Tether CEO and CoinGecko co-founder warn of ongoing email scams

Tether CEO Paolo Ardoino has warned crypto users on Twitter about an ongoing email scam. The scam emails were sent out following the breach of a prominent email vendor. CoinGecko co-founder and COO Bobby Ong backs up Ardoino’s claims. 

Also Read: Tether Now Ranks 19th in U.S. Treasury Holdings, Ahead of Germany

Paolo Ardoino shared that he received two independent confirmations that a prominent email vendor had been compromised. The email vendor is apparently one of the go-to vendors for many crypto firms. The vendors manage the mailing lists of different crypto companies. In the ongoing scam, crypto investors received emails addressed from the affected crypto companies.

Crypto investors reportedly received emails notifying them of new airdrops. The potential phishing emails may have been going on for more than a day. Following Tether CEO Paolo Ardoino’s warning, CoinGecko, cofounder and COO, has also confirmed that its newsletter may have been affected.

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

Tether CEO warns crypto users of potential scam

Ardoino gave an update shortly after Bobby Ong’s comments about the potential breach. According to the CoinGecko co-founder, the email vendor is experiencing a supply chain email breach attack. He also asked investors to be weary of emails received over the last 24 hours. “Not making names yet until investigation is completed, but please beware of any emails suggesting crypto-airdrops received since 24h ago,” Paolini warned in a recent tweet.

Crypto users have responded to Ardoino’s tweet, citing several emails they suspect to be scams. A Twitter user, Haska, responded with screenshots from emails that appeared to be from the Binance Exchange platform. In this particular comment, Haska highlighted Binance USD-M Futures Liquidation Call and Binance USD-M Futures Margin Call emails that he described as potential scams.

However, the screenshots could also be a humorous response to Paolo Ardoino, complaining about how Futures and Margin trading are risky and often drain crypto traders’ accounts.

CoinGecko co-founder and COO confirms breach

Bobby Ong also posted on his X account saying, “PSA: There is an ongoing supply chain email breach attack happening with an email newsletter vendor right now. Several crypto companies may be affected via email blasts of fake token launches. Be careful with email newsletters in the coming days.”

Also Read: CoinGecko Research: Over 20% of Top Cryptos Are Low Float

The CoinGecko co-founder and COO also mentioned that the supply chain email breach attack may have affected the crypto data platform. The crypto data company has announced that it is working with the vendor to determine the extent of the attack.

Bobby Ong also added that they had noticed CoinGecko phishing emails from other client accounts. The phishing emails reportedly announced that the company is planning to release a new crypto token. The COO and co-founder denied the claims, stating that CoinGecko does not plan to release a new cryptocurrency token.

Cryptopolitan reporting by Collins J. Okoth