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Crypto Scammers Hijack Truth Terminal Creator's X Account
Crypto scammers took control of the X account belonging to Truth Terminal founder Andy Ayrey, using it to promote a suspicious meme coin.
Fraudulent Promotion of the Infinite Backrooms Token
At the time of writing, the account remains under the control of the scammers, who managed to earn over $600,000 by promoting a token called Infinite Backrooms (IB). This token was named after an AI chatroom experiment that led to the creation of the AI-supported X account Truth Terminal. The hackers first announced the token in a mysterious post on October 29, sharing the slogan "mad dreams of the electric mind" along with the token’s contract address.
Rapid Rise and Fall of the Token
Unsuspecting investors rushed to buy the new cryptocurrency, pushing its market value to $25 million at its peak, according to data from Dexscreener. Shortly after, the scammers sold off 124.6 million IB tokens they had accumulated before the promotion, earning approximately $602,500. Consequently, the token's market capitalization dropped to less than $2.5 million once news spread that Ayrey's account had been compromised.
Ongoing Scam Promotions on X
The scammers continue to control the account, promoting additional projects, such as a Telegram group called "Solana Printers." They also promised a new token, offering an airdrop to anyone who shares and promotes their Telegram group, which had over 1,600 members at the time of publication.
Controversy Surrounding Truth Terminal and Ayrey
Andy Ayrey gained attention in the crypto community after his AI bot, "Truth Terminal," backed by the a16z fund, promoted a meme coin called Goatseus Maximus. This coin, created on the Pump.fun platform on the Solana network, reached a market capitalization of over $850 million, leading to listings on major exchanges like Binance. This success earned Truth Terminal and Ayrey a loyal following within the crypto space.
Rise of Scams on X Accounts
Attacks on X accounts to promote fraudulent tokens are becoming increasingly common in the crypto community. From celebrity accounts to prominent crypto projects, the recurring abuse highlights significant security issues and raises concerns about X’s ability to protect its users from targeted scams.
Although X has managed to restore some compromised accounts, this latest attack underscores the persistent security issues on the platform.
#Cryptoscam , #cybersecurity , #cryptofraud , #hacking , #BlockchainSecurity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Fraudulent Promotion of the Infinite Backrooms Token
At the time of writing, the account remains under the control of the scammers, who managed to earn over $600,000 by promoting a token called Infinite Backrooms (IB). This token was named after an AI chatroom experiment that led to the creation of the AI-supported X account Truth Terminal. The hackers first announced the token in a mysterious post on October 29, sharing the slogan "mad dreams of the electric mind" along with the token’s contract address.
Rapid Rise and Fall of the Token
Unsuspecting investors rushed to buy the new cryptocurrency, pushing its market value to $25 million at its peak, according to data from Dexscreener. Shortly after, the scammers sold off 124.6 million IB tokens they had accumulated before the promotion, earning approximately $602,500. Consequently, the token's market capitalization dropped to less than $2.5 million once news spread that Ayrey's account had been compromised.
Ongoing Scam Promotions on X
The scammers continue to control the account, promoting additional projects, such as a Telegram group called "Solana Printers." They also promised a new token, offering an airdrop to anyone who shares and promotes their Telegram group, which had over 1,600 members at the time of publication.
Controversy Surrounding Truth Terminal and Ayrey
Andy Ayrey gained attention in the crypto community after his AI bot, "Truth Terminal," backed by the a16z fund, promoted a meme coin called Goatseus Maximus. This coin, created on the Pump.fun platform on the Solana network, reached a market capitalization of over $850 million, leading to listings on major exchanges like Binance. This success earned Truth Terminal and Ayrey a loyal following within the crypto space.
Rise of Scams on X Accounts
Attacks on X accounts to promote fraudulent tokens are becoming increasingly common in the crypto community. From celebrity accounts to prominent crypto projects, the recurring abuse highlights significant security issues and raises concerns about X’s ability to protect its users from targeted scams.
Although X has managed to restore some compromised accounts, this latest attack underscores the persistent security issues on the platform.
#Cryptoscam , #cybersecurity , #cryptofraud , #hacking , #BlockchainSecurity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Russian-Speaking Groups Dominate Crypto-Related Cybercrime 🚨
Russian-speaking threat actors have become a “ubiquitous force” in international crypto crime as per a new report.
Russian-speaking threat actors who come from former Soviet Union are the primary drivers of various types of crypto-related cybercrime, including ransomware, illegal crypto exchanges, and darknet markets, according to the latest report by TRM Labs.
In fact, ransomware groups that speak Russian were also found to be responsible for at least 69% of all ransomware earnings in 2023, totaling over $500 million.
Russian-Speaking Threat Actors Dominate
In its latest report, prominent crypto research firm TRM Labs revealed that the two largest operators of the year, Lockbit and ALPHV/Black Cat – both Russian-speaking – generated a combined revenue of at least $320 million from their attacks.
Moreover, Russian-language darknet markets (DNMs) account for 95% of all dark web drug sales conducted in crypto across the world. These DNMs are multi-vendor platforms that facilitate the global trade of illegal drugs. As a well-established form of transnational organized crime, DNMs integrate anonymization networks, crypto, and encryption technologies.
TRM Labs’ said that the top three largest Russian-language DNMs processed $1.4 billion in crypto in 2023, which is about 33% higher than in 2022. In comparison, the entire Western DNM ecosystem managed less than $100 million in 2023, around 20% less than in 2022.
Garantex Dominates Sanctioned Crypto Transactions
Garantex, a Russia-based crypto exchange sanctioned by OFAC in April 2022, handled 82% of the crypto volumes associated with all sanctioned entities globally in 2023. This included exchanges and individuals under US and international sanctions.
