X Account Hacks on the Rise

Litecoin's ( LTC ) X social media account was briefly compromised on Jan. 11 by a scammer promoting a fraudulent Litecoin token on the Solana network.

"LTC is now in Solana," the hacker wrote in a now-deleted and grammatically incorrect post, which featured a contract address and a pump.fun link to the scam token.

The Litecoin team announced in an update that it had regained control of the account and stated that the hack was caused by a compromised delegated account, which had since been removed.

There have been several X account hacks in recent months, with the victims being duped into promoting fake tokens or clicking on phishing links that ultimately lead to the theft of funds and sensitive data.

Litecoin is a decentralized cryptocurrency created in 2011 by former Google engineer Charlie Lee. It's among the oldest cryptocurrencies still in existence today, and it serves as a testing ground for new technologies before they're implemented on Bitcoin ( BTC ). Litecoin's faster block times and lower transaction fees make it suitable for everyday use and small transactions.

As of Jan. 12, Litecoin is trading at $104.75, down 2.08% over the past 24 hours and up 34.86% from its all-time high of $154.05, reached in December 2017, according to CoinMarketCap.