How to Stay Safe From Phishing in Crypto Mailing List Hack

By: Antonio Smith / June 6, 2024

A vendor email compromise has led to ongoing phishing attacks targeting crypto users. Here’s how to stay safe.

Tether CTO confirms vendor email system compromise affecting crypto firms.
Fake crypto-airdrop emails sent to users in sophisticated phishing attacks.
Industry urged to increase security measures and user awareness.

Crypto companies have long been targets of various hacks and scams due to the complexity of the industry and the amount of money involved. However, the latest breach has put the industry on high alert, due to the sheer magnitude of those potentially affected.

Major crypto companies, including Tether, have warned users about a crypto mailing list hack, which put users at risk of sophisticated phishing scams.
Mass Crypto Phishing Attack Underway
On Wednesday, June 5, Paolo Ardoino, CTO of Tether, revealed a major vending email compromise (VEC) leading to phishing attacks. In particular, a prominent company managing mailing lists for many crypto companies suffered an attack. Ardoino also claimed that the breach led to phishing attacks claiming to be crypto airdrops.

At least one crypto news site may have been affected by the breach. Bobby Ong of CoinGecko revealed that the news site might be affected, which means users who subscribed to their mailing lists may get phishing emails.
These fake crypto airdrops aim to deceive recipients into clicking on malicious links or providing sensitive information. By connecting their wallet to a supposed airdrop website, users can lose all their held crypto. Both Ardoino and Ong urged users to be skeptical of any airdrop requests they receive via email.
How to Stay Safe From Phishing Attacks
Phishing attacks, particularly those stemming from Vendor Email Compromises (VEC), pose significant risks to users, especially in crypto. To protect themselves, users should follow these steps:
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Verify the Sender’s Email Address
Phishing emails often come from addresses that look similar to legitimate ones. However, they will have slight variations, including misspellings. Never interact with any email which does not come from the official website of a trusted company.
Avoid Clicking on Suspicious Links
Phishing emails contain links that direct you to fake websites that look legitimate but are malicious. Before clicking on any link, hover over it to see the URL. If it looks suspicious or unfamiliar, do not click on it.
Avoid Airdrops
Be extremely cautious with emails suggesting crypto airdrops. Airdrop scams are common, where attackers lure victims with promises of free tokens. If an offer seems too good to be true, it probably is. Always verify airdrop promotions through official channels before taking any action.
Report Suspicious Emails
Report any suspicious emails to your email provider and the purported sender. For example, if you receive a phishing email pretending to be from Coinbase, forward it to their official security team. Also, report the sender as spam in your email service.
By following these simple steps, you can reduce the likelihood of falling victim to any phishing scam, including the latest mailing list breach.
On the Flipside
Security continues to be a top concern in crypto. For instance, hackers stole $574 million in crypto across just 30 hacks in May alone.
In April, Etherscan users were targets of phishing ads, directing users to fake websites to steal their funds.
Why This Matters
Phishing scams can have catastrophic consequences for users, leading to total losses of their portfolios. Getting educated about them is crucial for crypto traders.

A vendor email compromise has led to ongoing phishing attacks targeting crypto users. Here’s how to stay safe.

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