‌CZ 🔶 Binance (Twitter)

I want to share this (luckily) unsuccessful, but very clever and close scam incident from yesterday 👇. Saved $20m. Hope it may also save you one day.

The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check… https://t.co/u6udpieYBY

‌Binance CEO warns of new scam targeting crypto users
Cryptopolitan (RSS)

Changpeng “CZ” Zhao, the CEO of Binance, has brought to light a deceptive crypto scam that targeted his users. This latest ploy involves a sophisticated manipulation of wallet addresses, which has already led to significant financial loss for some. Here’s a detailed insight into this alarming trend.

Deceptive addresses and dust transactions

CZ revealed a new scam that has alarmed the crypto community. The fraudsters generate deceptive addresses that mimic the victim’s original address, both starting and ending with the same characters. Once the mirrored address is produced, scammers then send the target dust transactions, minor amounts that will reflect in the victim’s transaction history.

I want to share this (luckily) unsuccessful, but very clever and close scam incident from yesterday 👇. Saved $20m. Hope it may also save you one day.

The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check… https://t.co/DFpdX8aNay
— CZ 🔶 Binance (@cz_binance) August 2, 2023

The tactic has already claimed victims. One well-experienced crypto operator fell for this scam on August 1, mistakenly sending cryptocurrencies worth $20 million to a dust address. Also, the error was noticed immediately after the transaction, and Binance managed to freeze the Tether before it reached the scammer. Another user was less fortunate, losing $20,000 USDT to a similar scam, with the funds eventually transferred to a crypto mixer and irrecoverable.

Safety measures and recovery processes: How to guard against crypto fraud

This new scam highlights the importance of vigilance and proper security measures in the crypto community. Blockchain domains, such as the Ethereum Name Service, could avoid this scam, allowing users to identify wallets using regular words rather than confusing strings of characters. Binance users can even purchase domains through the platform for this purpose.

Security specialists further caution against copying and pasting addresses from applications to transfer funds. Strong, unique passwords and two-factor authentication are also recommended.

In case of falling victim to such a scam, CZ advises following a recovery process that includes filing a police report to freeze funds and prevent scammers’ access. Even though immediate recovery might not be possible, this step can still impede scammers from accessing the stolen funds.

An industry-wide concern

Coinbase users have also reported similar incidents, indicating that scams and phishing attacks have become more widespread. There have been claims of scammers contacting clients using the domain name of crypto exchanges to deceive them.

The issue also led to discussions about Binance’s support for Ethereum Name Service (ENS), which would solve the fake crypto address problem, providing better security.

Last month, CZ also raised an alarm on phishing and other social engineering scams targeting crypto enthusiasts. However, his warning was in response to the hack of Uniswap (UNI) founder Hayden Adams’ Twitter account. Adams’ account was taken over by malicious players who posted false tweets claiming that the decentralized exchange was compromised. They also attached a phishing link, instructing users to revoke access to their wallets. However, Uniswap’s official Twitter account quickly debunked the news and informed the community about the hack. The protocol warned that it was not organizing any airdrop, giveaway, or bounty.

‌Top crypto tweets of the day – August 9th
Cryptopolitan (RSS)

Fantom’s DEX SpiritSwap is running low on funds and might close shop

The Fantom ecosystem DEX SpiritSwap announced that due to the Multichain incident, the project had run out of funds and could no longer support daily operations. SpiritSwap is currently looking for a new team to take over the project. If there is no team to take over, SpiritSwap…
— Wu Blockchain (@WuBlockchain) August 9, 2023

Neuralink, Elon Musk’s brain implant startup, raises $280 million

Neuralink, Elon Musk’s brain implant startup, raises $280 million from Peter Thiel’s VC fund, at a valuation of $5 billion. Its mission is to create universal brain-computer interfaces that will restore autonomy to those with unmet medical needs and unlock human potential in the…
— Wu Blockchain (@WuBlockchain) August 9, 2023

Over the weekend, USDT again lost its dollar peg on centralized exchanges

Over the weekend, #USDT again lost its dollar peg on centralized exchanges.

It is unclear who is behind the large selling pressure, considering there has not been a bearish catalyst. pic.twitter.com/b19MinUI7Q
— Kaiko (@KaikoData) August 8, 2023

Dogecoin ready for a breakout?

In hindsight, $DOGE might be one of the easiest plays based on everything going on with @X and @elonmusk

SOME exposure is necessary at this point… pic.twitter.com/25YCH7L60D
— Castillo Trading (@CastilloTrading) August 8, 2023

Total TVL declines 

Will TVL for any major L1/L2’s not named BASE grow in August or is BASE gonna take all the oxygen out of the room?

Here’s the starting point. Where does BASE end the month? pic.twitter.com/cFT70drZ1Y
— Ryan Selkis 🪳 (@twobitidiot) August 9, 2023

Threads vs. Twitter (X)

One month ago, Jim Cramer said Mark Zuckerberg killed Twitter.

Inverse Cramer never fails. pic.twitter.com/JKmYntLSpV
— Chairman (@WSBChairman) August 9, 2023

Cumulative Bitcoin transaction volume (change-adjusted) just went above $40 trillion

Cumulative #Bitcoin transaction volume (change-adjusted) just went above $40 TRILLION…

$40 TRILLION without a central bank.

$40 TRILLION without a government.

$40 TRILLION without a CEO.

