Major Crypto Exchange Sounds Alarm Over Security Threat — What’s Going On?

Crypto traders are being urged to stay vigilant after major crypto exchange MEXC Global issued an urgent security alert to its users. In a recent tweet, MEXC warns the crypto community to beware of phishing SMS scams, raising concerns about ongoing attempts to compromise user accounts.

MEXC Builders, a MEXC exchange-focused X account, indicated in a recent tweet that it had received reports from users of suspicious SMS messages containing phishing links. It states that these messages were not sent by the MEXC exchange and may pose a security risk. Thus, users are urged never to click any such links or share personal information.

SMS phishing is a fraudulent action that uses SMS texting with the intention of stealing customers’ sensitive information (such as wallet private keys and login passwords) or tricking them into giving up cryptocurrency assets. Phishing attackers often impersonate legitimate entities, including exchanges and wallet service providers, to lure unsuspecting victims.

In light of this, MEXC reminds the crypto community that it never sends links via SMS, nor asks them to send either, nor requests users to click, call or answer unknown numbers. Also, users should always verify information through official channels.

Safety measures

Other safety measures that could be taken by crypto users include protecting their private keys and passwords. They should keep in mind that legitimate service providers would never ask for private keys or passwords via SMS.

The second is to enable two-factor authentication (2FA), which provides an extra layer of security to accounts and prevents unauthorized access.

Third, crypto users should be cautious of unknown numbers, never respond to SMS messages from unfamiliar numbers and avoid calling the phone numbers provided in the message.

The last security tip is to check the domain. Users should carefully check that the domain in the SMS link corresponds to the official domain.