Main navigation

Scam Alert: Ripple-Linked Flare Network Suffered Breach of Its Discord Channel

Thu, 06/01/2023 - 08:06
article image
Godfrey Benjamin
Flare Network has seen its price plunge by 5% after Discord hack
Scam Alert: Ripple-Linked Flare Network Suffered Breach of Its Discord Channel
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

In what can be categorized as a relatively harmless security compromise, Flare Networks, the Ripple-backed blockchain protocol, announced that it suffered an exploit on one of its Discord addresses overnight. As unveiled by the protocol, the hackers gained access to the channel and, while active, they posted several phishing messages about a fake airdrop in a bid to lure unsuspecting users.

The protocol said it has deleted the offender as well as the messages posted and that it has regained full control of the Discord channel. This recorded compromise is best considered as the first the Flare Network will be recording since it launched its mainnet a few months ago.

With this experience, Flare is now warning its community to beware of fake announcements that may be too good to be true. 

The announcement reads: "Flare will never make announcements of this type, nor ask for your personal or security details. We recommend verifying information across a variety of Flare channels, including Telegram, Twitter, Discord and the website blog, before taking any action."

It became quite easy for the perpetrators to use airdrops as bait as Flare has been running a series of airdrop campaigns featuring its native token, FLR.

Scam Alert: Ordinals Finance (OFI) Rugpulls Its Users, Price Falls 95%

Impact on Flare token

Flare Network has spent a considerable amount of time building trust within its community, and despite the loyalty it has tried to create in the year-to-date period, the latest exploit attempt appears to be impacting the FLR token.

At the time of writing, the digital currency is changing hands at $0.02291 after plunging by 5.46% over the past 24 hours. The current price plunge is also deeply affected by the weekly growth of the digital currency as it has dropped by more than 13% in the week-to-date period.

Exploits are not uncommon in the crypto world, and popular examples include the Morgan Stanley impersonator, Morgan DF Fintoch, who scammed its users of more than $31 million.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.