The report also observed that at least $85 million has been sent to wallets linked to Russian and Chinese entities involved in the manufacturing, transport, and sale of military and dual-use equipment and components since 2021.
#BinanceTurns7 #hacking #Write2Earn! #MtGoxJulyRepayments
Russian-speaking threat actors have become a “ubiquitous force” in international crypto crime as per a new report.
Russian-speaking threat actors who come from former Soviet Union are the primary drivers of various types of crypto-related cybercrime, including ransomware, illegal crypto exchanges, and darknet markets, according to the latest report by TRM Labs.
In fact, ransomware groups that speak Russian were also found to be responsible for at least 69% of all ransomware earnings in 2023, totaling over $500 million.
Russian-Speaking Threat Actors Dominate
In its latest report, prominent crypto research firm TRM Labs revealed that the two largest operators of the year, Lockbit and ALPHV/Black Cat – both Russian-speaking – generated a combined revenue of at least $320 million from their attacks.
Moreover, Russian-language darknet markets (DNMs) account for 95% of all dark web drug sales conducted in crypto across the world. These DNMs are multi-vendor platforms that facilitate the global trade of illegal drugs. As a well-established form of transnational organized crime, DNMs integrate anonymization networks, crypto, and encryption technologies.
TRM Labs’ said that the top three largest Russian-language DNMs processed $1.4 billion in crypto in 2023, which is about 33% higher than in 2022. In comparison, the entire Western DNM ecosystem managed less than $100 million in 2023, around 20% less than in 2022.
Garantex Dominates Sanctioned Crypto Transactions
Garantex, a Russia-based crypto exchange sanctioned by OFAC in April 2022, handled 82% of the crypto volumes associated with all sanctioned entities globally in 2023. This included exchanges and individuals under US and international sanctions.
The report also observed that at least $85 million has been sent to wallets linked to Russian and Chinese entities involved in the manufacturing, transport, and sale of military and dual-use equipment and components since 2021.
#BinanceTurns7 #hacking #Write2Earn! #MtGoxJulyRepayments
Crypto hacking case Shakeeb Ahmed:
• Sentence Details: Ahmed received a 3-year prison sentence for his crimes, which involved stealing over $12 million from two cryptocurrency exchanges.
• Hacks Committed: He hacked Crema Finance and Nirvana Finance, two decentralized exchanges built on Solana, and stole significant amounts of cryptocurrency.
• Forfeiture and Restitution: As part of his sentence, Ahmed is required to forfeit $12.3 million and pay $5 million in restitution.
• Guilty Plea: Ahmed pleaded guilty to one count of computer fraud in December.
• Legal Precedent: This case is noted as the first-ever conviction for the hack of a smart contract, setting a precedent in the legal treatment of such cybercrimes.
#FollowForMoreInsights #BullorBear #hacking
• Sentence Details: Ahmed received a 3-year prison sentence for his crimes, which involved stealing over $12 million from two cryptocurrency exchanges.
• Hacks Committed: He hacked Crema Finance and Nirvana Finance, two decentralized exchanges built on Solana, and stole significant amounts of cryptocurrency.
• Forfeiture and Restitution: As part of his sentence, Ahmed is required to forfeit $12.3 million and pay $5 million in restitution.
• Guilty Plea: Ahmed pleaded guilty to one count of computer fraud in December.
• Legal Precedent: This case is noted as the first-ever conviction for the hack of a smart contract, setting a precedent in the legal treatment of such cybercrimes.
#FollowForMoreInsights #BullorBear #hacking
South Korean karaoke platform Somesing recently faced a cyberattack, losing over $11.5 million worth
South Korean karaoke platform Somesing recently faced a cyberattack, losing over $11.5 million worth of its native token, SSX. The attack occurred on January 27th, sending shockwaves through the cryptocurrency community.
The attack is believed to be the work of highly skilled hackers specializing in virtual asset theft. Notably, there is no evidence of involvement from Somesing's team members, as stated in the platform's official response. Somesing reported the incident promptly to the National Police Agency. The platform plans to collaborate with Interpol to investigate the cyber breach thoroughly.
Somesing is working alongside the Klaytn Foundation and the cybersecurity firm Uppsala Security, an Interpol partner, to track down the attackers. The platform's main objective is to identify the responsible party quickly. It aims to take appropriate actions, including freezing the stolen assets and pursuing legal measures against those behind the cyberattack.
Suspension of Services by Major Exchanges
Following the security breach, major South Korean cryptocurrency exchanges temporarily suspended deposit and withdrawal services for SSX, including Upbit, Bithumb, and Coinone. These exchanges also warned their users about the potential for increased price volatility. However, other exchanges, such as HTX and Gate.io, which also list SSX, did not take similar precautionary measures.
Somesing operates on the Klaytn blockchain, employing a unique model encouraging users to upload their karaoke recordings. In return for their contributions, users are rewarded with SSX tokens. These rewards are funded by fellow users who donate tokens to support their preferred karaoke performers. The distribution model allocates 60% of donated tokens to singers and 20% to Somesing, with the remaining portion divided for copyright fees and community maintenance.
Cybersecurity Concerns in the Cryptocurrency Sector
Despite this incident, concerns surrounding cybersecurity in the cryptocurrency sector persist. The Somesing cyberattack is just one in a series of recent security breaches. Notably, the attack on Somesing follows an $81.5 million hack on the Klaytn-linked protocol Orbit Bridge earlier in the same month. However, reports suggest that the total volume of cryptocurrency hacks in 2023 witnessed a significant reduction, dropping by over 50% compared to the previous year.
