platform will cooperate with relevant authorities and may freeze funds based on preliminary evidence. However, Xu added that continued freezing requires legal documentation from authorities.

"We will cooperate with authorities and may freeze funds based on preliminary evidence. For continued freezing, we need legal documentation from authorities," said Xu.

Despite these incidents over the past few hours, the TRX price remains stable, trading in a green zone.