Tether CEO Warns of Crypto Airdrop Scam Emails

Scams and hacks have become increasingly frequent in the cryptocurrency industry.

Cryptocurrency users are being advised to be on high alert due to a recent surge in scam emails related to crypto airdrops. Paolo Ardoino, CEO of Tether, has sounded the alarm about a potential security threat following a data breach involving a major email list management provider commonly used by crypto firms.

In a post on X (formerly Twitter) on June 5, Ardoino revealed that Tether had received two independent confirmations about the compromise. Although he hasn't named the vendor yet, he warned users to be cautious about any emails suggesting crypto airdrops that they might have received in the past 24 hours.

To avoid falling victim to these phishing scams, Hakan Unal, a senior blockchain scientist at Cyvers, suggests that users double-check the authenticity of any suspicious emails. He also recommends enabling two-factor authentication (2FA) on crypto platforms to add an extra layer of security.

Just after Ardoino’s warning, CoinGecko co-founder and COO Bobby Ong shared similar concerns. He reported that multiple crypto companies, including CoinGecko, might be affected by this breach. According to Ong, phishing emails mimicking CoinGecko are being sent, misleading users about fake token launches.

“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 stated.

The cryptocurrency industry is no stranger to scams and hacks, which have become increasingly frequent. PeckShield reported that over $574 million worth of digital assets were stolen across multiple incidents in May 2024 alone, a staggering 666% increase from April. This trend highlights the critical need for heightened security and awareness among crypto users.

It is crucial for users to remain vigilant and take proactive steps to protect their digital assets. The warnings from Tether’s CEO Paolo Ardoino and CoinGecko’s Bobby Ong underline the importance of verifying the authenticity of emails and using robust security measures like two-factor authentication. Staying informed and cautious can help mitigate the risks posed by these phishing attacks, ensuring a safer environment for all cryptocurrency users.