New Scam: Fake Patreon Accounts Used to Promote Malicious Crypto Projects

Crypto users have raised concerns about a surge in phishing emails with crypto-themed content, originating from the popular content creator platform Patreon.

According to reports on social media platforms such as X and Reddit, scammers are signing up users’ email addresses for Patreon accounts and then using those accounts to send malicious emails promoting fake crypto projects.

The first reports of these phishing attempts emerged on January 23, with affected users sharing their experiences of receiving fraudulent airdrop offers from Patreon creators impersonating well-known cryptocurrencies like Chainlink (LINK) and Solana (SOL).

“PatreonSupport when are you gonna deal with those crypto scammers creating accounts with other people’s emails and spamming them?” one user wrote.

Crypto guys

The scammers are getting smarter and smarter.

I received the email on the left and I ignored cos I didn't register for patreon

After a few minutes, I received another mail (second frame)

I clicked and I met this (third frame).

This is clearly a scam although… pic.twitter.com/FEtKWboKvv

— King Jeremy 📈📊 (@JeremyofCrypto) January 28, 2024

Patreon Says it Has Addressed the Issue

In response to one crypto user, Patreon Support acknowledged the problem and claimed that it had been resolved.

The platform explained that the incident involved a combination of email verification issues and a follow-up from a crypto account falsely claiming to be a Patreon creator.

They assured users that affected accounts were being addressed and the situation had been rectified.

However, despite these assurances, several users on X reported receiving scam emails even after the supposed fix.

“I deleted 6 Patreon emails today, all talking about a ‘Manta’ airdrop,” Reddit user “PhaseEquivalent3529” said on January 28.

Another user, “fdlowe,” expressed skepticism about the effectiveness of the additional protections implemented by Patreon.

Phishing scams continue to pose a significant threat to the crypto community.

According to blockchain security platform Scam Sniffer, over 324,000 cryptocurrency users fell victim to phishing scams in 2023, resulting in a total loss of $295 million.

As the frequency and sophistication of scams targeting crypto users increase, it is crucial for individuals to remain vigilant and adopt best practices to protect their assets and personal information.

Verifying the legitimacy of emails, being cautious of suspicious requests, and utilizing two-factor authentication are among the recommended measures to safeguard against phishing attacks.

2023 Sees Decline in Hacking Incidents

Despite losing around $2 billion to crypto thefts, 2023 saw a slight decline in hacking incidents targeting the cryptocurrency industry.

According to a recent report from De.FI, a prominent web3 security firm known for its REKT database, hackers managed to pilfer $2 billion in digital assets throughout the year.

While that amount is still alarming, it marks the first decrease in crypto hacking incidents since 2021.

The REKT database ranks the most devastating crypto hacks, ranging from the historic breach of the Ronin network in 2022, where hackers looted over $600 million in crypto, to the recent attack on Mixin Network, resulting in a haul of approximately $200 million.

“This cumulative amount of stolen funds, spread across multiple incidents, highlights the ongoing vulnerabilities and challenges within the DeFi ecosystem,” stated De.FI in its report.

“2023 served as a testament to both the persisting vulnerabilities and the progress made in addressing them, despite muted interest in the space during the first half of the year due to the ongoing bear market.”