Singapore Police Warn Crypto Users of Email-Linked Account Hacks

Singapore police issued a warning to cryptocurrency users after identifying a surge in unauthorized access to digital asset accounts. The increase in cases occurred since mid-August. Authorities linked these incidents to compromised email inboxes.

Investigations revealed that several affected email accounts were part of previous data breaches on other platforms. This exposure potentially leaked login credentials. Scammers used these leaked details to target crypto exchanges.

Attackers Exploit Reused Passwords

Perpetrators exploited compromised email credentials to reach victims' cryptocurrency platforms. They targeted users who reused the same passwords across multiple online services. This practice allowed attackers to bypass initial security layers.

Hackers searched compromised inboxes for information on specific crypto platforms used by victims. They then created inbox rules to archive or forward messages from exchanges. These actions hid notifications from the account owners.

Attacks also involved intercepting password reset links and one-time passwords. Scammers requested resets for cryptocurrency accounts to gain control. They captured verification emails sent to the compromised inboxes.

Immediate Security Steps Required

Authorities advise users to implement strong and unique passwords for all accounts. Multi-factor authentication must be activated on all crypto platforms. Users should regularly review email security settings for suspicious activity.

Individuals whose credentials may have been exposed must change passwords immediately. They should review cryptocurrency transaction histories and account activity notifications. Any unauthorized changes require immediate attention.

Official Reporting and Response

Users with compromised accounts must contact their email provider and exchange. They should secure or freeze the affected accounts. Unauthorised trusted devices and recovery methods must be removed.

Police urged the public to report such incidents to the hotline at 1800-255-0000. Information can also be submitted via the police website. This guidance was reported by GN markets/crypto (en-US).