Crypto Scammers Launch Attack On Substack

Crypto Scammers Launch Attack On Substack

The rapid growth of the cryptocurrency space, which had created an inflow of various forms of investors, traders, and analysts, has also now been preyed upon by several scammers looking to rip off the population in the system.

The growing rate of hacks, scams, and malicious attacks in the cryptocurrency space is alarming, as the scammers will go to any length to launch their attacks. The latest news is that Substack, the online platform that provides needed support to a subscription newsletter, is now being used by crypto scammers to prey on crypto traders.

Gnosis customers were sent scam emails

The online platform relied upon by crypto enthusiasts like Anthony Pompliano, who uses the platform to release his daily cryptocurrency newsletter, is now being used by these newly uncovered scammers to fish for victims. The scammers who use Email Phishing to attract their victims have honed their crafts such that the emails look so real and valid. They send these emails to their ignorant victims to upgrade their smart contracts and make payments for such upgrades into unknown wallets.

The latest victims of such scams were clients of popular DeFi solutions provider, Gnosis, who was emailed to upgrade to a new smart contract poised to be more efficient than the current one. The clients were also promised by the scammers to get liquidity rewards for early upgrades. Since taken to popular social media Twitter, Gnosis warned its customers not to be attracted by such offers and to disregard them promptly.

The firm went further to confirm that they had sent a message to Substack to pull down the scammer’s account on their website. The statement made via their Strategy Head, Kei Kreutzer, has also confirmed that they had gotten an apology from Substack, and the account has been pulled. Alternatively, Substack had also confirmed that they had put the situation under control by deactivating all access to the scammer’s account and have upgraded the Gnosis account on their website.

Crypto Scamming on the rise

The growing rate of the cryptocurrency space and wide stream adoption of digital assets has continued to be a hot topic everywhere. Unfortunately, crypto enthusiasts and investors are mostly saddened by the increase in cyber-attacks, hacks, and scams that have now seem to be the other of the day in the space of recent. The frequent occurrence of vices like this might start to hamper the growth of an industry that has now been fully accepted in many countries worldwide.

Gnosis is just one of the many crypto firms that have now suffered impersonation fraud. Quant and Synthetix are one of the many firms that have been faced with such problems in the past. However, crypto firms, exchanges, and networks must now look forward to continually improving their security system. Failure to do that might cost more future losses and might hamper the growth of the booming industry.