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CoinGecko Hit by Phishing Scam; Users Warned of Fake Airdrop

CoinGecko's account was compromised in a phishing attack on Jan. 10, exposing rising cybersecurity challenges in the cryptocurrency sector.
CoinGecko Hit by Phishing Scam; Users Warned of Fake Airdrop

Cryptocurrency data aggregator CoinGecko suffered a security breach on January 10, with their account falling prey to a phishing attack. This incident underscores the increasing cybersecurity threats facing the digital finance industry. During the attack, a fraudulent link promising a CoinGecko token airdrop was posted, misleading users. The company acted swiftly, removing the post and alerting users to avoid engaging with any suspicious content.

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CoinGecko Tactics in Recent SEC Account Breach

Moreover, this breach mirrors a similar incident that occurred a day earlier with the U.S. Securities and Exchange Commission’s (SEC) account. Investigations into the SEC account compromise revealed that scammers, exploiting the lack of two-factor authentication (2FA), posted false information about SEC Chair Gary Gensler approving Bitcoin spot exchange-traded funds (ETFs). However, the SEC had nodded to Spot Bitcoin ETF at press time. 

Although promptly deleted, these deceptive posts highlight the sophisticated techniques cybercriminals use to manipulate information in the financial sector.

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SIM-Card Swap Attacks

The cybersecurity community has raised alarms over the increasing frequency of SIM-swap attacks. This method involves imposters gaining control of a victim’s phone number, thereby accessing various linked accounts. Such tactics were evident in the recent hack of Ethereum co-founder Vitalik Buterin’s account. These incidents highlight the critical need for enhanced security measures like two-factor authentication, not just for individuals but also for corporate entities.

Read Also: Spot Bitcoin ETF Approved: Here’s Why Grayscale is the Biggest Winner

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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