Scammers steal cryptocurrency pretending to airdrop from Coinbase
Scammers steal cryptocurrency. Cybercriminals are posing as Coinbase’s Sidechain Base to steal cryptocurrency. PeckShield analysts warned on their Twitter account. It turns out that the fraudsters even managed to get their hands on the Twitter verification icon for the fake Base page.
How do the scammers steal the cryptocurrency?
On the fake site base[.]web3claiming[.]com, which is an exact replica of the original, fraudsters offer victims to connect to a wallet to distribute BASE tokens. When attempting to connect the wallet, the site asks for access to the wallet funds for the 0x59…1b11F smart contract. The smart contract creator is fraudster Fake_Phishing38689, according to PeckShield. There is no information as to whether the smart contract has any malicious capabilities or not. However, the attacker could withdraw more than 0.7 ETH (~$1120) from the smart contract according to its transfer history. All other addresses gave the smart contract their own cryptocurrency when trying to “get” BASE tokens.
According to reg.ru, the domain web3claiming.com was registered on March 4, 2023, by one Anastasia Tolkach through reg.com. Whether she was behind the creation of the base subdomain is unclear. The editors found out that the e-mail address used for the registration of web3claiming.com was also used for the purchase of other domain names, including skins2u.fun, emiswap.space and connection-web3.com.
US cryptocurrency exchange Coinbase announced its own Optimism*-based sidechain called Base at the end of February. The new product is expected to become a cross-chain bridge. It will allow users to connect to the various sidechains in the Ethereum ecosystem.
At the same time, it is still unclear whether Coinbase plans to issue its own token to manage the project. For example, Binance’s Ethereum fork called BNB Chain (formerly Binance Smart Chain) has a BNB token. However, Coinbase has not made any statements about a native token for its sidechain. The exchange only hinted that it intends to share Base’s fee revenue with the Optimism development team.
Optimism is a Level 2 (L2) open source Ethereum solution. The platform’s goal is to solve Ethereum’s scalability problems. Users of the network face high fees and transaction delays. The non-profit Optimism Foundation is developing the project. But Optimism is not the only L2 solution for Ethereum. There are a lot of competitors on the market, including Loopring and Arbitrum.
We previously reported on the IMF’s announcement: Bitcoin will never become legal tender.
Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike
Cryptotraders had a tough day: almost 68,000 positions were liquidated on exchanges in the last 24 hours, and the total volume of liquidations exceeded $257,000,000. All this happened against the news of the US Federal Reserve’s rate hike and another Securities and Exchange Commission regulatory action against cryptocurrencies.
Cryptotraders lost $132,000,000 in BTC
Bitcoin, Ethereum, and Ripple were the leaders in the number of forcibly closed positions. BTC liquidations totaled almost $132,000,000; Ethereum traders lost $51,000,000. XRP positions accounted for about $8,000,000 of liquidations. Bitmex exchange executed the largest order of $7.39,000,000.
Cryptocurrency market capitalization has declined 2% in the last 24 hours, but is still above the $1 trillion mark.
The weekly CoinShares report also recorded a massive outflow of funds for six consecutive weeks. During that period, nearly $500,000,000 was withdrawn from cryptocurrency platforms, with $113,000,000 coming from bitcoin. Analysts at the company believe the outflow is due to liquidity needs during the banking crisis rather than a negative outlook. The company mentions that a similar scenario was seen in March 2020 amid a COVID-19-induced panic.
Regulators continue to hunt the cryptobusiness
Another reason for the increased volatility in the market has been harsh action from U.S. regulators. Last night it became known that the U.S. Securities and Exchange Commission sued cryptomagnate Justin Sun, accusing him of fraud and market manipulation.
The SEC also issued a notice of wrongdoing against Coinbase, the largest U.S. cryptocurrency exchange. The securities regulator sued Coinbase Global Inc, for some of the products it offers.
We previously reported that Bitcoin (BTC) tests $28,000, but onchain metrics urge caution.
Binance was caught circumventing KYC to register Chinese clients
Employees of the cryptocurrency exchange Binance help clients from China to bypass compliance and verification. CNBC writes about it, citing hundreds of corporate emails from exchange employees on Discord and Telegram. It is reported that Binance has helped over 200,000 users register, bypassing its own security system. One case describes correspondence between a user from China and a Binance employee.
The employee under the pseudonym yaya.z suggested the user from China turn on a VPN, register as a Taiwanese resident and then return the location to China. Binance employees also advise customers not to use VPN services from the U.S., Hong Kong and Singapore, because the exchange does not provide services in those regions, writes CNBC. At the same time, Binance freely processes applications from U.S. email providers like Gmail or Outlook for registration.
The exchange even offers specialized mobile applications for customers from China. A CNBC reporter could download a special mobile application from Binance via email. At the same time, no VPN was needed to download the app, as the download was conducted through the domain of binance[.]com. It is also alleged that the exchange still verifies users with Chinese phone numbers.
An exchange spokesperson denied the existence of a special Chinese version of the mobile application. The exchange also added that it has improved the system to identify users from banned regions. CNBC notes that after providing evidence, Binance removed employee messages from corporate chats to circumvent KYC.
We previously reported that the Ethereum (ETH) price crossed the $1,800 mark, opening the way to $2,000.
Why cryptoanalysts expect bitcoin to fall
The market remains in a bearish trend and bitcoin (BTC) will resume its fall and test $16,000. There are two reasons:
The first statement can be confirmed or disproved by a technical analysis of the cryptocurrency market, but there is not enough additional information for the second.
The market capitalization of altcoins (ALTCAP) does hold nearly $605 billion of resistance. Although ALTCAP has risen above it several times, it didn’t develop above this area.
However, the daily RSI has broken through the bearish divergence trendline (green line). Such a breakout often precedes significant reversals into a bullish trendline. As a result, ALTCAP will move higher towards the $680B resistance area. If not, ALTCAP could fall back to the $518B support area.
There are also those who argue that bitcoin will test the $10000-$11000 area because there is a CME price gap that needs to be filled. The gap refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.
We previously reported that Hong Kong has allocated another $50,000,000 to the crypto industry.
Forex8 months ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
Forex4 months ago
Unbiased review of Pocket Option broker
World5 months ago
Why are modern video games an art form?
Forex8 months ago
How is the Australian dollar doing today?
Cryptocurrency8 months ago
What happened in the crypto market – current events today
Stock Markets3 months ago
Amazon layoffs news: company announces record layoffs
Stock Markets8 months ago
Morgan Stanley: bear market rally to continue
Forex7 months ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985