Advertise
Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 02, 2024 10:03 UTC
-
Coins.ph Social Media Hack Promotes Fake $COINSPH Token
Coins.ph X account hacked to promote fake $COINSPH token, but no harm done to official operations. Exchange responds quickly to prevent scams.
Hackers use phishing tactics to spread fake crypto token, but Coins.ph reassures users by improving security and clarifying no breach occurred.
On December 2nd, an official X account of a major Filipino cryptocurrency exchange Coins.ph was hacked. The hackers leveraged the platform to drop a new token called $COINSPH, with the false claim of operating under the pump.fun of the Solana network.
Scammers claimed that some social media accounts an intermediary tokens similar to an ETF for $COINSPH and demanded people interact with a specific contract address.
A Phishing Scam in Disguise
The hackers by tricking used misunderstanding of low fees and the high speed of Solana to make it look like a genuine MLM. The posts demanded a direct purchase of the token with the name tag ‘crypto trend compass’, and ordered users to ‘buy $COINSPH now, be an early supporter’.
Luckily for Coins.ph, the scamming only occurred in its X account, and there was no misinformation about the incident on its official page on Facebook or anywhere else.
Coins.ph’s Swift Response
Coins.ph quickly addressed the situation, removing the compromised messages by 12:33 PM on the same day. The exchange warned its users against it and requested they not engage with the token or the contract address.
To calm the angry customers, Coins.ph explained that the main servers and operations were not violated and unharmed during the attack. Towards that end, the exchange stated that it would continue to improve the security that was in place to prevent further molestation.
This incident brings to focus threats of cyber criminals attacking social media platforms with the aim of accessing cryptocurrency. Cautions need new announcements that need to be checked and verified through other authentic sources before acting on them and time-sensitive promotions.
Yes 
No 
