Thieves Momentarily Took Over Gate.io Twitter, Launching Giveaway

• Crypto exchange Gate.io was today’s target of bad actors.
• The scammers actively promoted a fake giveaway of 500,000 USDT.
• Four days ago, hackers exploited a Web3 multi-chain wallet stealing BNB worth $1.1 million.

Over a million users of the crypto exchange Gate.io were at risk of losing money after hackers took control of the exchange’s verified Twitter account.

The unknown hackers that took control of Gate.io’s account changed the URL of the website from Gate.io to gate[].com, promising a Tether (USDT) giveaway.

The fraudulent website actively advertises a fictitious giveaway of 500,000 USDT and requests that visitors connect their wallets (like MetaMask) to get the rewards. When people link their wallets to a fraudulent website, hackers can access their existing funds and start draining their assets.

Peckshield, a blockchain security researcher, confirmed the assault and warned users about the possibility of losing private keys. Nonetheless, Gate.io’s account is back, and all the fake giveaway posts have been removed. 

Furthermore, investors are encouraged to double-check the website URLs of the trading platforms to guarantee the integrity of the offerings at this time when cryptocurrency frauds are reaching an all-time high.

Four days ago, hackers exploited a Web3 multi-chain wallet, BitKeep Swap, stealing Binance Coin worth over $1.1 million (BNB). The incident supports Chainalysis’s claim that October 2022 will be the month with the highest volume of hacking activity. The analytics company claimed that in just October, 11 such thefts resulted in the loss of nearly $718 million in cryptocurrency from DeFi protocols.

Furthermore, the Federal Bureau of Investigation (FBI) of the United States recently warned that scammers increasingly use cryptocurrency ATMs to collect money from victims. According to the report, con artists utilize wire transfers, prepaid cards, and crypto ATMs to evade law enforcement. 

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