Hackers Takeover Gate.io Twitter Account to Promote Phishing Links

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Gate.io, an exchange platform is the latest victim of an exploit as the crypto space records another hit. According to a published notice from the solid exchange firm on October 22, hackers have taken over its official Twitter account, hence the need for it to officially suspend its account.

Hackers changed Gate.io’s Twitter account from Gate.io to gate.com, a fraudulent website impersonating the platform. Reportedly, the fake website was promoting a fake giveaway of 500,000 USDT. Also, users were asked to connect their wallets to claim the giveaway rewards.

Once their wallet is connected and the hackers have access to it, users stand a chance to lose funds and also end up losing their assets.

Gate.io Suspends Access to Platform to Protect users

According to a tweet on the same day by a blockchain investigator, PeckShieldAlert, Gate.io verified Twitter account was hacked. Several links showing the fraudulent giveaway were published on the phishing site. Over 1 million users were at risk of losing funds to the fraudulent act, although there is no information as to who the hackers are.

In a response to all of the trouble users are facing, Gate.io on its website said it has suspended its account.

The exchange also notified all its users about the hack and assured them that they will no longer have access to its page. Currently, the exchange is investigating the issue and working tooth and nail to make sure users regain access to their official Twitter account.

Twitter: a Ready tool for Hackers

It’s no longer news that hackers have often utilized social media platforms like Twitter to promote scams and lure unsuspecting users.

Earlier in September, a leading crypto exchange platform in India CoinDCX’s Twitter account was controlled by hackers for hours. The attackers used the compromised account with over 230,000 followers, to post a fake XRP giveaway plan with a phishing link.

Also just recently, hackers hijacked the Twitter account of a famous Spanish vocalist Bertin Osborne. With the account which has 162,000 followers, the attackers were retweeting posts from Brad Garlinghouse CEO of Ripple Labs promoting phishing links to lure unsuspecting followers.

Meanwhile Tesla billionaire, Elon Musk has agreed to go ahead with the acquisition of the micro-blogging site for an initial $54.20 per share after threatening to back out of the deal.                                                                                                                                                                                                                                                                      

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