Coinfeeds Daily → Users Report New 'Patreon' Crypto Phishing Scam

Users Report New 'Patreon' Crypto Phishing Scam

Published: Jan 29, 2024 | Last Updated: Jan 29, 2024
Howard Kane
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Patreon and crypto community tackle new wave of phishing; users urged to heighten security.

In recent times, the cryptocurrency community has been facing a surge in phishing scams, with a new tactic involving fake emails that seem to originate from the crowdfunding platform Patreon. These fraudulent emails are designed to trick users into revealing sensitive information or investing in non-existent crypto projects. The scam has raised concerns among users and prompted responses from both Patreon and the wider crypto community.

Understanding the Scam

Scammers have been impersonating Patreon, a popular platform used by creators to receive support from their audience, to send out phishing emails. These emails often include offers of fake airdrops from creators who claim to be associated with legitimate cryptocurrency projects like Chainlink and Solana. The goal of the scammers is to gain access to the recipients' cryptocurrency wallets and steal their funds.

Patreon Support became aware of this issue and on January 25, they announced that the problem had been resolved and that they were working on addressing the affected accounts. However, despite these efforts, reports of scam emails have persisted. In the past year alone, over 324,000 crypto users have fallen victim to phishing, with losses amounting to a staggering $295 million.

Patreon's Response and User Precautions

Patreon has taken steps to combat these scams, including implementing email verification processes and shutting down fake accounts. Despite these measures, the circulation of scam emails has not ceased. Scammers continue to exploit the platform to promote fraudulent crypto projects, luring unsuspecting users into making investments or sharing private information.

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