The Somesing cyberattack underscores the ongoing challenges of ensuring the security of blockchain-based platforms. The platform's proactive response and collaboration with relevant entities demonstrate a determined effort to address the breach and protect users after this incident.
#hacking #Korean #attack
The attack is believed to be the work of highly skilled hackers specializing in virtual asset theft. Notably, there is no evidence of involvement from Somesing's team members, as stated in the platform's official response. Somesing reported the incident promptly to the National Police Agency. The platform plans to collaborate with Interpol to investigate the cyber breach thoroughly.
Somesing is working alongside the Klaytn Foundation and the cybersecurity firm Uppsala Security, an Interpol partner, to track down the attackers. The platform's main objective is to identify the responsible party quickly. It aims to take appropriate actions, including freezing the stolen assets and pursuing legal measures against those behind the cyberattack.
Suspension of Services by Major Exchanges
Following the security breach, major South Korean cryptocurrency exchanges temporarily suspended deposit and withdrawal services for SSX, including Upbit, Bithumb, and Coinone. These exchanges also warned their users about the potential for increased price volatility. However, other exchanges, such as HTX and Gate.io, which also list SSX, did not take similar precautionary measures.
Somesing operates on the Klaytn blockchain, employing a unique model encouraging users to upload their karaoke recordings. In return for their contributions, users are rewarded with SSX tokens. These rewards are funded by fellow users who donate tokens to support their preferred karaoke performers. The distribution model allocates 60% of donated tokens to singers and 20% to Somesing, with the remaining portion divided for copyright fees and community maintenance.
Cybersecurity Concerns in the Cryptocurrency Sector
Despite this incident, concerns surrounding cybersecurity in the cryptocurrency sector persist. The Somesing cyberattack is just one in a series of recent security breaches. Notably, the attack on Somesing follows an $81.5 million hack on the Klaytn-linked protocol Orbit Bridge earlier in the same month. However, reports suggest that the total volume of cryptocurrency hacks in 2023 witnessed a significant reduction, dropping by over 50% compared to the previous year.
The Somesing cyberattack underscores the ongoing challenges of ensuring the security of blockchain-based platforms. The platform's proactive response and collaboration with relevant entities demonstrate a determined effort to address the breach and protect users after this incident.
#hacking #Korean #attack
Crypto hacking case Shakeeb Ahmed:
• Sentence Details: Ahmed received a 3-year prison sentence for his crimes, which involved stealing over $12 million from two cryptocurrency exchanges.
• Hacks Committed: He hacked Crema Finance and Nirvana Finance, two decentralized exchanges built on Solana, and stole significant amounts of cryptocurrency.
• Forfeiture and Restitution: As part of his sentence, Ahmed is required to forfeit $12.3 million and pay $5 million in restitution.
• Guilty Plea: Ahmed pleaded guilty to one count of computer fraud in December.
• Legal Precedent: This case is noted as the first-ever conviction for the hack of a smart contract, setting a precedent in the legal treatment of such cybercrimes.
#FollowForMoreInsights #BullorBearn #hacking #780million #780 #million780
• Sentence Details: Ahmed received a 3-year prison sentence for his crimes, which involved stealing over $12 million from two cryptocurrency exchanges.
• Hacks Committed: He hacked Crema Finance and Nirvana Finance, two decentralized exchanges built on Solana, and stole significant amounts of cryptocurrency.
• Forfeiture and Restitution: As part of his sentence, Ahmed is required to forfeit $12.3 million and pay $5 million in restitution.
• Guilty Plea: Ahmed pleaded guilty to one count of computer fraud in December.
• Legal Precedent: This case is noted as the first-ever conviction for the hack of a smart contract, setting a precedent in the legal treatment of such cybercrimes.
#FollowForMoreInsights #BullorBearn #hacking #780million #780 #million780
"HTX exchange loses $13.6M in hot wallet hack: Report".
HTX exchange faced a setback as it incurred an estimated loss of $13.6 million in a recent hot wallet hack, which was part of an $86.6 million exploit on the HECO Chain bridge on Nov. 22. The incident impacted the broader HTX, Tron, and BitTorrent ecosystem. Cyvers, a blockchain security firm, reported that the losses resulted from three compromised hot wallets, leading to user and exchange assets being exchanged for Ether (ETH) and distributed to various Ethereum addresses. Notable assets affected in the attack include 1,240 ETH, 7.3 million USDT, 1.78 million USD Coin (USDC), and 62,200 LINK. Justin Sun, the de-facto owner of HTX and founder of Tron and BitTorrent, assured the community of full compensation for the hot wallet losses and temporarily suspended deposits and withdrawals. This incident follows a previous hot wallet exploit in September, where HTX was hacked for $8 million. Despite the challenges, Sun emphasized the security of user funds and normal platform operations. The HECO Chain bridge, formed by the merger of the Tron and BitTorrent ecosystems, suffered the $86.6 million loss due to an allegedly compromised blockchain operator. Data from Nansen indicates that wallets linked to HTX hold a combined $2.08 billion in user and corporate assets, with $1.3 billion in spot trading volume in the last 24 hours.#BTC #hacking #ETH
MicroStrategy lost $425,000 in a crypto phishing scam involving $134,000 wBAI, $122,000 CHEX, $45,000 wPOKT, and $329,000 in Ethereum-based tokens.
The incident at 12:43 am UTC led to skepticism as influencers questioned the improbable launch of an Ethereum token by MicroStrategy.
This highlights the importance of vigilance in the crypto space, urging caution against scams exploiting reputable brands.
The community emphasizes due diligence amid the evolving cryptocurrency landscape.
#MicroStrategy #BTC #Hacked #hack #hacking
The incident at 12:43 am UTC led to skepticism as influencers questioned the improbable launch of an Ethereum token by MicroStrategy.
