CoinMarketCap experienced a security breach on Friday when a malicious popup appeared on its website, misleading users into a fake wallet verification process.
Key Takeaways:
The incident, characterized by a phishing-style notification, raised immediate concerns among users to connect their wallets for purported ERC-20 token access. As a result, MetaMask and Phantom flagged the site as unsafe, advising users to avoid linking their wallets.
This breach has reignited scrutiny of CoinMarketCap’s security infrastructure, nearly four years after a significant data leak that compromised the email addresses of over 3.1 million users.
The deceptive notification urged users to authorize access to their wallets, prompting swift backlash from the crypto community due to its obvious phishing intentions. Multiple wallet providers, including MetaMask and Phantom, moved quickly to issue safety warnings, with Phantom’s browser extension labeling the site as “unsafe to use.”
CoinMarketCap Takes Action Against the Malicious Popup
In a post on X, CoinMarketCap confirmed they had successfully removed the harmful popup from their platform. “We’ve identified and removed the malicious code from our site,” the company stated.
Furthermore, CoinMarketCap assured its users that investigations into the breach are ongoing, with a pledge to enhance security measures to mitigate risks associated with potential future threats.
Update: We’ve identified and removed the malicious code from our site.
Our team is continuing to investigate and taking steps to strengthen our security.
— CoinMarketCap (@CoinMarketCap) June 21, 2025
The malicious prompt invited users to link their wallets and accept requests for ERC-20 token access, prompting immediate alerts from wallet providers like MetaMask and Phantom. As word of the phishing attempt spread on social media, several users warned others to avoid engaging with the prompt due to classic phishing tactics at play.
Many in the crypto community speculated that the attack aimed to pilfer wallet credentials by creating a fake interface, obscuring its true intent through a semblance of legitimacy. This incident comes as a harsh reminder of the vulnerabilities that persist within CoinMarketCap’s security practices, particularly in light of the 2021 breach, where sensitive user data was exposed and later found for sale on dark web forums.
SECURITY ALERT
We’re seeing reports that @CoinMarketCap’s front end has been compromised and is trying to trick people into linking their wallets, presumably to drain them. pic.twitter.com/a0JREDSPvS
— Jameson Lopp (@lopp) June 20, 2025
CoinMarketCap, a prominent platform owned by Binance, remains a critical resource within the cryptocurrency landscape, drawing interest from malicious entities eager to exploit its reputation.
Users are strongly advised to refrain from connecting their wallets in response to unsolicited prompts and to always verify interactions through official channels. While the company has not disclosed how the breach occurred, it has committed to routine security evaluations moving forward.
Concern Grows Over Cryptocurrency-Related Crime
Meanwhile, illicit cryptocurrency activities reached at least $40.9 billion in 2024, according to Chainalysis, with expectations for that number to rise as more criminal-affiliated wallets are uncovered.
Hacks were responsible for approximately $2.2 billion in losses, marking a 21% rise from the prior year. North Korean-affiliated groups, such as Lazarus and Tradetraitor, contributed to over 60% of these thefts; among their most notorious incursions was the $300 million hack of DMM Bitcoin in Japan.
The threats posed by cryptocurrency-related crime extend beyond digital theft. Criminal enterprises are utilizing cryptocurrencies to fund an array of illegal activities including, but not limited to, investment scams, AI-assisted romance fraud, drug trafficking, and even violent crime.
An alarming incident on May 13, 2025, highlighted such threats when the daughter and grandson of Paymium’s CEO were nearly kidnapped in Paris.
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