Tether CEO and CoinGecko Co-Founder Alert Users to Ongoing Email Scams

Tether CEO Paolo Ardoino has warned crypto users about an ongoing email scam. The scam emails followed the breach of a prominent email vendor. CoinGecko co-founder and COO Bobby Ong has confirmed Ardoino’s claims.

Paolo Ardoino revealed that he received confirmation that a significant email vendor had been compromised. This vendor is commonly used by many crypto firms to manage their mailing lists. The ongoing scam involves crypto investors receiving emails that appear to be from these affected companies.

Details of the email scam

Crypto investors have been receiving emails notifying them of new airdrops. These phishing emails may have been circulating for more than a day. Following Ardoino’s warning, CoinGecko co-founder Bobby Ong confirmed their newsletter might be affected. Ardoino shared updates shortly after Ong’s comments, stating that the email vendor is experiencing a supply chain email breach attack. He advised investors to be cautious of emails received in the past 24 hours, warning about potential crypto airdrop scams.

We received now 2 independent confirmations that a prominent vendor used by crypto companies to manage mailing lists might have been compromised.

Not making names yet until investigation is completed, but please beware of any emails suggesting crypto-airdrops received since 24h…

— Paolo Ardoino (@paoloardoino) June 5, 2024

Crypto users have responded to Ardoino’s tweet, highlighting several suspicious emails. One Twitter user, Haska, shared screenshots of emails that appeared to be from the Binance Exchange platform. These emails were flagged as potential scams, labeled as Binance USD-M Futures Liquidation Call and Binance USD-M Futures Margin Call. However, these screenshots could also be a humorous response to Ardoino, pointing out the risks of Futures and Margin trading.

Coingecko’s response to the breach

Bobby Ong, co-founder and COO of CoinGecko has confirmed that the supply chain email breach attack may have affected their platform. CoinGecko is working with the vendor to determine the extent of the breach. Ong mentioned that they have noticed phishing emails from other client accounts. These emails falsely announced that CoinGecko plans to release a new crypto token. Ong denied these claims, stating that CoinGecko has no plans to release a new cryptocurrency token.

Advice for crypto users

Ardoino and Ong have urged crypto users to exercise caution in light of the ongoing email scam. They advised users to scrutinize emails and avoid clicking links or downloading attachments from suspicious sources. The warning protects investors from phishing attacks that could compromise their crypto assets.

The breach of the email vendor has raised concerns about the security measures in place for managing mailing lists. As the investigation continues, crypto firms are expected to enhance their security protocols to prevent similar incidents in the future.

Crypto users should remain vigilant and report suspicious emails to the relevant authorities. The cooperation between crypto firms and security experts is crucial in mitigating the risks associated with such breaches. By staying informed and cautious, users can protect themselves from these scams.

As the investigation unfolds, more details about the extent of the breach and the steps to address it are expected to emerge. Both Tether and CoinGecko are committed to ensuring the safety and security of their users’ information. The crypto community is closely monitoring the situation and awaiting further updates from the involved parties.

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