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.
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  • 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 CEOโ€™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.ย ย 

Ardoinoโ€™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.

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โ€œWe received now 2 independent confirmations that a prominent vendor used by crypto companies to manage mailing lists might have been compromised,โ€ the CEO wrote.

Citing incomplete investigation as the reason for โ€œnot making names yet,โ€ Ardoino urged users to โ€œbeware of any emails suggesting crypto-airdrops received since 24h ago.โ€

Moments after Ardoinoโ€™s warning, CoinGecko co-founder and COO Bobby Ong appeared to share the same concerns, claiming there is an โ€œongoing supply chain email breach attack with an email newsletter right now.โ€

Ong stated that several crypto companies may be affected via email blasts of fake token launches, including CoinGecko, which is โ€œactively workingโ€ with its vendor to investigate the extent of the breach.

โ€œWe 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.โ€ Ong wrote.

Both Ardoino and Ong have yet to disclose the vendorโ€™s name as of press time.

Read this article to learn about the safety of your crypto extensions:
Are Your Crypto Extensions Safe? $1M Binance Hack Reveals Risks

Stay updated on DMM Bitcoinโ€™s $300M exploit:
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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.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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