USDC Issuer Circle Says Executive's Twitter Giveaway Offer Was Scam 2n18g Was Hacked

The Twitter of Circle's CSO sent a series of tweets appearing to address the stablecoin's recent move away from its dollar peg. 1b6111

By Reuters | Updated: 23 March 2023 01:18 IST

USDC and other cryptocurrencies stabilized after US authorities announced plans to limit the fallout 3q1y5o

Highlights

USDC hit a record low of $0.88 (nearly Rs. 73) on March 11
That website contained a link which prompted s to "get USDC"
One of the tweets said that Circle "will be distributing bonus of USDC"

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

The Twitter of Dante Disparte, stablecoin's recent move away from its dollar peg.

One of the tweets — which is no longer visible — said that Circle "will be distributing a one-time bonus of USDC to all existing holders".

"This bonus is our way of thanking you for your continued and trust in USDC," the tweet said.

That website contained a link which prompted s to "get USDC" by inputting the information for their crypto wallets.

A spokesperson for Circle told Reuters that Disparte's had been hacked. Circle's official Twitter said that Disparte's had been "taken over by a scammer".

"Any link to offers are scams. We are investigating the situation and taking action accordingly," Circle's tweet said.

USDC hit a record low of $0.88 (nearly Rs. 73) on March 11, according to CoinGecko data, far below its intended peg of 1:1 against the dollar. The fall was sparked by concerns about the exposure of Circle to Silicon Valley Bank, which US regulators had shuttered the day before.

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

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