SAT20 Labs Twitter Account Compromise
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SAT20 LABS has been exploring innovative asset issuance and circulation models built on the native bitcoin blockchain. On July 25th, their Twitter account posted about a trading platform with software which users were to install. Their account was compromised, and this was a phishing attempt to get users to install malware which would drain their wallets. The project ultimately acknowledged the breach and apologized publicly, however they do not have the resources to assist victims in a meaningful way.[1][2][3][4][5][6]
About SAT20 Labs
"One sat. One world. Discover and create the value of sat so that everyone can experience and enjoy the fun of it."
"SAT20 LABS is a research laboratory dedicated to exploring innovative asset issuance and circulation models on the Bitcoin network. Through extensive and in-depth research, we have gradually established the "secure, economical, and efficient" SAT20 asset issuance and circulation protocols. We always adhere to the "satoshi-standard" and "one coin, one satoshi, mandatory binding" model, aiming to achieve a secure and standardized token issuance framework within the Bitcoin network. Our research focuses on FT, NFT,SFT,DID, DOB, and other asset models.
Our work will greatly enrich the Bitcoin ecosystem, drive innovation, and provide momentum for the development of the digital economy. We firmly believe that asset models based on Bitcoin will provide strong support for the digital economy, bringing more opportunities and possibilities."
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
"On July 26th, the official Twitter account of SAT20 Labs was hacked, and the attacker posted tweets containing links to install malware."
| Date | Event | Description |
|---|---|---|
| July 25th, 2024 6:48:00 PM MDT | Twitter Warning | A post is made to warn the community that the Twitter is hijacked and to avoid any registration links. |
| July 29th, 2024 5:20:00 AM MDT | Sat20 Acknowledgment | The Sat20 team acknowledges the exploit and that damage was caused to some user assets after they installed the malware at the link. |
| July 29th, 2024 5:35:00 AM MDT | Criticism Of Users | The Sat20 protocol further criticizes users for installing software of unknown origin or clicking on any links, calling the Internet a "dark jungle". |
| July 30th, 2024 1:09:00 AM MDT | Delays Noted In Update | The Sat20 protocol releases an update on their project, noting that work has been significantly delayed by the hacking problem. |
| July 30th, 2024 8:04:00 AM MDT | Work Resumes Further | The first tweet which doesn't reference the hacking incident in any capacity. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Total Amount Lost
The total amount lost is unknown.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
"The official account of sat20 has been stolen, don’t trust any registration link."
Ultimate Outcome
"Because this Twitter account was hacked in the early morning of July 26, the scammers released Trojan software on the official Twitter account, causing many people to download and install Trojan software, resulting in certain asset losses. We deeply regret and apologize. Although we have issued relevant warning information through the accounts of some community members and partners as soon as possible, and contacted the security team to assess the risks, it still led to the transfer of some user assets.
Because our team is still very weak, core resources still need to be invested in protocol development and construction. We are temporarily unable to provide more resources to compensate and promise users who have caused losses. We hope that community members can tide over the difficulties with us, continue to work together, and provide best practices for the issuance and circulation of assets in the BTC ecosystem. In addition, please DM us if you have suffered losses in this incident. On the one hand, let us understand the overall situation, and on the other hand, we need to remember everyone's support for us and give back to our most loyal supporters when we are able."
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ SlowMist Hacked - SlowMist Zone (Accessed Aug 8, 2024)
- ↑ SAT20 Protocol (Accessed Aug 14, 2024)
- ↑ sat20 · GitHub (Accessed Aug 14, 2024)
- ↑ @guanxing4757 Twitter (Accessed Aug 14, 2024)
- ↑ @SAT20Labs Twitter (Accessed Aug 14, 2024)
- ↑ @SAT20Labs Twitter (Accessed Aug 14, 2024)