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Tether CEO Paolo Ardoino Issues Crucial Warning Amid Major Vendor Breach

Tether CEO Paolo Ardoino has raised concerns following reports of a potential security breach affecting a vendor used by many cryptocurrency companies. While not naming the vendor, it was later revealed to be CoinGecko, a popular platform for cryptocurrency data.

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CoinGecko’s COO and cofounder acknowledged the breach and warned of phishing attempts through fraudulent email blasts promoting fake token launches. This has prompted worries within the cryptocurrency community, potentially putting several companies at risk of phishing attacks. CoinGecko assured users it is investigating the incident and clarified it has no plans for its own token.

The vendor’s official X account later alerted users to a phishing attempt involving a fake token airdrop, clarifying that neither CoinGecko nor its subsidiary, GeckoTerminal, endorse any officially issued coins or tokens. The company apologized for any confusion and promised to prioritize platform security during its investigation.

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According to the latest report by Chainalysis, there was a significant decrease in crypto-related phishing scams in 2023. Compared to 2022, scam revenue dropped by 29.2%. This can be attributed to increased awareness within the crypto community and improved security measures by crypto platforms. 

However, the CoinGecko incident highlights the ongoing threat of phishing attacks, and users should remain vigilant against suspicious emails and fraudulent token promotions.

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