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Circle, the issuer of USDC stablecoin, says exec’s Twitter giveaway was a scam due to a hacked account.

On Wednesday, the Twitter account of Dante Disparte, Circle’s chief strategy officer, was hacked and used to post a link that promised a “one-time bonus” of free cryptocurrency to holders of the stablecoin USDC. The link directed users to a website that prompted them to input their crypto wallet information for the supposed bonus. However, Circle quickly responded, stating that Disparte’s account had been hacked, and the bonus was not legitimate. The incident occurred shortly after USDC fell to a record low of $0.88 due to concerns about Silicon Valley Bank’s exposure, which Circle had significant ties to. US authorities announced plans to limit the fallout from the collapse, and Circle reassured users that USDC remained redeemable with the dollar.

While the incident was quickly resolved and no users were harmed, it highlights the vulnerability of the cryptocurrency industry to hacking attacks and the need for increased security measures. As more investors enter the market and projects expand, there will likely be more attempts to steal user information and funds. Therefore, developers and issuers need to prioritize security protocols and educate users on how to protect themselves from scams and phishing attempts.

Overall, the incident serves as a reminder that the crypto industry is still in its early stages and must work to gain the trust of consumers and regulators as it grows in popularity and influence. Circle’s quick response to the hack and its commitment to maintaining the stability of USDC may help mitigate the damage caused by the incident and bolster its reputation in the long run.

Vaibhav Kulkarni
I am Vaibhav Kulkarni, Blogger By Passion, Civil Engineer By Profession. I am Tech Enthusiast and Travel Lover. I started my journey 3 years back with some ideas and no coding experience. I was always fascinated with technology and its credibility. I firmly believe in "Creating jobs rather than asking for one".