$40 TRILLION without asking for permission. pic.twitter.com/Lzflm6jkCb
— Walker⚡️ (@WalkerAmerica) August 9, 2023

Crypto is now trading in a continuation bullish pattern

CYRPTO IS NOW TRADING IN A
CONTINUATION BULLISH PATTERN
SINCE THE BEGINNING OF 2023

ARE WE SET TO ANOTHER BREAK
OUT TOWARDS THE UPSIDE SOON? pic.twitter.com/SIzaBq4n43
— Ash Crypto (@Ashcryptoreal) August 8, 2023

Many altcoins are showing signs of life

📈 With #Bitcoin's push back above $30k instilling confidence in #crypto markets, many #altcoins are showing signs of life. Keep an eye on #FOMO levels if prices continue pushing forward for the day, with $SOL, $TON, & $HBAR among the surging assets creating #bullish narratives. pic.twitter.com/n0YpmXvQP4
— Santiment (@santimentfeed) August 8, 2023

Paypal stablecoins PYUSD’s first transaction tested a value of $69.42069

Paypal stablecoins $PYUSD first transaction tested value of $69.42069 pic.twitter.com/49qrLEATYe
— Whale (@WhaleChart) August 7, 2023

BlackRock insiders say spot Bitcoin ETF approval is expected within six months

JUST IN:

BlackRock insiders say spot Bitcoin ETF approval expected in within six months.
— Whale (@WhaleChart) August 9, 2023

BREAKING‼️ BlackRock insiders say spot #Bitcoin ETF approval expected in "four to six months" – Mike Novogratz pic.twitter.com/gXI8bE5GV9
— Bitcoin Archive (@BTC_Archive) August 8, 2023

Ethereum just surpassed 100 Million non-zero addresses

#Ethereum just surpassed 100 Million non-zero addresses. 📈 pic.twitter.com/GZZUHEzNR2
— Altcoin Daily (@AltcoinDailyio) August 8, 2023

X/Twitter fined $350,000

BREAKING: X/Twitter fined $350,000 after Elon Musk refuses to give U.S. Government access to President Trump's account
— CryptoSavingExpert ® (@CryptoSavingExp) August 9, 2023

💰 Tether enters $3 trillion private credit market with $400M StableFund

Stablecoin giant Tether is expanding beyond crypto lending by launching StableFund in partnership with London-based Fasanara Capital. The venture starts with $400 million in anchor capital and aims to raise an additional $3 billion from institutional investors to provide loans in the private credit sector.

Fasanara will manage the portfolio while Tether acts as a co-sponsor and adviser, providing USDT-linked settlement and treasury infrastructure. The fund will target short-duration, asset-backed loans for small businesses and consumers across 60 countries, including trade receivables and supply-chain credit.

#Tether #USDT #PrivateCredit #Stablecoin

🚨 US Treasury to Seize $1B in Crypto Linked to Iran

US Treasury Secretary Scott Bessent announced plans to seize approximately $1 billion in cryptocurrency this week. The move is part of an aggressive US strategy to economically isolate Iran and disrupt financial networks funding the regime amid ongoing military conflicts.

Speaking at the Newsmax NPolicy Summit, Bessent confirmed that authorities have identified the digital assets and are currently isolating them. He did not specify if the targets are specific exchanges or if stablecoin issuers are directly involved in this specific round of seizures.

This follows a pattern of increasing pressure from the Treasury Department and OFAC. In April, authorities seized $500 million in crypto, while Tether reported freezing $550 million worth of USDT throughout 2026 linked to Iran sanctions.

#CryptoNews #Iran #Regulation #USDT

💰 Tether leads investment in Bolivian fintech Peso

Tether has led a pre-seed funding round for Peso, a Bolivian fintech integrating USDT into daily payments. The investment aims to expand stablecoin infrastructure across Bolivia, Brazil, Colombia, and Argentina.

Peso already allows customers to pay for Yango food delivery orders using USDT. The platform connects the stablecoin to local banking systems via QR payments, point-of-sale services, and ACH transfers.

This move follows Bolivia's shift toward digital assets amid a severe US dollar shortage and high inflation. The government is currently developing a regulatory framework to recognize USDT for payments, savings, and trade.

#Tether #USDT #Bolivia #Adoption

🚨 US Senator Probes Tether Over $6 Million Payments to Former White House Adviser

Senator Richard Blumenthal has demanded records from Tether regarding over $6 million in payments made to Nxum, a consulting firm co-founded by Bo Hines. Hines served as a White House crypto adviser and helped draft the GENIUS Act, which regulates stablecoins, before becoming CEO of Tether’s US business.

The inquiry alleges that Tether paid Nxum $415,000 per month while Hines was still in government. The payments were reportedly routed through a marketing firm called Notorious before Tether contracted directly with Nxum once Hines left public service.

#Tether #USDT #Regulation #CryptoNews

🚨 DOJ Extradites Chinese National in $37M Crypto Laundering Case

Chinese national Zheng Zhao, 44, has been extradited from the Netherlands to the United States. He is accused of laundering $36.9 million stolen from 174 American victims through an international fraud network operating from scam centers in Cambodia.

Prosecutors allege the funds were moved from US bank accounts to Deltec Bank in the Bahamas. The money was then converted into Tether (USDT) via a shell company called Axis Digital Limited before being transferred to crypto wallets controlled by the criminal network.

Zhao appeared in a Los Angeles federal court on Oct 23 and faces up to 20 years in prison for conspiracy to commit money laundering. Eight other participants have already pleaded guilty in connection with the scheme, which used fake trading platforms to lure victims.

#CryptoCrime #Tether #USDT #DOJ