Key takeaways

  • Two social media accounts that are affiliated with Baby Doge Coin (BABYDOGE) were hacked, with the community noticing a strange post from Baby Doge NFTs and Baby Doge Swap

  • Baby Doge Coin’s main Twitter account remains safe, and the team posted an update that clarified the situation and encouraged the crypto community to always avoid suspicious links

  • The price of BABYDOGE is expected to retrace -7% in the next 5 days, while the long-term price prediction remains positive

Baby Doge Coin shares update and warns the crypto community against clicking suspicious links

Baby Doge Coin (BABYDOGE) has been the victim of a social media hack on 26th October after two accounts that are affiliated with the project began to promote fake NFT airdrops that acted as a phishing attempt.

The accounts in question were Baby Doge NFTs and Baby Doge Swap — not the main Baby Doge Coin Twitter account which remains under the control of the project. Following the attack, Baby Doge Coin released a statement to warn its community against interacting with any suspicious links posted by Baby Doge NFTs or Baby Doge Swap.

Reminder: WE DO NOT DO AIRDROPS

— Baby Doge (@BabyDogeCoin) October 26, 2023

Phishing attacks such as this have become increasingly prevalent on social media, with hackers using a SIM-swap technique that provides unauthorized access to the social media pages of prominent accounts.

Another high profile example of this occurring was in early September, when Ethereum founder Vitalik Buterin was the subject of a similar attempt. Buterin’s account posted a suspicious advert for an NFT airdrop before the community gained confirmation that his Twitter had been hacked.

The SIM-swap technique targets mobile network operators in a bid to gain access to a mobile number that is linked to social media. The crypto community should always be wary of clicking unauthorized links. Hacking attempts can seem like normal social media posts, so it’s important to stay on guard when interacting with any external files if there are doubts.

How crypto users can spot suspicious links and protect themselves against malicious activity

Baby Doge Swap posted what might seem like a normal NFT promotion to the untrained eye. The post read, “The clock is ticking, don’t miss out.” which is familiar phrasing used in the organic promotion of limited supply assets. Posts such as this provide another reminder of how important it is that investors do their due diligence before committing to any purchases.

A Twitter post that promoted a fake NFT airdrop from Baby Doge Swap

If there are any doubts about the trustworthiness of particular assets or projects, users are advised to avoid interacting at all and even report the account. No real crypto project will contact the community asking for personal information, and users should always be suspicious of anything that is given away for free.

One effective method for reducing the possibility of funds being lost is to create an empty Metamask wallet for new on-chain interactions. This can help to protect your long-term crypto investments and contain any risks to a near $0 amount, meaning that you’ll never lose control over the assets that are held in self-custody.

To learn more about how to keep your crypto assets safe, you can check out our article How to secure your crypto.

BABYDOGE forecasted to continue its climb despite short-term retrace after the hack

The price of BABYDOGE was peaking at the time of the hack. BABYDOGE had risen +5% since its low on 24th October, and was +37% up from its mid-October lows. The CoinCodex price prediction algorithm forecasts a continued climb from BABYDOGE over the coming weeks, after a brief retrace takes place over the next few days.

The 5-day price prediction for BABYDOGE is a -7% retrace that would take the meme coin back to support at the $0.00000000115 price level. After 30 days, BABYDOGE is expected to break-out from its current range and target another trend high at $0.000000001361 — a +9.94% price increase from the current level.

1-month price prediction for BABYDOGE

Bottom line: BABYDOGE expected to regain control over its Twitter accounts, but investors should always be wary of malicious activity

Baby Doge Coin had been enjoying some positive price action before the security breach took place. While social media users are encouraged to set-up 2FA (two-factor authentication) in order to secure their account, no cyber security function is impenetrable.

Hackers seem to have found a method of breaching social media accounts while bypassing the user in question, which is something that all crypto investors need to be wary of. SIM-swaps mean that any suspicious social media post could well be a phishing attempt — make sure to always do your due diligence and take as many precautions as possible when interacting with on-chain services.

For BABYDOGE, the price forecast remains positive over the mid to long term. The project’s main social media account was kept safe and the team responded swiftly to the breach to keep the community safe under the circumstances. Over the next month, BABYDOGE’s positive price action is expected to continue.

If you want to gain exposure to the dog meme-themed cryptocurrency, consider checking out our Baby Doge Coin investment guide.