Gate.io Twitter account was hacked and used to promote phishing scams.
According to available information, the hackers changed the official URL of the exchange from Gate.io to Gate.com.
Phishing scams continue to target large accounts
The Gate.com URL directed users to a landing page promising $500,000 USDT giveaway. Users who link their wallet to the site will have their assets stolen as it gives hackers access to the wallet.
Blockchain Security Firm PeckShield warning About the community scam
Gate.io is one of the largest crypto exchanges in the industry. According to data from CoinMarketCap, the centralized exchange had more than $600 million in trading volume in the past 24 hours.
Gate.io regains control of the account
As of press time the exchange has regained control of the compromised account. The website URL has since been corrected and the scam promotional post has been removed.
Meanwhile, it is not clear whether anyone has fallen victim to the attempted phishing scam.
Due to the prevalence of such scams, many security experts warn investors to always verify the URL before clicking.
crypto scams and social media
Phishing scams are prevalent in crypto. In addition, hackers use social media platforms for this purpose. Several social media accounts have been targeted by phishing scammers in the past.
Crypto accounts belonging to entities like Yug Labs, Bored Apps and several exchanges have also been hacked by phishing scammers.
In addition to the risks of accounts being hacked, the prevalence of verified phishing bots has prompted several crypto personalities such as Ethereum co-founder Vitalik Buterin, Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse to question Twitter policies.
Binance CEO Chanpeng Zhao recently revealed that scammers are now buying accounts they follow for scam purposes.
US lawmakers questioned the Meta-owned social media platform about how they were combating crypto scams. According to lawmakers, scammers are now targeting social media for victims.
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