This highlights the importance of vigilance in the crypto space, urging caution against scams exploiting reputable brands.
The community emphasizes due diligence amid the evolving cryptocurrency landscape.
#MicroStrategy #BTC #Hacked #hack #hacking
Bitcoin Theft Saga
An user named @RMessit (on X) and his father had lost 25 $BTC they have been holding since 2012.They found out about the incident recently when they enquired about the assets to build a project.The private key of their wallet was stored in a lower security level password storage system called KeePass. The user and his father had hold total of 25 $BTC by combining in three wallets and they had stored the private keys of the three respective wallets in that KeePass.The user believed that someone intruded the KeePass and stole all the Bitcoins. He shared the three respective Transaction IDs too. Upon researching, it has been found out that some funds had gone through a single weak Wasabi “mix” before mostly being deposited to Fixed Float, an instant swap exchange platform. Pic Courtesy: @ergoBTC (on X) Pic Courtesy: @coinableS (on X)A big portion of the 3.4 $BTC theft went unmixed, and ended up in an old wallet that was dormant since 2021, the wallet only started to be used again 13 days after the hack and is actively spending the amount.The hackers also have been adding amounts to their wallet from Binance after the hack. So, Binance's help have been sought to identity the wallet holder as Binance have the KYC data.Small amount of linked funds were deposited to Coinbase exchange and OkX exchange too.Follow for more informative contents.#BTC #Web3Wallet #hacking
SEC's X Account Hacked, Fake Bitcoin ETF Tweet Sends Market Soaring
Overview:
The U.S. Securities and Exchange Commission's (SEC) official X account was hacked earlier today, with the perpetrator posting a fake tweet announcing the approval of Bitcoin ETFs. This sent the cryptocurrency market into a frenzy, with Bitcoin briefly spiking above $47,000 before crashing back down as the news was debunked.
Insights:
This incident highlights the vulnerabilities of social media accounts, even for high-profile organizations like the SEC. It also underscores the growing excitement surrounding Bitcoin ETFs, which are still awaiting regulatory approval in the United States.
#ETFs. #X #cryptocurrency #hacking #MarketManipulation
Overview:
The U.S. Securities and Exchange Commission's (SEC) official X account was hacked earlier today, with the perpetrator posting a fake tweet announcing the approval of Bitcoin ETFs. This sent the cryptocurrency market into a frenzy, with Bitcoin briefly spiking above $47,000 before crashing back down as the news was debunked.
Insights:
This incident highlights the vulnerabilities of social media accounts, even for high-profile organizations like the SEC. It also underscores the growing excitement surrounding Bitcoin ETFs, which are still awaiting regulatory approval in the United States.
#ETFs. #X #cryptocurrency #hacking #MarketManipulation
Amazon MGM Announces Film on $4 Billion Bitfinex Bitcoin Heist.
Amazon MGM Studio has announced plans to produce a film centered on the notorious $4 billion Bitfinex Bitcoin $BTC heist in a groundbreaking move. The untitled movie, directed by Hannah Marks and co-produced by Lili Reinhart, is set to deliver a gripping portrayal of the lives and criminal exploits of convicted cryptocurrency thieves Heather "Razzlekhan" Morgan and Ilya Lichtenstein.
Captivating True Story
This film will focus on the captivating narrative of Morgan and Lichtenstein, recognized as the masterminds behind the 2016 Bitfinex cryptocurrency exchange hack. In 2022, they faced charges from the U.S. Department of Justice, accused of conspiracy in connection with a staggering $4 billion theft and money laundering operation.
Formerly known as "Razzlekhan," Morgan, a rapper and cybersecurity professional, along with Lichtenstein, openly confessed in court to the audacious theft of 120,900 Bitcoins. Despite agreeing to surrender their ill-gotten gains, the duo may still confront up to two decades of imprisonment if convicted.
Amazon has remained tight-lipped about additional details regarding the film's production and release dates. However, anticipation is high for what is expected to be a cinematic masterpiece, offering an in-depth exploration into the dark realms of cybercrime and cryptocurrency theft.
Surprising Revelation
In a surprising turn of events last August, Ilya Lichtenstein admitted to being the original hacker behind the 2016 cyberattack on the Bitfinex cryptocurrency exchange. This revelation unfolded during his guilty plea for charges related to laundering the stolen Bitcoin in a federal court in Washington, D.C. Concurrently, his wife, Heather Morgan, also pleaded guilty to money laundering conspiracy and conspiracy to defraud the United States government.
As the world eagerly awaits the release of this cinematic saga, Amazon MGM Studio's latest project promises to be a gripping exploration of one of the most significant financial crimes in recent history. With talented filmmakers and a compelling real-life story, "Razzlekhan" is poised to captivate audiences and shed light on the intriguing world of cybercrime and cryptocurrency heists.
Amazon MGM's announcement has generated considerable buzz, and the film is expected to shed light on the complexities of cryptocurrency theft and the individuals behind such audacious crimes. With a talented cast and crew, "Razzlekhan" promises to be a must-watch for audiences intrigued by cybersecurity and digital currencies.
This cinematic venture represents Amazon's foray into the world of true crime storytelling, and it will be fascinating to see how the film unfolds the intricacies of the Bitfinex heist.
#amazon #BTC🔥🔥 #film #hacking
Captivating True Story
This film will focus on the captivating narrative of Morgan and Lichtenstein, recognized as the masterminds behind the 2016 Bitfinex cryptocurrency exchange hack. In 2022, they faced charges from the U.S. Department of Justice, accused of conspiracy in connection with a staggering $4 billion theft and money laundering operation.
