Tether CEO Warns Crypto Users to Beware of Airdrop Scam Emails

The crypto industry faces a potential security threat that could target users through phishing emails.

Guy getting a migrane after scammy emails.
Created by Kornelija Poderskytė from DailyCoin
  • Tether CEO has warned of a potential security threat to the crypto industry.
  • The threat emanated from a possible hack on a popular email newsletter vendor.
  • Another industry crypto executive has shared Tether CEO’s concerns.

Tether CEO Paolo Ardoino said on Wednesday that the crypto industry faces a potential security threat emanating from an attack on a prominent email newsletter vendor.  

Ardoino’s warning comes as crypto hacks and scams continue to plague the industry, with PeckShield estimating that over $574 million worth of digital assets were stolen across multiple security incidents in May alone. This represents a surge of about 666% from April.

Supply Chain Email Breach

In an X (Twitter) post on June 5, Paolo Ardoino alerted the crypto community to a developing situation that might be targeting unsuspecting users.


“We received now 2 independent confirmations that a prominent vendor used by crypto companies to manage mailing lists might have been compromised,” the CEO wrote.

Citing incomplete investigation as the reason for “not making names yet,” Ardoino urged users to “beware of any emails suggesting crypto-airdrops received since 24h ago.”

Moments after Ardoino’s warning, CoinGecko co-founder and COO Bobby Ong appeared to share the same concerns, claiming there is an “ongoing supply chain email breach attack with an email newsletter right now.”

Ong stated that several crypto companies may be affected via email blasts of fake token launches, including CoinGecko, which is “actively working” with its vendor to investigate the extent of the breach.


“We have seen phishing CoinGecko emails being sent from other client accounts. There is no CoinGecko token being planned so don't be duped by the phishing emails.” Ong wrote.

Both Ardoino and Ong have yet to disclose the vendor’s name as of press time.

Read this article to learn about the safety of your crypto extensions:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.