Recent regulatory clarity offered by Hong Kong financial authorities is setting the stage for Hong Kong to be the central hub of Asia’s Bitcoin and crypto ecosystem.
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Fifteen years later, bitcoin has altered the landscape of digital assets and the global financial market.
Bitget increased its headcount ahead of anticipated developments in crypto’s two largest decentralized networks and the intersection between AI and digital assets.
Quick Take The digital asset market has witnessed Bitcoin’s significant fall in the past 24 hours, dropping from $45,000 to roughly $40,000, resulting in more than $660 million being liquidated, according to Coinglass. This plunge has brought into focus on the margin used for the open interest in futures contracts. It is noteworthy that the […]
The post Bitcoin’s dive to $40k triggers massive liquidations amid shifting margin trends appeared first on CryptoSlate.
In a startling revelation by Scam Sniffer, the cryptocurrency world has been hit hard by a series of sophisticated phishing scams in 2023. The team behind the crypto security tool has reported that Wallet Drainers, a type of malware, have successfully siphoned off nearly $295 million from approximately 324,000 unsuspecting victims in the space. Related Reading: Is Internet Computer (ICP) The Next Big Thing? 60% Jump Raises Eyebrows These malicious software programs, predominantly found on phishing websites, trick users into authorizing harmful transactions, leading to significant asset theft from their crypto wallets. Wallet Drainers: The New Threat in Crypto Security? A closer examination of the data reveals a worrying trend of increasing phishing activities; each correlated with specific events in the crypto space. For instance, a significant theft of almost $7 million was reported on March 11, coinciding with fluctuations in USDC rates and an impersonation scam of Circle, the company behind the stablecoin. Additionally, a noticeable theft spike was observed around March 24, aligning with the hacking of Arbitrum’s Discord and its airdrop date. Scam Sniffer’s report highlighted several notable Wallet Drainers, including Inferno Drainer, which alone stole $81 million from 134,000 victims, and MS Drainer, with a haul of $59 million from 63,000 victims. The report notes the alarming scale and velocity of these operations. For example, Monkey Drainer extracted $16 million over six months, whereas Inferno Drainer looted $81 million in just nine months, as seen in the chart below. The report also sheds light on the common phishing signatures these Drainers use. Depending on the type of assets in a victim’s wallet, various phishing methods are deployed, ranging from increased allowance to ERC20 permit signatures. The most severe cases involved victims losing millions to these sophisticated scams. Scam Sniffer’s Analysis: Tracking Malicious Trends Scam Sniffer has ramped up its efforts in response to this growing threat. Over the past year, the tool scanned nearly 12 million URLs, identifying close to 145,000 as malicious. Furthermore, its open-source blacklist contains nearly 100,000 dangerous domains, continuously updated to platforms like Chainabuse. The increasing use of smart contracts by scammers, such as multicall for efficient asset transfers and CREATE2 & CREATE functions to bypass wallet security checks, marks a significant change from the previous year. This evolution underscores the need for enhanced vigilance and updated security measures in the crypto community. Scam Sniffer’s work extends beyond just tracking and reporting. The team actively collaborates with well-known platforms, offering its services to their users. They encourage all stakeholders in the crypto ecosystem to “join the fight against phishing, emphasizing that security is a collective responsibility.” Related Reading: Ethereum Price Momentum Reignites: Technical Signals Potential Surge To $2,600 In closing, Scam Sniffer acknowledges the support of its community: (…) crypto phishing involves multiple parties, crypto, and non-crypto platforms. Security requires a collective effort. If you wish to enhance your product’s capabilities in this area, please contact us at [email protected]. Finally, thanks to all the supporters of Scam Sniffer! Your support is the motivation that keeps us going. Cover image from Unsplash, chart from Tradingview
Inflows into crypto-related investment products increased 170% year-on-year to $2.2 billion last year from the $816 million recorded in 2022, according to CoinShares data shared by its head of research James Butterfill, on social media platform X (formerly Twitter). The increase reflects the resurgence of the burgeoning crypto sector, fueled by remarkable rallies in cryptocurrencies […]
The post Bitcoin dominates as crypto investments skyrocket by 170% to $2.2 billion in 2023 appeared first on CryptoSlate.
Matrixport latest report suggests a rocky road ahead for Bitcoin ETF approvals by the SEC, delving into the implications for Bitcoin’s value.
The SEC is set to convene in crucial meetings with major stock exchanges to finalize comments regarding the potential approval of Spot Bitcoin ETFs.
Quick Take CryptoSlate’s recent analysis paints a vivid picture of Bitcoin futures’ open interest across key exchanges. The past 24 hours have seen a significant repositioning of open interest in Bitcoin, with a notable surge and subsequent drop of around 10%. The primary contributor to this fluctuation was Binance, which saw an 18% open interest […]
The post Binance sees 18% Open Interest drop as CME Bitcoin futures hit record levels appeared first on CryptoSlate.
The price of BTC slumped hard in minutes on Wednesday after the strong start of 2024.