Formerly known as "Razzlekhan," Morgan, a rapper and cybersecurity professional, along with Lichtenstein, openly confessed in court to the audacious theft of 120,900 Bitcoins. Despite agreeing to surrender their ill-gotten gains, the duo may still confront up to two decades of imprisonment if convicted.
Amazon has remained tight-lipped about additional details regarding the film's production and release dates. However, anticipation is high for what is expected to be a cinematic masterpiece, offering an in-depth exploration into the dark realms of cybercrime and cryptocurrency theft.
Surprising Revelation
In a surprising turn of events last August, Ilya Lichtenstein admitted to being the original hacker behind the 2016 cyberattack on the Bitfinex cryptocurrency exchange. This revelation unfolded during his guilty plea for charges related to laundering the stolen Bitcoin in a federal court in Washington, D.C. Concurrently, his wife, Heather Morgan, also pleaded guilty to money laundering conspiracy and conspiracy to defraud the United States government.
As the world eagerly awaits the release of this cinematic saga, Amazon MGM Studio's latest project promises to be a gripping exploration of one of the most significant financial crimes in recent history. With talented filmmakers and a compelling real-life story, "Razzlekhan" is poised to captivate audiences and shed light on the intriguing world of cybercrime and cryptocurrency heists.
Amazon MGM's announcement has generated considerable buzz, and the film is expected to shed light on the complexities of cryptocurrency theft and the individuals behind such audacious crimes. With a talented cast and crew, "Razzlekhan" promises to be a must-watch for audiences intrigued by cybersecurity and digital currencies.
This cinematic venture represents Amazon's foray into the world of true crime storytelling, and it will be fascinating to see how the film unfolds the intricacies of the Bitfinex heist.
#amazon #BTC🔥🔥 #film #hacking
@defioasis explains that the #Eigenpie ($EGP ) IDO presents a compelling investment opportunity with several advantages, including a low public sale FDV of $6 million and a #TVL exceeding $1 billion, which suggests significant upside potential compared to similar projects like #Magpie . With a short timeline featuring a 100% unlock at TGE and confirmed listings on #Bitget , KuCoin, and Bybit around the 25th, the project has also secured strong backing from notable investors like the @Arbitrum Foundation and @PancakeSwap . Furthermore, the public sale offers full refunds, with a total investment of $1.03 million ongoing until the 24th. However, potential risks include decreased investor confidence stemming from a previous #hacking incident involving Magpie's Penpie subDAO, as well as possible market fatigue due to ongoing projects. Overall, while EigenPie has attractive features, thorough research (DYOR) is crucial to navigate the associated risks.
Web3 Faces a Challenging Path Toward Mass Adoption
In recent years, there has been increasing talk about Web3, a concept of a decentralized internet where users have full control over their finances and data. This promising direction has sparked excitement, especially within tech communities. Some estimates even suggest that the Web3 market could reach a value of $177.58 billion by 2033. Despite this potential growth, real-world adoption of Web3 remains low.
So the question is: what is holding Web3 back?
Web3 Deviates from Its Original Course
The original idea of Web3 was revolutionary: to return control to users, eliminate intermediaries, and create a digital ecosystem based on interoperability and self-custody of assets. Users would be able to independently manage their assets and benefit from their own data without sharing it with third parties.
While some steps in this direction have been made—such as the development of decentralized applications (dApps) that allow users to interact without intermediaries—Web3 has yet to reach the mainstream. The idea is powerful, but the execution is lagging behind.
Complexity and Lack of Simplicity as Major Barriers
One of the biggest obstacles to the widespread adoption of Web3 is its complexity. For many people who are not already familiar with the world of cryptocurrencies, Web3 can be confusing and difficult to grasp. To the average user, it seems like an inaccessible and distant concept.
#technologies like Layer 2 solutions (L2), such as Base and #ARBİTRUM , promise improved scalability and efficiency, but most users don’t even understand how these technologies work or why they should care. Terms like "mainnet," "L2," and "gas fees" can confuse and alienate potential users.
Furthermore, the negative perception of Web3, often associated with #Scams and #hacking incidents, undermines public trust. The idea of self-custody of digital assets is also intimidating for many, and traditional banking—with its safety nets and customer support—feels like a safer option for most.
Limited Use Cases
Another challenge for Web3 is the lack of practical applications. Beyond cryptocurrency trading and speculative activities, there are few options for users to utilize their digital assets. To attract a broader audience, the sector needs to offer more useful and engaging applications that provide real value in everyday life.
How Can Web3 Achieve Mass Adoption?
For Web3 to break out of its niche and enter the mainstream, it needs to return to the fundamentals that made it exciting: use cases built on interoperability, self-custody, and permissionless systems. However, these concepts must be integrated into platforms in ways that are familiar to users.
Imagine, for instance, a neobank customer suddenly being able to earn higher returns through a built-in #Web3Wallet . Or if non-crypto applications started offering smart wallet features, making the benefits of Web3 more accessible to average people.
Focusing on user experience and ease of access is crucial. Web3 must be as intuitive as the apps we use every day. This means improving interfaces, providing clearer explanations of complex concepts, and making integration processes simpler. Education and marketing will also play key roles in demystifying Web3 while showing people why it’s worth their time.
Conclusion
The potential of Web3 is enormous, but its growth is hindered by complexity and a lack of practical use cases. For Web3 to truly take off, the industry needs to integrate with existing Web2 platforms and focus on creating real value for everyday users. The future of Web3 depends on its ability to become a user-friendly and accessible technology for everyone.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
So the question is: what is holding Web3 back?
Web3 Deviates from Its Original Course
The original idea of Web3 was revolutionary: to return control to users, eliminate intermediaries, and create a digital ecosystem based on interoperability and self-custody of assets. Users would be able to independently manage their assets and benefit from their own data without sharing it with third parties.
