Autor Cointelegraph By Arijit Sarkar

Gate.io users at risk as scammers fake giveaway on hacked Twitter account

Gate.io users at risk as scammers fake giveaway on hacked Twitter account

Uverejnil používateľ | okt 22, 2022 |

Hackers took over the official Twitter account of crypto exchange Gate.io, putting over 1 million users at risk of losing funds to an ongoing fraudulent Tether (USDT) giveaway.Social media platform Twitter serves as the most effective medium to reach the crypto community. As a result, the trend of hacking into official Twitter handles of verified accounts to promote scams is on the rise.Hackers of unknown origin took over Gate.io’s Twitter account and changed the website URL from Gate.io to gąte.com (https://xn--gte-ipa.com/) — a fraudulent website impersonating the exchange. The fake website is actively promoting a fake giveaway of 500,000 USDT while asking users to connect their wallets (such as MetaMask) to claim the rewards. Once a user connects their wallet to the fake website, the hackers will gain access to their existing funds and end up draining the assets. Blockchain investigator Peckshield also confirmed the ongoing attack as it detected the phishing website and alerted users about the risk of losing private keys. #PeckShieldAlert #Phishing Seems like crypto-exchange Gate[.]io’s verified Twitter account @gate_io was compromised & has been used to share links to fraudulent $USDT GIVEAWAY.gąte[.]com is the phishing site. Thanks @aayushrai11 and @grpolice for the intel pic.twitter.com/cpZ6CgAADm— PeckShieldAlert (@PeckShieldAlert) October 22, 2022Cointelegraph reached out to alert officials about the ongoing hack and is to hear from Gate.io about related remediation. At a time when crypto scams are set to hit all-time highs, investors are advised to cross-check the website URLs of the trading platforms to ensure the legitimacy of the offerings.Related: Mango Market’s DAO forum set to approve $47M settlement with hackerThe United States Federal Bureau of Investigation (FBI) recently warned that crypto ATMs are gaining popularity among scammers to receive funds from victims.According to the FBI, wire transfers, prepaid cards and crypto ATMs are being used by scammers to avoid being tracked by law enforcement:“Many victims report being directed to make wire transfers to overseas accounts or purchase large amounts of prepaid cards. The use of cryptocurrency and cryptocurrency ATMs is also an emerging method of payment. Individual losses related to these schemes ranged from tens of thousands to millions of dollars.”As victims agree to pay up, the scammers ask victims to pay taxes over the original amount, “causing them (investors) to lose additional funds.”

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Shopify partners with Novel to deliver accessible Web3 for merchants

Shopify partners with Novel to deliver accessible Web3 for merchants

Uverejnil používateľ | okt 18, 2022 |

Major global e-commerce platform Shopify announced a partnership with Novel, a no-code Web3 commerce platform, to make Web3 technologies accessible and approachable for all merchants.As part of the partnership, Novel launched an app on the Shopify App Store, which equips existing merchants on Shopify with tools to experience Web3 innovation in ecommerce without any technical knowledge or time and monetary commitments.The Novel Shopify app delivers two primary features, minting and distribution and utility. The minting and distribution feature allows users to generate art for a new nonfungible token (NFT) collection or upload an existing NFT collection. Novel can then deploy smart contracts over the collection and make them available to users for purchases on the Shopify storefront.Once an NFT is purchased, Novel will automate the currency bridge and create a corresponding crypto wallet for the customers. On the utility side, Novel allows merchants, including brands and creators, to enable token-based utility on their Shopify storefronts, including token-gated products, URLs and discounts, cross-chain gating on Solana (SOL), Ethereum (ETH) and Polygon (MATIC), ERC-20 gating and more.Sharing the details, Roger Beaman, CEO and co-founder of Novel stated:“By integrating with Shopify, we’re able to leverage the industry-leading ecommerce platform they have built to equip all Shopify merchants with the tools they need to enter the Web3 commerce space.”As an all-in-one Web3 tool on Shopify, the Novel app also powers token-gating for retailers to add use cases to their NFT collections. Related: Shopify unveils tokengated commerce as part of new connect-to-consumer experienceCointelegraph released a new feature allowing users to convert articles into NFTs. With this feature release, Cointelegraph created the first decentralized catalog of news wherein users can convert published articles to become mintable NFTs via the Cointelegraph Historical collection. [embedded content]Similar to collecting old newspapers for saving sentimental headlines, Cointelegraph allows readers to own and relive milestones in crypto, including Bitcoin’s Taproot upgrade and El Salvador adopting BTC as legal tender.

