Users Of Gate.io Are Putting Themselves In Danger As Scammers Fake A Giveaway On A Hacked Twitter Account

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Last Updated on October 24, 2022 by Bitfinsider

Over one million users of the cryptocurrency exchange Gate.io are at risk of losing assets due to a bogus Tether (USDT) giveaway that has been going on since hackers gained control of the official Twitter account of the company.

Twitter, a social media network, is the most efficient method for reaching out to members of the cryptocurrency community. As a direct consequence of this, the practice of breaking into the official Twitter handles of verified accounts in order to spread hoaxes is becoming increasingly common.

Hackers from an unknown location took control of the Twitter account for Gate.io and changed the website’s URL from gate.io to gte.com (https://xn—gte-ipa.com/). gte.com is a fraudulent website that impersonates the exchange and steals users’ cryptocurrency.

Users are being asked to connect their wallets (such as MetaMask) in order to claim the rewards on the bogus website, which is actively pushing a fake giveaway of half a million USDT. Hackers will be able to access a user’s existing funds and assets as soon as they connect their wallet to the fraudulent website. This will result in the assets being depleted.

In a time when cryptocurrency frauds are expected to reach all-time highs, investors are urged to perform a cross-check of the website URLs of trading platforms to confirm that the offerings being made are legitimate.

Related: the DAO forum of Mango Market is getting ready to ratify the $47 million settlement with the hacker.

The Federal Bureau of Investigation (FBI) in the United States issued a warning about how crypto ATMs are becoming increasingly popular with con artists as a method for stealing money from their victims.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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