While some steps in this direction have been made—such as the development of decentralized applications (dApps) that allow users to interact without intermediaries—Web3 has yet to reach the mainstream. The idea is powerful, but the execution is lagging behind.
Complexity and Lack of Simplicity as Major Barriers
One of the biggest obstacles to the widespread adoption of Web3 is its complexity. For many people who are not already familiar with the world of cryptocurrencies, Web3 can be confusing and difficult to grasp. To the average user, it seems like an inaccessible and distant concept.
#technologies like Layer 2 solutions (L2), such as Base and #ARBİTRUM , promise improved scalability and efficiency, but most users don’t even understand how these technologies work or why they should care. Terms like "mainnet," "L2," and "gas fees" can confuse and alienate potential users.
Furthermore, the negative perception of Web3, often associated with #Scams and #hacking incidents, undermines public trust. The idea of self-custody of digital assets is also intimidating for many, and traditional banking—with its safety nets and customer support—feels like a safer option for most.
Limited Use Cases
Another challenge for Web3 is the lack of practical applications. Beyond cryptocurrency trading and speculative activities, there are few options for users to utilize their digital assets. To attract a broader audience, the sector needs to offer more useful and engaging applications that provide real value in everyday life.
How Can Web3 Achieve Mass Adoption?
For Web3 to break out of its niche and enter the mainstream, it needs to return to the fundamentals that made it exciting: use cases built on interoperability, self-custody, and permissionless systems. However, these concepts must be integrated into platforms in ways that are familiar to users.
Imagine, for instance, a neobank customer suddenly being able to earn higher returns through a built-in #Web3Wallet . Or if non-crypto applications started offering smart wallet features, making the benefits of Web3 more accessible to average people.
Focusing on user experience and ease of access is crucial. Web3 must be as intuitive as the apps we use every day. This means improving interfaces, providing clearer explanations of complex concepts, and making integration processes simpler. Education and marketing will also play key roles in demystifying Web3 while showing people why it’s worth their time.
Conclusion
The potential of Web3 is enormous, but its growth is hindered by complexity and a lack of practical use cases. For Web3 to truly take off, the industry needs to integrate with existing Web2 platforms and focus on creating real value for everyday users. The future of Web3 depends on its ability to become a user-friendly and accessible technology for everyone.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🚨 DON'T GET HACKED!!! UNDERSTANDING SOCIAL ENGINEERING 🚨
🔒 Social engineering attacks exploit trust, emotions, and sometimes ignorance.
🚨 Common Social Engineering Tactics in Crypto
📧 Fake emails, messages, and websites mimic legit crypto platforms, tricking you into revealing private keys or login credentials. Look out for offers of free crypto, urgent security alerts, or limited-time offers.
😈 Scammers pose as trusted representatives, industry figures, or even friends. They use social proof, urgency, and technical jargon to appear legitimate and gain your trust.
💔 Fake profiles on dating apps lure victims into online relationships, eventually asking for crypto under the guise of financial help or investment opportunities.
📉 Attackers spread false info to inflate a crypto's price, then sell off their holdings, causing the price to crash and leaving you with losses.
🛡 How Social Engineering Attacks Work
1. 🔍 Information Gathering: Scammers collect personal details from social media, forums, or direct conversations.
2. 🤝 Establishing Trust: They pose as trustworthy figures, building rapport over time.
3. 💬 Manipulating Victims: Using flattery, empathy, or threats to create urgency or fear.
4. . 🚀 Exploiting Victims: Swiftly transferring funds or stealing info once security is compromised.
🛡 Protect Yourself from Social Engineering Attacks
📰 Educate yourself about common tactics. Recognize the warning signs of scams like unsolicited offers or urgent requests for personal info.
🛡 Use two-factor authentication for an extra layer of security on all crypto-related accounts.
🧩 Create strong, unique passwords for each account and change them regularly.
🔒 Be cautious about what you share on social media and public forums.
💡 If something feels off, it probably is. Double-check and seek expert advice.
@Professor Mende - Bonuz Ecosystem Founder
Stay safe and share this if you care about your friends and the crypto community!
#scamalert #phishing #hacking #security #safety
$BTC $PEPE $SHIB
🔒 Social engineering attacks exploit trust, emotions, and sometimes ignorance.
🚨 Common Social Engineering Tactics in Crypto
📧 Fake emails, messages, and websites mimic legit crypto platforms, tricking you into revealing private keys or login credentials. Look out for offers of free crypto, urgent security alerts, or limited-time offers.
😈 Scammers pose as trusted representatives, industry figures, or even friends. They use social proof, urgency, and technical jargon to appear legitimate and gain your trust.
💔 Fake profiles on dating apps lure victims into online relationships, eventually asking for crypto under the guise of financial help or investment opportunities.
📉 Attackers spread false info to inflate a crypto's price, then sell off their holdings, causing the price to crash and leaving you with losses.
🛡 How Social Engineering Attacks Work
1. 🔍 Information Gathering: Scammers collect personal details from social media, forums, or direct conversations.
2. 🤝 Establishing Trust: They pose as trustworthy figures, building rapport over time.
3. 💬 Manipulating Victims: Using flattery, empathy, or threats to create urgency or fear.
4. . 🚀 Exploiting Victims: Swiftly transferring funds or stealing info once security is compromised.
🛡 Protect Yourself from Social Engineering Attacks
📰 Educate yourself about common tactics. Recognize the warning signs of scams like unsolicited offers or urgent requests for personal info.
🛡 Use two-factor authentication for an extra layer of security on all crypto-related accounts.
🧩 Create strong, unique passwords for each account and change them regularly.
