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Circle Warns Community About Phishing Attacks Targeted At USDC Users

The company Circle, which created the USDC stablecoin, has warned the crypto community about a hacking and phishing campaign that aims to trick users into making transactions to malicious wallets.

Counterfeit USDC Tokens

According to reports, hackers or con artists pretended to be employees of Centre, a company owned by both Coinbase and Circle.

Circle has publicly stated that the USDC does not have any new features or a new USDC token on the market. And any other one that appears to be a replica or to be fake should be avoided by users and investors.

An official statement explaining the situation was written, noting that there is currently an active phishing campaign taking place in which users are tricked into sending their USDC tokens to fraudulent wallets.

The CEO of Circle, Jeremy Allaire, recently contacted congressional leaders to request financial services as well as clear and fair legislation regarding stablecoins in the United States. Allaire also cautioned that the risk in this region and nation would increase if legislation concerning stablecoins pegged to the dollar was not passed.

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On the other hand, phishing activities have made their way into the cryptocurrency space and are significantly contributing to the current bear market season.

The capability of these phishing programs to get around security and multiple forms of authentication on websites and apps, as well as to gain direct access to users’ funds on platforms like Metamask, Coinbase, etc was a novel discovery that was made.

Phishing And Malware Attacks

According to reports, the scammers in charge of these phishing campaigns carried out these operations using Microsoft Azure Web Apps. By hosting a vast network of phishing and scam websites and using phishing emails to entice users onto their platforms, they abused this service.

A fake video of Sam Bankman Fried, CEO of FTX, recently went viral on Twitter with the intention of defrauding users and investors severely impacted by FTX’s liquidation.

Furthermore, a report on a group of con artists known as “Know Your Customer” KYC was made public by blockchain security expert Certik. These con artists use their services to defraud users and investors of their money.

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To gather community support and trust for Ponzi scheme owners, these con artists finish the KYC process and thereafter rug-pull the project. During this bear market season, this new strategy has been heavily used in the cryptocurrency space.


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Jimmy Kelly

Jimmy is one of the news journalists for Tokenhell. He is a big crypto enthusiast and bought his first crypto token way back in 2015! Jimmy publishes updates about crypto tokens, events, price analysis and regulation among many other subjects.

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