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India aims to develop crypto SOPs during G20 presidency, says finance minister

India aims to develop crypto SOPs during G20 presidency, says finance minister

Uverejnil používateľ | okt 16, 2022 |

The finance minister of India, Nirmala Sitharaman, revealed India’s plan to develop standard operating procedures (SOPs) for cryptocurrencies during its G20 presidency, from Dec. 1, 2022, to Nov. 30, 2023.Sitharaman has previously called for global collaboration to decide on crypto’s future and has been cautious against mainstream crypto adoption citing risks to financial stability. However, speaking to local Indian reporters on Oct. 15, she confirmed, “That (crypto) will also be part of India’s thing (agenda during G20 presidency).”The G20, or Group of Twenty, is a global forum for addressing the major issues related to the global economy. According to Sitharaman, no country can alone effectively handle or regulate crypto, adding that:“But if it’s a question of platforms, trading of assets which have been created, buying and selling making profits and, more importantly in all, these countries are in a position to understand the money trade, are we in a position to establish for what purpose it’s being used?”Sitharaman further highlighted the use of crypto assets in money laundering as detected by India’s law enforcement agency, Enforcement Directorate. She further added that members of the G20 have also acknowledged the same concerns while reiterating the need for the participation of all countries when it comes to effectively regulating crypto assets.Related: Polygon powers India police complaint portal, battling corruptionOn Oct. 7, the Reserve Bank of India released a list of proposed features and reasoning behind its in-development central bank digital currency (CBDC). The 51-page document summarizes key motivations for the issuance of the digital rupee, which include trust, safety, liquidity, settlement finality and integrity. Some of the biggest motivations for India’s digital currency are reduced operational costs and improved financial inclusion.

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Wintermute repays $92M TrueFi loan on time despite suffering $160M hack

Wintermute repays $92M TrueFi loan on time despite suffering $160M hack

Uverejnil používateľ | okt 16, 2022 |

When Wintermute, a cryptocurrency market maker, lost $160 million due to a hack, concerns related to the repayment of debt worth $189.4 million surfaced. However, in an exciting turn of events, Wintermute paid back its largest debt due Oct. 15, involving a $92 million Tether (USDT) loan issued by TrueFi.After repayment of TrueFi’s $92 million loan, Wintermute still owes $75 million to Maple Finance in USD Coin (USDC) and wrapped ether (WETH) and $22.4 million to Clearpool, a total of $97.4 million in debt. Loan details show that Wintermute Trading had borrowed $92.5 million for a term period of 180 days. James Edwards from Libre Blockchain suspects that “some of the funds from their recent “hack” contributed to the payback.” He further claimed that BlockSec’s attempt to debunk the conspiracy theory around an inside job theory might be a miss. Edwards stated that BlockSec was previously “dead wrong” in calling out another firm for using the “Vanity address” tool, adding that:“To believe that a market maker handling billions of dollars (their words) worth of crypto assets per day would use such a tool to create an address ultimately responsible for managing hundreds of millions of dollars in value is preposterous.”Supporting his claim, Edwards pointed out the GitHub URL to the vanity address tool Wintermute supposedly used to generate their vanity address, as shown below.On Oct. 10, TrueFi issued a default notice to Blockwater Technologies for missing a scheduled payment related to a $3.4 million loan in Binance USD (BUSD). Related: Cyber sleuth alleges $160M Wintermute hack was an inside jobAttempting remediation to a $117 million exploit, Mango Markets offered the hacker to keep $47 million as a bug bounty while requesting the return of $67 million of the stolen funds.A majority, 98%, of the Mango Markets community approved the decision and also supported that no legal action would be taken against the hacker once the $67 million was returned.However, some of the community members raised objections to the near $50 million bug bounty, which, in one voter’s words, “is ridiculous.”

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Texas authorities object to Voyager's disclosure statement in its current form

Texas authorities object to Voyager's disclosure statement in its current form

Uverejnil používateľ | okt 15, 2022 |

The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) raised an objection in court against Voyager Digital’s disclosure statement, questioning the various methodologies and calculations used to estimate the fair market value of the bankrupt exchange’s crypto assets.In a pleading filed with the United States Bankruptcy Court for the Southern District of New York, the attorneys for the SSB and DOB objected to the order approving the adequacy of Voyager’s amended disclosure statement. Voyager Digital filed for Chapter 11 bankruptcy in New York in July 2022, while proposing a recovery plan for investors.The Texas state authorities argued that Voyager’s disclosure statement, which asserted that creditors might get a 70% return, fails to explain the methodology used to calculate the average coin prices, adding that:“The Debtors (Voyager) have never been licensed by the SSB or the DOB and faces very large fines and penalties for operating without a license. FTX is also not licensed to do business in the State of Texas.”The attorneys further highlighted that with the court that crypto exchange FTX offers a product similar to ‘Voyager Earn Program,’ a Voyager offering that has been subject to cease-and-desist orders from multiple states in the US.As a resolution, the SSB and DOB seek the denial of Voyager’s disclosure statement in its current form. Moreover, it demands that Voyager discloses the methodology and calculations used to determine its fair market value for funds recovery.On Oct. 5, FTX US secured the winning bid for the assets of Voyager. According to Voyager, the bid was made up of the fair market value of its crypto holdings “at a to-be-determined date in the future” estimated to be around $1.3 billion, along with $111 million in “incremental value.”The hearing date for the case has been slated for Oct. 19 at the time of the writing.Related: Senator Warren leads the charge against energy consumption claims on Texas crypto minersOn Sept. 30, the SSB, DOB and the Vermont Department of Financial Regulation objected to crypto lender Celsius’ plans to sell off its stablecoin holdings, arguing that the firm could use the resultant capital to resume operating in violation of state laws.Celsius reached out to the United States Bankruptcy Court for the Southern District of New York, seeking permission to sell its stablecoin holdings, reportedly worth $23 million.

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