Security Breach at CoinGecko: Phishing Attack Compromises X Accounts

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CoinGecko, a prominent cryptocurrency data aggregator, experienced a security breach on January 10, when its X (formerly known as Twitter) account and terminal were compromised by a phishing attack.

The company quickly responded to the incident, stating, “We’re taking immediate steps to investigate the situation and secure our accounts.” CoinGecko also issued a warning to its users, advising them not to click on any links or engage with suspicious content.

Phishing Attack on the CoinGecko X Account

During the breach, a phishing scam link was posted on CoinGecko’s X account, falsely informing users about a CoinGecko token airdrop. The fraudulent post was promptly deleted after its discovery.

Our Twitter accounts @CoinGecko and @GeckoTerminal have been compromised. We're taking immediate steps to investigate the situation and secure our accounts.

Please DO NOT click on any links or engage with suspicious content. Your security is our top priority.

We'll keep you…
— CoinGecko (@coingecko) January 10, 2024

This incident follows a similar breach that occurred on January 9, involving the United States Securities and Exchange Commission’s X account. Scammers had posted a message falsely attributed to SEC Chair Gary Gensler, claiming the approval of multiple Bitcoin spot exchange-traded funds (ETFs). This post was also removed, and it was confirmed that no such ETFs had been approved by the SEC at the time.

Post-Mortem Analysis of the SEC Hack

X, in a post-mortem update of the SEC hack, clarified that the breach was not due to any attacks on its infrastructure. Instead, it was attributed to the lack of two-factor authentication (2FA) on the SEC’s account. The breach occurred when an unidentified individual gained control over a phone number associated with the @SECGov account through a third party.

We can confirm that the account @SECGov was compromised and we have completed a preliminary investigation. Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number…

— Safety (@Safety) January 10, 2024

SIM-card swap attacks have been a recurring problem within the Web3 community. These attacks involve imposters posing as the genuine owners of an account and contacting telecommunications providers to transfer the victim’s phone service to a number under their control. This enables them to access social accounts linked to the phone number. A notable example includes a breach of Ethereum co-founder Vitalik Buterin’s X account in September 2023, which was also the result of a phishing attack.

CoinGecko’s experience underscores the ongoing security challenges in the digital asset space and the importance of robust security measures like two-factor authentication to safeguard against such threats.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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