April 25, 2024

Scammers Run Phony Giveaway Via Hacked Gate.io Twitter Handle 

Gate.io exchange users risk falling victim to a sham giveaway from frauds through the platform’s hacked Twitter account. The hackers require users to link their DEX wallets to the reward page to claim their share of 500,000 USDT. 

Hackers Cash In On Compromised Gate.io Twitter Account

Crypto project founders utilize social media as a stage to bring their innovations to the spotlight. This way, they can reach potential users and developers who form a community. But a common area of concern within the system is the practice of fraudsters stealing the medium to promote their gimmicks. 

Gate.io recently suffered a similar hazard. In the wee hours of Saturday morning, hackers seized control of the bourse’s Twitter page. But, first, they altered the site’s URL from Gate.io to gate.com. 

(Http://xn--gte-ipa.com/). It is masquerading as the website’s original account. Currently, the fake website is giving away 500,000 USDT while requesting users to connect their Trust or Metamask wallet to the site. Meanwhile, when users link their wallets to the site, the hackers access their holding and swipe whatever is there. 

Peckshield, a blockchain detective, looked into the attack and affirmed it was real. Furthermore, the investigator warned users about losing their private keys. 

Cointelegraph called out to authorities about the active scam. Meanwhile, the news platform is yet to receive information from Gate.io about a solution. 

Investors are urged to thoroughly examine an exchange’s URL to avoid getting caught up in a situation like this. 

Crypto Scams At An All-time High

Crypto scams have become a common incident within the digital space. Unfortunately, naïve individuals are losing money to these schemes. Unfortunately, most projects or giveaways hide under the guise of legitimacy to perpetrate these hideous acts. 

In 2022, several exchanges and investors fell victim to these devices. The Federal Bureau of Investigation (FBI) recently detected rising frauds executed through crypto ATMs. Immediately, the agency alerted investors and bade them be careful when they used these mechanisms. 

The agency further noted that fraudsters use prepaid cards, wire transfers, and crypto ATMs to evade detection. In addition, they would request a victim to pay taxes on these transfers, causing them to lose more funds. Notwithstanding, securities are tracking these entities to bring them to justice.

Some of the biggest crypto scams in 2022 happened via blockchain bridges. Chain analysis analytics firm revealed that over $2 billion had been stolen this year alone. Usually, hackers take advantage of bugs detected to penetrate a system.

While crypto bridges were designed to ease transactional activities, phishers have often exploited them to achieve their ends. The reason behind this is the frequent vulnerability of the system. For example, Normad crypto bridge got hacked in August, allowing hackers to steal away nearly $100 million worth of digital assets.

Coinbase researchers eventually discovered that ninety percent of the hackers’ wallets belonged to impersonators. They take the identities of the original hackers’ to duplicate their works. 

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