🔒 Be cautious about what you share on social media and public forums.
💡 If something feels off, it probably is. Double-check and seek expert advice.
@Professor Mende - Bonuz Ecosystem Founder
Stay safe and share this if you care about your friends and the crypto community!
#scamalert #phishing #hacking #security #safety
$BTC $PEPE $SHIB
Deepfake Crypto Scam Worth $43 Million Leads to the Arrest of Hong Kong Graduates
Hong Kong Authorities Uncover Fraud Syndicate
Hong Kong authorities have uncovered a fraudulent syndicate that used deepfake technology to carry out a cryptocurrency scam worth $43 million. This scam resulted in the arrest of 27 individuals, including university-educated graduates.
According to local media reports, the syndicate had been operating since October of last year in an industrial unit spanning 4,000 square feet in Hung Hom.
Fraudsters Used AI to Create Attractive Female Personas
The fraudsters allegedly used artificial intelligence to swap their faces with those of attractive women during video calls. This deepfake technology allowed the male fraudsters to create appealing identities, helping them gain the trust of victims across Asia, including in Singapore, mainland China, Taiwan, and India.
Chief Superintendent Fang Chi-kin revealed that the group recruited digital media graduates to develop fake trading platforms and manage their online operations.
Victims Lured into Investing in Cryptocurrencies
Once trust was established, the fraudsters introduced cryptocurrency investment opportunities. To lure victims into investing, they showed fake trading records to convince them to invest large sums of money. Many victims realized they had been scammed only when they were unable to withdraw their funds.
Police Seized Equipment and Cash
During a raid on October 9, Hong Kong police seized more than 100 mobile phones, computer equipment, luxury watches, and over 200,000 Hong Kong dollars in cash. The suspects, aged between 21 and 34, face charges of conspiracy to defraud and possession of offensive weapons.
Authorities also discovered training materials instructing the fraudsters on effective tactics to manipulate victims. They found a "performance board" highlighting the top earners, with the most successful scammer allegedly earning $266,000 in a single month.
“They set up a performance board. Teams and members who successfully scammed the most victims were listed. The top earner last month made $266,000,” said Superintendent Iu Wing-kan.
Crypto Regulation in Hong Kong
These details of the crypto scam surface as Hong Kong tightens regulatory scrutiny of its cryptocurrency market. The Hong Kong Securities and Futures Commission (SFC) is currently reviewing nearly a dozen crypto platforms for potential licensing.
SFC CEO Julia Leung announced that 11 platforms applying for approval to operate crypto businesses had undergone on-site assessments. The SFC plans to issue licenses in batches to virtual asset trading platforms (VATP) to ensure regulatory compliance. Although these platforms are currently operating under a “deemed licensed” status, the SFC has warned traders not to engage with them until they are fully licensed.
The SFC’s approach includes granting conditional licenses to compliant platforms while stripping those that fail to meet regulatory requirements of their licensing qualifications.
#cybersecurity , #Cryptoscam , #hackers , #hacking , #deepfake
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Hong Kong authorities have uncovered a fraudulent syndicate that used deepfake technology to carry out a cryptocurrency scam worth $43 million. This scam resulted in the arrest of 27 individuals, including university-educated graduates.
According to local media reports, the syndicate had been operating since October of last year in an industrial unit spanning 4,000 square feet in Hung Hom.
Fraudsters Used AI to Create Attractive Female Personas
The fraudsters allegedly used artificial intelligence to swap their faces with those of attractive women during video calls. This deepfake technology allowed the male fraudsters to create appealing identities, helping them gain the trust of victims across Asia, including in Singapore, mainland China, Taiwan, and India.
Chief Superintendent Fang Chi-kin revealed that the group recruited digital media graduates to develop fake trading platforms and manage their online operations.
Victims Lured into Investing in Cryptocurrencies
Once trust was established, the fraudsters introduced cryptocurrency investment opportunities. To lure victims into investing, they showed fake trading records to convince them to invest large sums of money. Many victims realized they had been scammed only when they were unable to withdraw their funds.
Police Seized Equipment and Cash
During a raid on October 9, Hong Kong police seized more than 100 mobile phones, computer equipment, luxury watches, and over 200,000 Hong Kong dollars in cash. The suspects, aged between 21 and 34, face charges of conspiracy to defraud and possession of offensive weapons.
Authorities also discovered training materials instructing the fraudsters on effective tactics to manipulate victims. They found a "performance board" highlighting the top earners, with the most successful scammer allegedly earning $266,000 in a single month.
“They set up a performance board. Teams and members who successfully scammed the most victims were listed. The top earner last month made $266,000,” said Superintendent Iu Wing-kan.
Crypto Regulation in Hong Kong
These details of the crypto scam surface as Hong Kong tightens regulatory scrutiny of its cryptocurrency market. The Hong Kong Securities and Futures Commission (SFC) is currently reviewing nearly a dozen crypto platforms for potential licensing.
SFC CEO Julia Leung announced that 11 platforms applying for approval to operate crypto businesses had undergone on-site assessments. The SFC plans to issue licenses in batches to virtual asset trading platforms (VATP) to ensure regulatory compliance. Although these platforms are currently operating under a “deemed licensed” status, the SFC has warned traders not to engage with them until they are fully licensed.
The SFC’s approach includes granting conditional licenses to compliant platforms while stripping those that fail to meet regulatory requirements of their licensing qualifications.
#cybersecurity , #Cryptoscam , #hackers , #hacking , #deepfake
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🚨Trader Loses $1,000,000 in Kylian Mbappe's HACKED X account!
