Singapore police warn crypto users after hackers exploit compromised email accounts

SINGAPORE, Sept 12 — The police have warned cryptocurrency users whose email accounts were recently hacked to check their account security after a rise in cases involving unauthorised access to linked crypto accounts since mid-August.

The Straits Times reported that police investigations found several affected email accounts had previously appeared in data breaches on other platforms, potentially exposing users’ login credentials.

The authorities said scammers could exploit reused passwords from those breaches to gain access to victims’ cryptocurrency accounts.

“Perpetrators may have exploited this by using the compromised e-mail credentials to access victims’ cryptocurrency accounts, taking advantage of victims who reused the same passwords across multiple online services,” the authorities said.

Police said scammers may first search compromised email accounts for information on the cryptocurrency platforms or exchanges used by victims.

They could then create inbox rules to automatically archive, forward or delete messages from crypto exchanges, making it harder for victims to detect the intrusion.

Scammers may also request password resets for cryptocurrency accounts and intercept reset links, one-time passwords or verification emails sent to victims.