At the end of the year, the crypto industry is in real turmoil. Between the fall of FTX and the tumble of top-notch cryptos, it’s time for expectation. In addition, Binance and Kraken are cold and to make matters worse, Circle has just launched a scam alert for USDC users. The platform warns customers against scammers who specifically target stablecoin users. The sponsors of this scam would try to excite, through a phishing campaign, users to transfer tokens to addresses deemed suspicious.
Circle exposes scammers disguised as white collar!
Circle, the company behind USDC, tweeted surprisingly. The platform warns all USDC users. Indeed, scammers would be at work to defraud their cryptoassets. These bad guys use a phishing technique that tricks token holders into transferring their assets into malicious accounts. To appear convincing, these scammers would pose as employees of Center, a consortium owned by Circle and Coinbase.
Circle also denies the idea that there is a new version of USDC token on the market. The tweet in question reads the following statement: “PSA WARNING: An active phishing campaign is trying to trick users into forwarding #USDC tokens to malicious addresses. The scammers claim to be from the Center. There is no new version of USDC in the market. Please don’t fall for the trap.”
A situation that further raises the vulnerability issues already observed in the crypto industry.
As a reminder, more than $2 billion in crypto have already evaporated only in this year. Circle CEO, Jeremy Allaire, recently wrote a warning letter to congressional finance officials. He advocates for real stablecoin legislation in the United States. He warns that laxity or refusal to think about clear and practical legislation will further expose the country.
Conclusion
The development of the most recent phishing campaigns aim to circumvent the multi-factor authentication that the major platforms have. The idea of the scammers would be to siphon off the cryptos on top-notch exchanges. We can classify in this category: Coinbase, Crypto.com, KuCoin, MetaMask And the list is not exhaustive. Thieves proceed through KYC verification, and try to gain their trust. The most recent attempt concerns a poorly made video of Sam Bankman-Friedthe ex-CEO of FTX, to extort users hit by the exchange’s bankruptcy.
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