Stablecoins, and dollar-backed crypto, are critical for U.S. dollar dominance on the global stage
A state-backed investment firm in Abu Dhabi is set to make a $2 billion investment into crypto exchange Binance using USD1, a stablecoin developed by World Liberty Financial — a crypto venture closely tied to the Trump family. The announcement was made by Zach Witkoff, co-founder of World Liberty Financial, during a crypto convention in Dubai, where he appeared alongside Eric Trump, according to a report from ABC News . “We are excited to announce today that USD1 has been selected as the official stablecoin to close MGX’s $2 billion investment in Binance,” Witkoff said in a video shared on X (formerly Twitter). “We thank MGX and Binance for their trust in us, and I think it’s only the beginning.” $2B Deal Could Be a Pivotal Moment for Trump-Backed Crypto Venture This deal could mark a major turning point for the Trump-backed venture. World Liberty Financial, which includes Donald Trump and his sons Eric and Don Jr. among its supporters, has drawn scrutiny ever since its launch due to the former president’s previous criticism of cryptocurrencies as a “scam.” The project’s business model has remained vague, but the MGX deal places it at the center of one of the largest crypto transactions of the year. Ethics experts have raised concerns about the potential conflicts of interest posed by Trump’s financial ties to cryptocurrency while maintaining a political presence. “The president is exploiting the loopholes in ethics laws that allow sitting presidents to retain financial interests,” said Danielle Brian, executive director of the Project on Government Oversight. The White House has not disclosed how Trump’s crypto-related interests are managed. Remember when Republicans lost their minds because Hunter Biden made money from a Ukrainian gas company? Flash-forward to 2025 An Abu-Dhabi state fund (MGX) is moving $2 billion into Binance exclusively through USD1—the brand-new stablecoin controlled by World Liberty… pic.twitter.com/nf7YhTgIoS — Ed Krassenstein (@EdKrassen) May 2, 2025 The USD1 announcement came during a “fireside chat” moderated by crypto mogul Justin Sun. Sun, who has a history of regulatory scrutiny, became one of World Liberty Financial’s largest backers just a day before Trump’s 2024 inauguration, reportedly purchasing $75 million worth of WLFI, another token issued by the company. A month later, a fraud case against Sun was dropped by SEC lawyers under the Trump administration. World Liberty Financial to Integrate USD1 Witkoff also revealed that World Liberty Financial will integrate USD1 natively with the Tron blockchain, founded by Sun. He claimed that the company expects to mint “hundreds of millions to billions of dollars” worth of USD1, which he described as “the most transparent, the most regulated stablecoin in the world,” backed one-to-one with short-term treasuries and cash equivalents. Last week, the Trump Organization said it would begin accepting cryptocurrency payments for property sales at its $1 billion luxury tower in Dubai, deepening its expansion into digital assets and the Gulf region’s high-end real estate market. The Trump International Hotel and Tower in Dubai, unveiled earlier this year, is the latest in the family’s partnership with UAE-based Damac Properties. Meanwhile, Trump Media & Technology Group (TMTG), the media company behind Truth Social, is weighing the launch of a utility token and a digital wallet as part of an expansion of its streaming platform, Truth+. The post Trump-Linked ‘Stablecoin’ USD1 to Power $2B Emirati Investment in Binance appeared first on Cryptonews .
Bitcoin (BTC) maintained its position above $96,000 despite facing selling pressure. The flagship cryptocurrency rose to $97,760 as bulls attempted to push the price towards $100,000. However, it lost momentum after reaching this level, dropping to $95,929 before rising to its current level. BTC has been marginally down over the past 24 hours and trading at around $96,370. BTC’s price action could signal renewed buying opportunities for traders as bulls eye a move past $100,000. US Unlikely To Add Bitcoin To Reserves: Arthur Hayes BitMEX co-founder Arthur Hayes believes the US government is unlikely to add more Bitcoin to its reserves, likely holding on to what it already has. Hayes believes this is due to high debt levels and the stereotype behind “Bitcoin bros.” Hayes added that he found it difficult to imagine a properly elected politician openly announcing the government would print money to buy Bitcoin. “The United States is a deficit country; the only way they can do a Strategic Reserve is not sell the Bitcoin they took from people, fine, that’s 200,000 Bitcoin. It's hard to imagine any “properly elected” politician openly announcing that the government plans to print money to buy Bitcoin, especially when the popular narrative is a bunch of Bitcoin bros going to the club. Is that really what you want people to think about your policy.” President Donald Trump signed an executive order on March 6 to create a Bitcoin strategic reserve and a digital asset stockpile. The US holds 198,012 Bitcoin worth over $18 billion. The assets were seized during criminal and civil cases, including BTC seized from the Silk Road and Bitfinex cases. However, industry experts believe if the US purchases Bitcoin, it could create an aggressive domino effect. Sergej Kunz, co-founder of exchange aggregator 1inch, believes if the US begins acquiring BTC , even smaller countries may struggle to purchase the asset. Brown University Enters ETF Space Brown University announced its arrival in the crypto ETF ecosystem with an investment of $4.9 million in BlackRock’s iShares Bitcoin Trust (IBIT). According to disclosure documents from the Securities and Exchange Commission (SEC), the university purchased 105000 shares as its first quarter 2025 investment. The investment comprises 2.3% of its $216 million equity portfolio. The investment sees Brown University join other established educational institutions that are investing in digital assets through approved investment funds. Hedge funds, pension funds, and university endowments have invested in spot Bitcoin ETFs because they offer a dependable and well-known Bitcoin access method. Brown University has an impressive investment portfolio worth $7 billion, registering an impressive return of 11.3% in 2024. The portfolio is diversified across various asset classes. The university’s investment in Bitcoin ETFs could signal a potential shift in investment strategy. Franklin Templeton Backs Bitcoin DeFi Push The narrative