Trusted

If You Got This Email From CoinTelegraph or Token Terminal, You Probably Got Scammed

2 mins
Updated by Ali Martinez
Join our Trading Community on Telegram

In Brief

  • Scammers impersonating CoinTelegraph and Token Terminal have swindled nearly $600,000 via fake airdrop campaigns.
  • The fraudsters transferred around $520,000 in ETH to Railgun’s mixer, indicating an attempt to conceal the funds' source.
  • MailerLite, an email service provider, reported that 117 accounts were compromised, leading to other phishing campaigns.
  • promo

In a sophisticated email phishing operation, scammers impersonating well-known cryptocurrency brands, including CoinTelegraph and Token Terminal, have swindled nearly $600,000 from unsuspecting victims. 

The scammers utilized fake airdrop campaigns to lure users into a trap, culminating in a significant financial heist.

Email Scams Hide Behind Renowned Crypto Brands

ZachXBT, a pseudonymous on-chain detective, revealed that in less than 10 hours, the scam amassed close to $600,000. Shortly after, blockchain analytics firm Nansen reported that the fraudsters transferred approximately $520,000 in Ethereum (ETH) to Railgun’s mixer. This suggests an effort to hide the source of the funds.

Phishing scams involving criminals mimicking reputable companies to extract personal information were at the heart of this operation. The perpetrators sent emails masquerading as communications from CoinTelegraph, Token Terminal, Wallet Connect, and De.Fi. This tactic allowed them to deceive users convincingly.

Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?

Nansen’s analysis disclosed that over $85,000 remained in the address where the stolen funds were initially deposited, spread across roughly 280 different tokens.

Net Worth of Email Scammers' Address
Net Worth of Email Scammers. Source: Nansen

This incident follows the JITO token airdrop that excited the crypto community, with average payouts of $10,000 to early adopters using Solana’s liquid staking protocol. The scam capitalized on the heightened interest in airdrops, with all phishing emails promoting similar fraudulent schemes.

The scammers orchestrated phishing attacks through MailerLite, an email service provider targeting the crypto market. The breach occurred after a support team member inadvertently provided the attackers access to MailerLite’s internal system. The attackers reset passwords, gained unauthorized control, and focused specifically on cryptocurrency-related accounts. 

MailerLite reported that 117 accounts were compromised, with a few used to launch additional phishing campaigns.

“Upon gaining access, the perpetrators executed a password reset for a specific user on the admin panel, further consolidating their unauthorized control. With this level of access, they were able to impersonate user accounts. The focus was exclusively on cryptocurrency-related accounts.” Mailerlite said.

Read more: 15 Most Common Crypto Scams To Look Out For

Following the breach, MailerLite has resolved the issue, terminated the access method used by the hackers, and pledged to enhance its internal processes and security training.

Top crypto projects in the US | October 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
3Commas 3Commas Explore
Uphold Uphold Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
3Commas 3Commas Explore
Uphold Uphold Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Harsh.png
Harsh Notariya
Harsh Notariya is an Editorial Standards Lead at BeInCrypto, who also writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created...
READ FULL BIO
Sponsored
Sponsored