Large EU Exchange Issues Crypto Market Negative Flash Signal

Through a recent report published on their blog, one of Europe’s leading cryptocurrency exchanges – Bitpanda – has warned its users and the rest of the cryptocurrency community of a significant increase in the use of phishing and scam attempts via SMS. Posted through Bitpanda’s official X account, this alert is an attempt to protect the customers from these much more elaborate scams.

On their latest update, Bitpanda stresses on its blog that crypto users be on the lookout for fake scam emails, stating that they will ‘never’ request users to call or send any money to any location.

“Fraud alert - fake SMS may appear next to genuine ones - Bitpanda will never contact you ask you to call us or transfer funds anywhere,” the exchange added.

If you encounter any issue or have queries, we are readily available through the helpdesk to have them resolved.

This warning highlights the increase in the sophistication of the scams in which the online criminals and spammers use email messages that look like the authentic messages which are sent by the trustworthy companies or individuals. This is especially the case as the number of people who have embraced and continue to embrace the use of recent technologies surges, for them to hold on to their assets they need to be very keen and should reduce the rate at which they are conning themselves.

Rules that have been set by Bitpanda on Handling of Assets

In the 1 minute and 15 seconds video shared alongside the tweet by Bitpanda, the exchange explained that it does not, in fact, have an inbound phone number. As such, users should never be required to call back, type in a special number, or forward money in any form.

Bitpanda also stressed that it would never request a user's account balance, password, 2FA, or SMS codes, offering further safety guidelines:Bitpanda also stressed that it would never request a user's account balance, password, 2FA, or SMS codes, offering further safety guidelines:

Use Only Official Links: Crypto users should be careful in the link they click by only using legal links to avoid hacking of their accounts. It is better to bookmark legal sites, not such sites that pop up in a search engine.

Stay Calm: Con artists love to deploy a great sense of urgency so that victims cannot act judiciously on the situation. Decisions, therefore, should only be made after spending sometime to evaluate the situation or to confirm the received requests.

Avoid Clicking Links: Users should never click on links in unsolicited messages, even if they appear legitimate. Always verify the authenticity of messages.

Protect Personal Information: Never share passwords, 2FA, or any other sensitive information.

Finally, users are encouraged to report any suspicious activity immediately.

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