Hackers used the email addresses of prominent Web3 companies, including Cointelegraph, WalletConnect and Token Terminal, to send phishing emails promoting fake token launches.

The attack resulted in over $580,000 being drained from unsuspecting victims. Email service provider MailerLite is believed to have been compromised, and the company is investigating the incident. A crypto researcher determined that the address mentioned in the phishing emails contained over 280 different crypto tokens, with 86% being Ether.

Other Web3 companies such as WalletConnect, Web3 SocialFi and De.Fi were also reportedly affected. MailerLite has confirmed that malware was present on one of its employees’ computers, while cybersecurity platform Hudson Rock researchers found a copy of the malware.

Investors are advised to exercise caution when receiving emails about surprise Ethereum announcements.