Tapio Finance’s Discord server suffers security breach

Tapio Finance’s Discord server has suffered a security breach, with the hackers posting the link to a phishing site on the platform.

Tapio Finance’s Discord targeted by hackers 

Tapio Finance, a synthetic asset protocol in the Ethereum (ETH) ecosystem, is the latest decentralized finance (defi) protocol to get targeted by bad actors. 

Tapio claims to be on a mission to serve as the ‘middle layer” for liquidity between liquid staking protocols and other applications within the decentralized finance space. 

CertikAlert, a blockchain security and analytics platform, first announced the security breach news earlier today.

The Tapio Finance team has confirmed the incident via Twitter, urging users to refrain from interacting with links on their Discord server. Some platform users had already been impacted by the security breach, losing unspecified amounts of crypto to the bad actors.

Phishing scams on the rise 

While Chainalysis’ mid-year report for the web3 ecosystem reveals that scams reduced significantly during the first half of 2023 as compared to the same period in 2022, the researchers, however, noted that impersonation scams accounted for a large chunk of fraudulent activities so far this year. 

The social media accounts of influential crypto market participants and web3 platforms are increasingly becoming targets for bad actors who orchestrate phishing scams to bilk unsuspecting victims.

As reported by crypto.news last April, KuCoin users lost over $22,000 worth of crypto to bad actors after participating in a scam scheme posted on the exchange’s Twitter handle.