A crypto trader recently faced a massive loss of over $1 million, falling victim to a fraudulent Mbappe token, underscoring the dangers of celebrity-linked cryptocurrencies. The trader lost their entire investment within an hour, unaware that Real Madrid star Kylian Mbappe's X account had been hacked and used to promote the scam token.
The scam unfolded when the trader spent over 7,156 Solana (SOL) tokens, worth approximately $1.03 million, to purchase the fake Kylian Mbappé (MBAPPE) token. Just an hour later, the value of the purchased tokens plummeted to a mere $9.2K, resulting in a devastating loss. Lookonchain, an onchain intelligence firm, highlighted this incident, showcasing the extreme volatility and risks in the crypto market.
Following the hack and scam token endorsement, Crypto[dot]com and other major crypto firms quickly warned their users against falling for the fake Mbappe token. The warning came too late for some, but it saved others from potential financial ruin. The fraudulent posts on Mbappé's X account have since been deleted, but not before causing significant damage.
💡 Interestingly, while many suffered losses, a few savvy traders managed to profit from the scam. One anonymous trader turned a $28 investment into nearly $124,000 by quickly buying and selling the scam token before its inevitable collapse. The trader capitalized on the token’s brief surge to an $80K market cap, demonstrating the high-risk, high-reward nature of crypto trading.
Stay alert, and don't fall for the bs!
Wait till Bonuz will start launching the true celeb tokens which are for value and not just for trading.
PS. Get a share of the $10,000 price pool! Scroll up to my profile and hit the "vote" button once every 24h to win!
#scamalert #scam #mbappes #hack #hacking
$BTC
A crypto trader recently faced a massive loss of over $1 million, falling victim to a fraudulent Mbappe token, underscoring the dangers of celebrity-linked cryptocurrencies. The trader lost their entire investment within an hour, unaware that Real Madrid star Kylian Mbappe's X account had been hacked and used to promote the scam token.
The scam unfolded when the trader spent over 7,156 Solana (SOL) tokens, worth approximately $1.03 million, to purchase the fake Kylian Mbappé (MBAPPE) token. Just an hour later, the value of the purchased tokens plummeted to a mere $9.2K, resulting in a devastating loss. Lookonchain, an onchain intelligence firm, highlighted this incident, showcasing the extreme volatility and risks in the crypto market.
Following the hack and scam token endorsement, Crypto[dot]com and other major crypto firms quickly warned their users against falling for the fake Mbappe token. The warning came too late for some, but it saved others from potential financial ruin. The fraudulent posts on Mbappé's X account have since been deleted, but not before causing significant damage.
💡 Interestingly, while many suffered losses, a few savvy traders managed to profit from the scam. One anonymous trader turned a $28 investment into nearly $124,000 by quickly buying and selling the scam token before its inevitable collapse. The trader capitalized on the token’s brief surge to an $80K market cap, demonstrating the high-risk, high-reward nature of crypto trading.
Stay alert, and don't fall for the bs!
Wait till Bonuz will start launching the true celeb tokens which are for value and not just for trading.
PS. Get a share of the $10,000 price pool! Scroll up to my profile and hit the "vote" button once every 24h to win!
#scamalert #scam #mbappes #hack #hacking
$BTC
🛑 STOP SCROLLING! WHY KYC CAN BE DANGEROUS!!! 🛑
⛔ Read the full post, as this is an important one:
"KYC is the act of throwing 99 innocent people under the bus in order to make law enforcement's job catching 1 bad guy a little easier. The 99 shouldn't tolerate it."
The picture shows what I recently found on Twitter.
Why should you care and what should/shouldn't you do?
Leaked KYC data makes you vulnerable to attacks like sim-swaps, which allow attackers to bypass your 2FA security, but also comes with even bigger danger.
Leaked documents can lead to scammers opening online bank accounts in your name, taking loans & putting you into a horrible financial situation.
Deepfakes and simple Epson printers with ID card printing features make it possible to even fake real-time online verification processes.
Conclusion:
Be EXTREMELY cautious where you submit your KYC information. If small, not properly secured projects require KYC for crypto allocations and similar, remember that you're making yourself vulnerable the moment you submit your data.
You can never be sure that your data is encrypted and saved in a secure spot. You just can NEVER be sure.... so IF you submit KYC data, make sure that you don't do it left, right, center wherever you go, but only provide big, trustworthy and well established companies with these kind of details.
You will thank me later.
Follow @Professor Mende - Bonuz Ecosystem Founder for more!
#scamalert #kyc #phishing #scams #hacking
$PEPE $FLOKI $SHIB
⛔ Read the full post, as this is an important one:
"KYC is the act of throwing 99 innocent people under the bus in order to make law enforcement's job catching 1 bad guy a little easier. The 99 shouldn't tolerate it."
The picture shows what I recently found on Twitter.
Why should you care and what should/shouldn't you do?
Leaked KYC data makes you vulnerable to attacks like sim-swaps, which allow attackers to bypass your 2FA security, but also comes with even bigger danger.
Leaked documents can lead to scammers opening online bank accounts in your name, taking loans & putting you into a horrible financial situation.
Deepfakes and simple Epson printers with ID card printing features make it possible to even fake real-time online verification processes.
Conclusion:
Be EXTREMELY cautious where you submit your KYC information. If small, not properly secured projects require KYC for crypto allocations and similar, remember that you're making yourself vulnerable the moment you submit your data.
You can never be sure that your data is encrypted and saved in a secure spot. You just can NEVER be sure.... so IF you submit KYC data, make sure that you don't do it left, right, center wherever you go, but only provide big, trustworthy and well established companies with these kind of details.
You will thank me later.
Follow @Professor Mende - Bonuz Ecosystem Founder for more!
#scamalert #kyc #phishing #scams #hacking
$PEPE $FLOKI $SHIB
