Token decreased by nearly 10% on Saturday after Kaito and founder Yu Hu regained control of their X account.

The native token of the InfoFi network decreased by nearly 10% on Saturday, after the network's X account and founder Yu Hu's account were hacked. The hacker then spread unsubstantiated rumors about the project's token.

"We have regained control of the X account," founder Kaito, Yu Hu, shared on X. "To reiterate - KAITO wallets remain safe... we are investigating the mode of intrusion."

Sandra Leow, a research partner of the project, said: "They waited until Yu Hu's bedtime to execute it." Kaito's official X account also confirmed the intrusion and reassured that Kaito wallets remain under tight control.

The KAITO Token dropped nearly 10% before quickly recovering. The decline occurred after the project's X account posted a warning about "unusual activity in multiple wallets associated with Kaito AI." Yu Hu's account also spread unfounded rumors that "the fund is currently not safe. Please be cautious." Both posts were later deleted.

Blockchain data shows no large transactions occurred after these posts.

"While we have implemented stringent security measures, this incident appears to be similar to recent Twitter account hacks," the project's X account announced after the incident. "We will provide further updates as new information becomes available."

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The article Kaito and Yu Hu's X account hacked, spreading rumors about token supply first appeared on CoinMoi.