On January 10 th , two phishing attacks targeted Twitter accounts of popular cryptocurrency world institutions, namely CoinGecko and the US Securities and Exchange Commission SEC .
CoinGecko X account, a temporary display of a fraudulent air drop link appeared in the account and while SEC promoted non-existent Bitcoin ETFs. Both messages were shortly removed, and the accounts regained control.
The SEC admitted that their liability was attributed to the absence of two-factor authentication (2FA) on the X account which enabled attackers “leverage a compromised phone number associated with an Internet protocol address linked to it. This underlines the need for effective security systems, especially among financial institutions managing confidential monetary account data.
Examples like these are a stern reminder that the threat of phishing is very much present in Web3 even high-profile accounts can be compromised. Caution should be taken by users when interacting with social media posts, links and announcements to ensure that information is checked through official channels.
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