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Giggle Academy, an educational platform founded by Binance CEO Changpeng Zhao (CZ), has fallen victim to a cyberattack targeting its official X account (formerly Twitter). The incident highlights the growing threat of phishing in the crypto industry during the ongoing bull run.
Details of the Breach
The attack, confirmed by CZ on November 16, involved hackers gaining control of Giggle Academy’s X account. The attackers posted false claims about a “new CEO” and shared malicious phishing links, attempting to lure victims into compromising their accounts.
CZ quickly responded, issuing a public warning to avoid interacting with the compromised account.
Giggle Academy offers free online courses for grades 1–12, covering core subjects alongside emotional intelligence, finance, and blockchain. Its mission to provide accessible education to underserved communities has been temporarily disrupted by this breach.
Phishing: A Growing Menace in Crypto
This incident underscores the alarming rise of phishing attacks targeting the blockchain space. According to blockchain security firm CertiK, phishing-related losses in 2024 have exceeded $800 million, fueled by increasingly sophisticated hacking techniques.
Key trends include:
- Wallet-Draining Scams: Hackers exploit user-granted permissions to drain wallets.
- Address Poisoning: Scammers create fake wallet addresses resembling legitimate ones, tricking users into transferring funds to fraudulent accounts.
CertiK reports 247 phishing incidents this year, with the second quarter seeing financial losses of $433 million—the highest so far.
Evolving Hacking Techniques
Advanced tools such as Angel Drainer and Pink Drainer are making phishing campaigns more effective. Angel Drainer’s recent acquisition of Inferno Drainer has further amplified the capabilities of these scams.
Meanwhile, government agencies have been fighting back. The Department of Homeland Security (DHS) has disrupted over 537 ransomware attacks since 2021, recovering billions in stolen cryptocurrency.
Despite these efforts, crypto users remain vulnerable. In September 2024 alone, over 10,000 individuals lost more than $46 million to phishing scams, as reported by Web3 anti-scam platform Scam Sniffer.
Staying Safe
Phishing attacks represent a significant threat to the crypto community, particularly during a bull market when activity surges. To safeguard against such threats:
- Avoid clicking on unsolicited links.
- Verify announcements only through official channels.
- Regularly review wallet permissions and remove unnecessary access.
For more insights into blockchain security and crypto trends, visit CentBit.Online, your trusted source for cryptocurrency expertise.
