Hackers hijacked the Gate.io Twitter account to spread phishing attacks. Gate.io is one of the biggest cryptocurrency exchanges in the industry.

The exchange’s official URL was changed by the hackers from Gate.io to gate.com, according to information currently available.

Users who typed in the gate.com URL were sent to a landing page advertising a giveaway of $500,000 USDT. Because it offers hackers access to the wallet, users who connect their wallets to the website risk having their valuables stolen.

PeckShield, a blockchain security company, alerted the public to the scam.

According to data from CoinMarketCap, the controlled exchange had a trading volume of more than $600 million over the previous 24 hours.

As of the time of publication, the exchange had reclaimed control of the compromised account. Since then, the website’s URL has been rectified, and the fraudulent post has been taken down.

It was unknown at the time if anyone had fallen for the phishing hoax.

Due to the frequency of this fraud, various security experts have issued advisories to investors advising them to carefully double-check the URL before clicking.