Singapore Police Warn of Cryptocurrency Account Breaches via Compromised Emails

The Singapore police are warning cryptocurrency traders to be vigilant about email account breaches that have compromised their digital assets. Since mid-August, there has been a rise in cryptocurrency accounts being hacked following unauthorized access to victims' linked email accounts.

Investigations revealed that several affected email accounts had previously appeared in data breaches on other platforms, exposing users' credentials. Perpetrators may have exploited this by using the compromised email credentials to access victims' cryptocurrency accounts, taking advantage of those who reused their passwords across multiple online services.

The scammers could initiate password reset requests for cryptocurrency accounts and intercept verification emails or one-time passwords sent to the victim. To avoid such breaches, the police advised users to use strong passwords and enable multi-factor authentication (MFA) or two-factor authentication (2FA). They should also regularly review their email account security settings.