Social engineering scam on Twitter exposing risks in cryptocurrency
accounts
On Twitter, members of Crypto quickly warned of a scam promoted
on the compromised account of Hayden Adams, founder of
Uniswap. The scam included fake tweets claiming that Uniswap’s
Permit2 contract had been affected and users’ tokens were at risk,
encouraging them to click on a malicious link. Security firm
Web3 also reported blocks on Adams’ accounts with MetaMask and
Coinbase Wallet. Social media platforms are taking steps to
reduce scams, but bad actors still persist. Binance CEO
Changpeng “CZ” Zhao has warned of the rise of phishing attacks in
the cryptocurrency industry. He recommended using hardware
devices for two-factor authentication (2FA) on exchanges, rather
than mobile carrier-based 2FA. The alert came after Adams had
his Twitter account compromised. The trend of social
engineering hacks, including SIM-swapping attacks, may increase in
the future. Experts recommend protective measures such as
avoiding SIM card-based methods for 2FA.
DoJ expands team to fight crypto crimes
The US Department of Justice (DoJ) will increase its
crypto-crimes team by doubling the number of acting
prosecutors. The cryptocurrency crimes unit will merge with
the Computer Crimes and Intellectual Property Section (CCIPS),
resulting in a more comprehensive and well-resourced
team. NCET, which focuses on cryptocurrency crimes, will work
on investigating and prosecuting abuse of digital assets. The
unit will be led by Claudia Quiroz. A primary task will be to
fight ransomware crimes by tracking criminals through their
cryptographic payments.
Web3 crime: Changing preferences and money laundering with
stablecoins
Web3 crime is shifting its preferences away from Bitcoin
(COIN:BTCUSD) to focus on stablecoins and Ponzi schemes, according
to Tara Annison, former head of cryptocurrency technical advisory
at Elliptic. During a presentation at EthCC in Paris, Annison
highlighted how dollar-denominated assets such as USDC
(COIN:USDCUSD) are being widely used by criminals to launder money
through decentralized exchanges (DEXs). She also noted that
Ponzi schemes remain a threat and highlighted the increasing
sophistication of criminals in money laundering, including using
the metaverse for illicit activities.
FTX seeks to recover more than $1 billion in misappropriated funds,
faces DoJ accusations
FTX has filed a complaint against its former CEO Sam
Bankman-Fried and other executives, seeking to recover more than $1
billion in allegedly misappropriated funds. The lawsuit
alleges that they misappropriated client funds for personal
purposes, such as buying property and stock on the Robinhood
platform. The exchange would also have allowed accounts with
negative balances and used fraudulent tactics while it was
insolvent. At the same time, the US Department of Justice
filed a complaint against FTX founder Sam Bankman-Fried, accusing
him of leaking the personal diary of Caroline Ellison, a former
ally and romantic partner. The DoJ alleges that Bankman-Fried
tried to interfere with a fair trial by publicly discrediting
Ellison, who became a government witness in the case. He
allegedly shared private documents with a reporter to be featured
in an article published by The New York Times. Charges include
fraud, illegal political donations and bribes to the Chinese
government.
Coinbase ends Bitcoin lending program
Coinbase (NASDAQ:COIN) will end the Borrow program for retail
customers that allowed borrowing money using bitcoin as
collateral. Customers have been unable to take out new loans
since May and now have until Nov. 20 to pay off any outstanding
balances before the exchange sells the bitcoin collateral to
terminate the loans. The shutdown will not affect Coinbase
institutional customers. This decision comes amid a legal
battle with the US Securities and Exchange Commission.
DeFi Conic Finance platform suffers the theft of millions in Ether
Conic Finance, a liquidity pool balancing platform for the DeFi
Curve protocol, has been targeted by an exploit in the Ethereum
omnipool, resulting in the theft of $3.26 million worth of Ether
(COIN:ETHUSD). Security firm Peckshield identified the root
cause in the CurveLPoracleV2 contract. The platform disabled
ETH Omnipool deposits on Conic’s frontend after the
attack. DeFi hacks and scams caused losses of over $204
million in Q2 2023 alone, as per reports.
Cerebras Systems signs billion-dollar deal for AI supercomputers
Cerebras Systems has entered into an approximately $100 million
deal with UAE-based technology group G42 to deliver an artificial
intelligence (AI) supercomputer. The agreement provides for
the acquisition of three Condor Galaxy systems, which make up an
innovative network of supercomputers. The first system, CG-1,
with 4 exaflops performance, will be deployed later this year,
while CG-2 and CG-3 will be online in early 2024. Cerebras is
looking to challenge Nvidia’s (NASDAQ:NVDA) dominance in the AI
computing sector and plans to expand the supercomputer to 36
exaflops by next year.
Wormhole Gateway announces Cosmos chain interoperability
Blockchain Wormhole interoperability project announced the
release of Wormhole Gateway, a blockchain appchain developed in the
Cosmos ecosystem to connect various Cosmos chains and
applications. The Gateway will act as a sovereign verification
layer for Wormhole messages, adding an additional layer of security
to Wormhole’s Guardian consensus mechanism. With plans to
connect 23 initial chains, including Osmosis, Evmos, Neutron and
Sei, Gateway will compete with protocols such as Axelar in the
interoperability of Cosmos chains. Gateway also implemented
“Governor” to improve security and limit cross-chain contagion
during potential hacks.
