Crypto hack: a hacker targets users of the Gate.io exchange

Hacks, always hacks – Web3 hackers and scammers are doubling down on their wits. Indeed, the latter explore the smallest flaw to extract their precious cryptocurrencies for their victims. Crypto platform Gate.io paid the price after a phishing campaign.

See the situation update and statement from Gate.io on October 28 at the bottom of the article

Gate.io victim of a phishing campaign

With over $400 million in daily volume, Gate.io is the fifth largest cryptocurrency exchange. Faced with such success, it turns out to be a prime target for fraudsters.

Thus, on October 22, the company PeckShield Gate.io announced that it is The Twitter account was compromised. Indeed, the Twitter account @gate_io with 1.1 million followers has has published a surprising post on Twitter.

PeckShield Gate.io Hack Alert on Twitter – Source: I tweet.

In its tweet, the account announces a giveaway campaign with key 500,000 USDT. Surprisingly, the tweet is accompanied by a link to a URL that may belong to Gate.io.

However, the address has a obvious typowith a cedilla in the “a” of Porta.

In addition, the attacker also modified the website present in Gate.io’s Twitter bio.

Gate.io website changed to bio.
Gate.io website changed to bio.

>> Play safe, sign up to FTX crypto exchanges reference (commercial link) <

What is a phishing attack?

No doubt you will have realized that this is one phishing link. As always in the case of phishing attacks, the link refers to a website that looks the same as the official website of the trading platform.

However, this fake site aims to steal your platform credentials to steal your funds. In some cases, these attacks prompt you to link your wallet to a fraudulent site to steal NFTs and cryptocurrencies.

These attacks have become extremely prevalent in the crypto ecosystem over the past few months. In practice, this type of attack takes place in two stages.

First, attackers find a way to get a social media account with a lot of followers. Once the account is in their possession, they can start the phishing campaign by mass publishing links to fake gifts, airdrops or even whitelists.

Of course, there are methods to avoid falling for this type of scam:

  • If the offer turns out to be too good, chances are it’s a scam;
  • It is essential that you always verify the authenticity of the links you click on.

However, spoofing social media accounts is not the only entry point for these scammers. In this way, other methods have been observed, such as deceptive NFT air releases.

October 28 update: Gate.io said in a press release that, after its account was hijacked, the platform acted quickly in cooperation with Twitter.

The situation quickly returned to normal and this incident did not have significant effects on the platform and its users. Additionally, the fake phishing site has been taken down. Gate.io announces that “In response to attempts by phishers to use malicious tactics to trick users into clicking on fake links, Gate.io will pay more attention to the situation and work closely with Twitter to strengthen security management.

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