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Scammers target investors with coordinated phishing emails

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TL;DR

  • Scammers have targeted investors in a series of phishing attacks leading to the theft of about $580,000.
  • Analysts call for vigilance amid increased phishing attacks.

In a recent cybersecurity incident, scammers targeted major Web3 companies, including Cointelegraph, WalletConnect, and Token Terminal, in a hacking and phishing attack. The attackers allegedly exploited vulnerabilities in the email service provider MailerLite, leading to the theft of over $580,000 from unsuspecting victims.

Investors lose $580,000 to scammers in phishing attacks

Cryptocurrency investigator ZachXBT highlighted a multichain address on Telegram, indicating that the stolen funds had reached $580,000 through a series of phishing emails. The compromised wallet contained a diverse range of 280 cryptocurrency tokens, with Ethereum constituting 86% of the portfolio, amounting to 227 ETH at the time of the report. WalletConnect, a key player in the Web3 space, issued a warning on social media platform X (formerly Twitter), acknowledging the phishing email that encouraged users to click on a malicious airdrop link.

Users of Web3 SocialFi and the antivirus app De.Fi were also targeted through an email promoting a launchpad launch, complete with a link to a fraudulent airdrop. Additionally, scammers announced a fake Token Terminal beta launch, enticing users with a button to claim a non-existent airdrop. Jess Houlgrave, COO of WalletConnect, revealed that the attackers utilized the company’s genuine email address to distribute phishing emails. WalletConnect is actively cooperating with MailerLite, the email service provider, which is currently investigating the breach.

Analysts call for vigilance amid increased phishing attacks

MailerLite is yet to disclose specific details on how the attackers exploited official email addresses. As of the time of reporting, Token Terminal and De.Fi have not provided any official comments on the situation. Insights from Web3 security firm Blockaid suggest that the attackers employed Angel Drainer, a wallet-draining software previously associated with the high-profile Ledger Connect Kit attack in December 2023. Investors and users are urged to exercise caution when confronted with unexpected airdrop announcements via email.

The recent incident underscores the need for heightened cybersecurity measures within the cryptocurrency and Web3 space to protect users from phishing attacks and fraudulent schemes. It is essential for companies operating in the cryptocurrency sector to strengthen their cybersecurity protocols and remain vigilant against evolving threats. The exploitation of MailerLite’s vulnerabilities raises concerns about the potential risks associated with relying on third-party service providers for email communication.

As the investigation unfolds, industry stakeholders should collaborate to share information on emerging threats and enhance collective security measures. This incident serves as a stark reminder of the persistent challenges faced by the cryptocurrency community in combating cyber threats and underscores the importance of proactive measures to safeguard user funds and sensitive information. The recent hacking and phishing attack targeting major Web3 companies highlights the vulnerability of the cryptocurrency ecosystem to sophisticated cyber threats. Users and investors are advised to stay informed, exercise caution, and adopt best practices to mitigate the risks associated with fraudulent activities in the digital asset space.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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