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Gate.io Twitter Account Hacked to Promote Phishing Scam 

2 mins
Updated by Ryan Boltman
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In Brief

  • Gate.io’s Twitter account was compromised and used to promote phishing scams.
  • The crypto scam promised a $500,000 USDT giveaway.
  • Malicious players are increasingly using social media platforms for their scams.
  • promo

Gate.io Twitter account was hacked and used to promote phishing scams.

Update: 25 Oct. 2022 (13:00UTC): Gate.io have confirmed the phishing attempt and confirmed swift action was taken to prevent serious damage to users. Gate.io have also released an announcement, claiming that any affected users will be compensated for losses due to the breach of its Twitter account.

According to available information, the hackers changed the exchange’s official URL from Gate.io to gate.com.

Phishing Scams continue to target large accounts

The gate.com URL directed users to a landing page promising a $500,000 USDT giveaway. Users who connect their wallets to the site would have their assets stolen because it gives hackers access to the wallet.

Blockchain security firm PeckShield warned the community about the scam.

Gate.io Peckshield Phishing Scam
Source: Peckshield

Gate.io is one of the largest crypto exchanges in the industry. The centralized exchange had a trading volume of over $600 million in the last 24 hours, according to CoinMarketCap data.

Gate.io Regains Control of the Account

The exchange has regained control of the compromised account as of press time. The website URL has since been fixed and the scam promotional post removed.

Meanwhile, it was unclear whether anyone fell victim to the phishing scam attempt.

The prevalence of this kind of scam has led to several security experts warning investors to always confirm the URL before clicking.

Crypto Scams and Social Media

Phishing scams are prevalent in crypto. furthermore, hackers tend to use social media platforms for this purpose. Several social media accounts have been targeted by phishing scammers before.

Crypto accounts belonging to the entities such as Yuga Labs, Bored Apes, and several exchanges have also been hacked by phishing scammers.

Aside from the risks of account hacks, the prevalence of verified phishing bots has led many crypto personalities like Ethereum co-founder Vitalik Buterin, Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse to question Twitter policies.

Binance CEO Chanpeng Zhao recently disclosed that scammers were now buying accounts he follows for scam purposes.

US lawmakers questioned Meta-owned social media platforms on how they were combating crypto scams. According to the lawmakers, scammers now target social media for victims.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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