Gate.io exchange hacked but its not what you think – Katoch Tubes

Gate.io social account hacked

About Gate.io

Launched in 2013 and rebranded in 2017, Gate.io is  the leading cryptocurrency exchange in China.

The Twitter Hack

Gate.io social media account containing over a million followers has been hacked.  The hacker altered the URL  to promote a scam

What hacker posted?

Hacker promoted a fake 500,000 USDT giveaway urging users to connect Meta Mask wallet.

Motive behind the hack

By connecting the wallet to the giveaway scam. The hacker will get access to the user's fund and drain the account.

Common Phishing Attack

Acc. to audit firm Peckshield, this attack comes under the category of Phishing attack by misleading users to the fake website and draining assets.

Total Hacks in 2022

Acc. to a report by Chainalysis. Despite the bear market, the crypto hacks stands at over  $3 billion compared to  $2.1 billion in 2021.

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