The boss of Tether Company warns against fraud after the hack of this platform!

Paolo Ardoino, CEO of Tether, has warned that CoinGecko, a leading provider of information on the cryptocurrency industry, has been hacked. Users therefore risk being scammed in the coming months.

CoinGeko and Tether sound the alarm

Yesterday, Wednesday June 5, Paolo Ardoino, CEO of Tether, alerted his followers on Twitter of the potential hack of CoinGecko. This is a major provider that cryptocurrency companies use to manage their listings.

Shortly after, the company's co-founder confirmed... CoinGecko facts. It also told its users that no CoinGecko tokens are expected to be released in the coming weeks. Contrary to what some fraudulent emails suggest.

Both officials warned of the phishing risks that users could face in the coming weeks. To protect themselves, users are advised to verify the authenticity of the emails they receive and ensure that the links they redirect are secure. As well as enabling two-factor authentication on all their accounts and staying vigilant.

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Although Paolo Ardoino chose not to disclose further details, preferring to await the results of the investigation, he suggested that it could be an "attack targeting the supply chain of the industry cryptocurrencies”.

It is encouraging, however, that communication has become responsive in such cases. This allows for immediate response to incidents and therefore achieves better results.

Fraud in the digital currency sector, significant growth in 2024

There is no doubt that fraud and hacking remain among the biggest concerns in the cryptocurrency industry. In May, incidents reached an alarming level, with more than 30 breaches and nearly $574 million lost. This represents a significant increase of 666% from April, according to PeckShieldAlert data.

In 2024, phishing attacks against users will become more sophisticated. Hackers take advantage of context Geopolitics Using emotional tactics, including posing as humanitarian organizations seeking to help Ukrainian children. This has led to a 7-fold increase in the number of phishing messages since the start of the conflict in Ukraine.

This increase is also due to advances in extended language models (LLM) and generative AI, which help create more credible and relevant phishing emails.

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Finally, as we can see, one of the most common approaches consists of attacking third-party services or tools in order to exploit a weak link and thus infiltrate the target service more easily.