USDC Issuers Circle Says Executive’s Twitter Giveaway Offer Was A Scam, Account Was Hacked

USDC stablecoin issuer Circle said its chief strategy officer’s Twitter account was hacked on Wednesday, after the account posted a link appearing to offer holders of the USDC stablecoin a “one-time bonus” of cryptocurrency. free.

The Twitter account of Dante Disparte, Circle’s chief strategy officer, sent out a series of tweets appearing to address the stablecoin’s recent drift away from its dollar peg.

One of the tweets – which is no longer visible – stated that Circle will “distribute a one-time USDC bonus to all existing holders”.

“This bonus is our way of saying thank you for your continued support and belief in USDC,” the tweet read.

This website contained a link that prompted users to “get USDC” by entering information from their crypto wallets.

A Circle spokesperson told Reuters that Disparte’s account had been hacked. Circle’s official Twitter account said Disparte’s account had been “taken over by a scammer”.

“Any links to offers are a scam. We are investigating the situation and taking action accordingly,” Circle’s tweet said.

The USDC hit a record low of $0.88 (almost 73 rupees) on March 11, according to data from CoinGecko, well below its expected 1:1 peg against the dollar. The fall was sparked by concerns over Circle’s exposure to Silicon Valley Bank, which US regulators shut down the day before.

USDC and other cryptocurrencies stabilized after US authorities announced plans to limit the fallout from the SVB collapse and Circle said USDC remains redeemable with the dollar.

© Thomson Reuters 2023

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