On June 20, 2025, CoinMarketCap, one of the most widely used cryptocurrency data platforms owned by Binance, suffered a security breach involving a malicious wallet verification popup on its website. This popup urged users to verify their wallets by connecting and approving ERC-20 token access, triggering immediate phishing concerns across the crypto community.
Prominent wallet providers such as MetaMask and Phantom flagged the site as unsafe, with Phantom issuing a browser warning against using the platform. The phishing-style notification was designed to mimic legitimate verification processes, raising alarms about possible credential theft attempts.
In response, CoinMarketCap swiftly identified and removed the malicious code from its site and announced ongoing investigations to reinforce security measures. The platform confirmed no financial losses or token impacts have been reported, with the threat limited to fake wallet verification prompts rather than direct fund transfers.
This incident has reignited criticism of CoinMarketCap’s security, reminiscent of a major 2021 data breach that exposed over 3.1 million users’ email addresses. Although no regulatory bodies were reported as involved and no significant price impacts on major cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) were observed, the event highlighted the importance of stringent cybersecurity for high-profile crypto platforms.
Furthermore, 2024 has seen a surge of illicit cryptocurrency activity, surpassing $40.9 billion, including $2.2 billion lost to hacks. The CoinMarketCap incident underscores ongoing security challenges amid increasing criminal attempts to exploit the crypto space.
Users are advised to remain vigilant, avoid connecting wallets to unsolicited prompts, and verify all interactions through official channels. CoinMarketCap’s rapid response helped prevent a more severe breach, maintaining relative stability in the crypto market.