Utopia Labs launches USDC bank transfers for businesses
Utopia Labs, backed by Paradigm, has launched USDC bank
transfers for businesses with the aim of accelerating the adoption
of crypto payments. The offering will allow entities around
the world to send USDC (COIN:USDCUSD) to US bank accounts,
improving the speed and convenience of transactions. Venture
capital funds, crypto companies and projects can also benefit from
the service. Utopia Labs plans to provide offramping for any
token, expand to other blockchain networks, and introduce onramps
to obtain fiat in crypto. The company raised $23 million in a
funding round led by Paradigm.
Bitcoin futures ETF counters tracking error concerns
ProShares, issuer of the first U.S. bitcoin futures ETF, has
brushed aside concerns that derivatives trading costs would lead to
tracking errors. The ProShares Bitcoin Strategy Fund
(AMEX:BITO) has closely followed the price of bitcoin since its
launch on the NYSE in October 2021, offering investors exposure to
BTC without the need to own the cryptocurrency. The fund
invests in regulated bitcoin futures listed on the CME and has so
far performed consistently with the bitcoin price.
Solana features improvements in reliability and uptime
The Solana blockchain network has seen significant improvements
in its reliability and uptime this year, according to a report by
the Solana Foundation. As of February 25th, the network has
achieved 100% uptime, marking an entire quarter without
outages. The ratio of voting to non-voting transactions has
also improved, and lock times have become more consistent. The
network’s maximum daily TPS has risen since January, reaching 3,777
transactions per second.
Partial sale of CoinDesk may close soon
The Wall Street Journal reported that a partial sale of crypto
news site CoinDesk, worth $125 million, may be close to
completion. The investor group involved in the sale is led by
Peter Vessenes of Capital6 and Matthew Roszak of Tally
Capital. Digital Currency Group (DCG), CoinDesk’s parent
company, will retain a stake in the site’s media, events, data and
index businesses under the agreement. CoinDesk’s financial
performance remained strong despite DCG’s struggles in other
sectors.
PBoC digital yuan records billion-dollar transactions
The PBoC revealed that China’s central bank-backed digital yuan
(CBDC) has seen transactions of $250 billion in the 18 months since
the start of the pilot. Governor Yi Gang said 1.8 trillion
yuan in transactions had been carried out by June, with about 950
million transactions in 120 million wallets. Circulation of
the digital yuan accounted for 0.16% of the Chinese money supply,
and transactions have grown by more than 70% since August 2022.
France’s CBDC will enhance cross-border payments
The Central Bank of France concluded that its wholesale central
bank digital currency (wCBDC) would improve cross-border payments,
settlement of financial assets and security through testing using
encryption technologies. The experiments demonstrated the
viability of wCBDC issued on distributed ledger technology (DLT),
with applications in asset tokenization and improved international
transactions. Wholesale CBDC is seen as essential for native
and tokenized digital assets that cannot be
liquidated. Interoperability and energy efficiency are
priorities for the global development of CBDCs.
Myanmar launches first cryptocurrency-based bank
Asian country Myanmar is set to launch Spring Development Bank,
its first fully cryptocurrency-based banking institution, on July
22. The bank aims to provide financial services and funding
for the Government of National Unity (NUG), which is fighting the
State Administration Council (SAC). Built on the Polygon
Network, the bank will offer financial products to Myanmar
residents and more than two million Burmese diasporas
abroad. It will issue stablecoins linked to fiat currencies to
facilitate more efficient cross-border payments. The NUG has
extended support to the project to establish a credible alternative
in the country’s financial system.
Indonesia opens national cryptocurrency exchange
Indonesia opened a national cryptocurrency exchange and futures
clearinghouse on July 17, according to the Commodity Futures
Trading Supervision Agency (Bappebti). PT Bursa Komoditi
Nusantara has gained approval for the crypto futures exchange, and
PT Kliring Berjangka Indonesia will be responsible for clearing
transactions. Authorities stressed the effort to create a fair
crypto asset trading ecosystem to protect customers. Although
cryptocurrency transaction volume dropped by 68.65% in the first
half, blockchain technology is still seen as promising for the
crypto industry.
Mara announces testnet for Ethereum compatible layer 2 network
Africa-focused decentralized financial platform Mara has
announced the launch of a testnet for its upcoming Mara Chain, an
Ethereum-compatible layer 2 network that uses MARA tokens for
fees. Developers in Africa can build and test decentralized
applications on the Mara Chain based on Optimism. The network
promises fast transaction speeds, low fuel fees and
interoperability with other Optimism-based networks. The
company seeks feedback from the developer community to improve the
platform before the mainnet launch, and offers rewards to encourage
development in the ecosystem.
McDonald’s celebrates 40 years of McNuggets in the metaverse
McDonald’s (NYSE:MCD) celebrates 40 years of Chicken McNuggets
with the opening of McNuggets Land in The Sandbox
metaverse. The experience includes pixelated characters,
rewards and prizes for players in Hong
Kong. “ Collaborating with a global brand like
McDonald’s, with its extensive customer base, takes Sandbox to a
new level and brings us closer to realizing the ultimate goal of
mass adoption of the metaverse ”, Sandbox CEO Sebastien
Borget said in a press release.
Web3, AI and NFTs drive global access and innovation
At Christie’s ‘Art + Tech Summit’, experts highlighted how Web3
and AI are opening up new avenues for art to reach global
audiences. Non-fungible tokens (NFTs) were considered
“enablers” for digital art collection. Web3 expands the reach
of art institutions, making digital art more accessible and
pervasive in many walks of life. While AI is seen as a useful
tool in artistic production and curation, human curation remains
paramount. The cryptographic space is explored in search of
new possibilities.
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