Hackers Post Fake Giveaway On Gate.io’s Official Twitter Account

Hackers Post Fake Giveaway On Gate.io’s Official Twitter Account

According to reports, hackers have taken over Gate.io‘s official Twitter account. After gaining control, the hackers changed the crypto exchange website, directing users who clicked it to a fake website. 

Hackers Use Gate.io Twitter To Promote Fake USDT Giveaway 

Twitter, a renowned social media network, is among the most efficient method for reaching out to members of the cryptocurrency community. Therefore, several crypto exchanges and firms have opened accounts on the platform to stay in touch with their online community.

Unfortunately, several hackers have used the platform to run various crypto scams and Ponzi schemes. Several platforms such as Beeple have had their Twitter accounts hacked following which the hackers promote crypto scams on them.

As per reports, hackers have gained control of Gate.io’s official Twitter page. Afterward, the hackers changed the crypto exchange’s website from Gate.io to “https://xn--gte-ipa.com/,” a fake website.

On the fake website, there is a post promoting a dubious 500,000 USDT giveaway. Users are asked to connect their crypto wallets, such as MetaMask, before they can claim their rewards. 

Furthermore, Peckshield, a blockchain investigator, confirmed the attack on its Twitter account. The investigator tweeted about the fake website warning users not to connect their wallets or risk losing their private keys. 

If users end up connecting their wallets to the fake platform, the hackers will be able to access their funds and then drain the assets. Hence, the latest attacks put users of Gate.io at risk as they might end up falling victim to the Tether giveaway scam. 

At a period when cryptocurrency frauds are expected to reach all-time highs, traders are urged to cross-check the website links of trading platforms to confirm that the deals being made are legitimate.

Earlier this week, Chainalysis Director of Research Kim Grauer, in an interview, commented on the increase in crypto hacks in recent months. According to Grauer, robust cybersecurity is needed to reduce the number of attacks on crypto platforms.

Increased Attack On DeFi Platforms 

Before now, Chainalysis reported that crypto hacks in 2022 would outpace that of 2021. Meanwhile, most of these hacks have targeted DeFi platforms majorly. 

Grauer noted that if this goes on, users will stop investing in DeFi platforms. Decentralized protocols have shown to be susceptible to vulnerabilities, in contrast to CEX, which has strengthened its resistance to crypto attacks. 

This is mainly because decentralized protocols are built on open-source code. However, the director argued that there are contracts that have demonstrated resilience to all forms of attacks. Hence, this shows that other platforms can remain secure.

Grauer opines that if enough resources are put into “perfecting” the code, decentralized protocols may eventually become safer than their centralized analogues.

Further, the Federal Bureau of Investigation (FBI) in the United States warned about how crypto ATMs are becoming increasingly popular with fraudsters as a method for stealing money from their victims.

According to the agency, criminals are using methods such as prepaid cards, wire transfers, and cryptocurrency ATMs to avoid being monitored by law enforcement. Hence, users are to exercise caution in cyberspace.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.