Police warn of cryptocurrency account breaches via compromised e-mails
Many of the affected e-mail accounts had previously appeared in data breaches on other platforms.
Singapore's police are cautioning cryptocurrency traders about the risk of account breaches following the hacking of their email accounts. Since mid-August, there has been an increase in compromised cryptocurrency accounts due to unauthorized access to victims' linked email accounts. The police revealed that several of the affected email accounts had previously been involved in data breaches on other platforms, potentially exposing victims' credentials.
Perpetrators likely took advantage of this by using compromised email credentials to gain access to victims' cryptocurrency accounts, exploiting those who reuse passwords across multiple online services. Scammers may have searched email accounts to identify cryptocurrency platforms or exchanges used by victims, setting up inbox rules to automatically archive, forward, or delete emails from these exchanges to avoid detection.
They could also initiate password reset requests, intercepting reset links, one-time passwords, or verification emails sent to victims. Credentials from previous data breaches could also be used to gain access to cryptocurrency accounts where the same password has been reused. To prevent such breaches, the police recommend using strong passwords, enabling Multi-Factor Authentication (MFA) or Two-Factor Authentication (2FA), avoiding password reuse, and regularly reviewing email account security settings for unauthorized inbox rules or suspicious activity.
If account credentials are compromised, users should change their passwords immediately and, in the case of cryptocurrency accounts, regularly review transaction history and enable account activity notifications. If an email or cryptocurrency account is compromised, users should contact their email service provider and cryptocurrency exchange immediately to secure or freeze their accounts.
The police urge anyone with information about such crimes to contact the police hotline at 1800-255-0000 or submit a report online at www.police.gov.sg/i-witness.
Written by urgent.news from Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