around Bitcoin is quickly expanding beyond its traditional role as a store of value to a potential DeFi asset. Industry players, including Franklin Templeton, view the development as a positive step towards enhancing Bitcoin’s utility without diluting its appeal as a store of value. Kevin Farrelly, Managing Principal of blockchain venture capital at Franklin Templeton, explained during his keynote address at the Bitlayer side event this week, “I don’t think focusing on Bitcoin DeFi will dilute or complicate Bitcoin’s core narrative. Instead, it expands Bitcoin’s utility for a specific type of investor — one with enough technical sophistication to optimize for yield, security, or custom portfolio needs. These users aren’t replacing the 'store of value' thesis; they’re building on it. It's not narrative dilution, it's infrastructure evolution.” Franklin Templeton has invested in Bitlayer, a BitVM serving as Bitcoin’s computational layer while preserving the mainnet’s security. Bitlayer offers lower fees, faster transaction speeds, smart contract functionalities, and advanced DeFi integrations. Bitcoin (BTC) Price Analysis Bitcoin (BTC) surged past $90,000 on Friday as bullish momentum intensified. However, the flagship cryptocurrency fell back to $96,369, facing one last resistance level before a potential move to $100,000. All eyes are at this level, which could trigger profit-taking, or act as a springboard towards a new all-time high. One analyst believes the flagship cryptocurrency could hit a new all-time high within the next 100 days. The analyst tied BTC’s price action to the CBOE Volatility Index (VIX), an indicator measuring 30-day market volatility expectations, pointing out that the indicator dropped from 55 to 25 over the past 50 days. A VIX score below 18 indicates a risk-on environment, favoring assets like BTC . The analyst's model, which had a 95% accuracy, predicted a target of $135,000 within the next 30 days in the VIX remains low. Speaking about Bitcoin’s volatility, Fidelity’s director of global macro, Jurrien Timmer, stated, “Bitcoin is slightly different than gold since it has this Dr Jekyll & Mr. Hyde personality where you never quite know which Bitcoin is going to show up to the party. Will it be the exponential gold bitcoin (hard money and store of value), or will it be a NASDAQ-like speculative asset?” BTC registered a substantial rise last Monday (April 21), rising nearly 3%. Bullish sentiment intensified on Tuesday as the price rallied almost 7%, surging past $90,000 and settling at $93,373. The rally stalled on Wednesday after encountering volatility and selling pressure. Despite this, BTC registered a marginal increase and settled at $93,749. The price fell to an intraday low of $91,693 as sellers attempted to overwhelm buyers. However, BTC rebounded from this level to claim $94,000 and settle at $94,009. The price continued to push higher on Friday, increasing nearly 1% and settling at $94,776. Source: TradingView Price action turned bearish over the weekend as BTC registered a marginal decline on Saturday and fell 0.99% on Sunday to settle at $93,802. The current week started on a bullish note as BTC rose 1.29% to cross $95,000 and settle at $95,010. However, selling pressure returned on Tuesday as the price fell 0.70% to $94,341. BTC encountered volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal decline and settled at $94,160. BTC rebounded on Thursday, rising over 2% to surge past $96,000 and settle at $96,452, but not before reaching an intraday high of $97,406. Buyers retained control on Friday as the price rose 0.50% to $96,939 after reaching an intraday high of $97,996. The current session sees BTC marginally down as buyers and sellers struggle to establish control. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
On May 4th, COINOTAG highlighted significant activity in the Bitcoin futures market, with total open interest reaching 673,260 BTC, equating to approximately $64.8 billion. The Chicago Mercantile Exchange (CME) leads
On-chain investigator ZachXBT has shared more details about the recent phishing case that led to the loss of 3,520 BTC from a single wallet. The funds were stolen in a personalized scam that targeted an elderly investor active on multiple exchanges. ZachXBT Begins Freezing Funds From Bitcoin Heist Crypto sleuth ZachXBT announced that he and several collaborators have successfully frozen some of the Bitcoin (BTC) stolen in a $330 million heist that targeted an elderly investor. He also names two potential suspects but added that the investigation is ongoing. The case is a strange one. The target, an elderly Bitcoin whale active on multiple exchanges, acquired his crypto through “interesting” methods. However, the on-chain investigator did not elaborate on the topic further. The on-chain sleuth, one of the crypto industry’s most prominent figures, has made substantial progress in the case. The theft occurred on April 28, with ZachXBT issuing consistent updates about the case’s progress. As of May 3, ZachXBT and his associates, along with other volunteer investigators, have frozen $7 million of the stolen funds. However, over $300 million is still unaccounted for. “So far, $7 million+ has been frozen with the help of CF Investigators, tanuki42_, Binance’s Security team, and myself. Two suspects in the $330 million heist include ‘Nina/Mo’ a Somalian who operates a call scam center in Camden, UK, and an accomplice ‘W0rk’ who assisted with the site/call. They have since deleted social media accounts.” Details Of The Hack The target of the audacious heist was an elderly individual based in the United States. According to ZachXBT, the attackers used social engineering tactics, rendering all security measures ineffective. The attackers used Monero to launder the stolen funds, creating enough trading volume to impact the asset’s price. However, there are several unanswered questions about the heist. For starters ZachXBT did not release any details about the victim, only stating they were a longtime holder active on multiple exchanges. He also claimed that the $330 million came from “interesting” sources but did not provide any details and may never do so. ZachXBT also did not elaborate on the roles his associate investigators were playing in the investigation. However, Binance’s direct participation is noteworthy. The investigator also noted that the victim’s information was likely stolen from private data leaks. Last month, Binance users were targeted using a similar method. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The post Dogecoin (DOGE) Struggles at $0.157, But Ruvi AI (RUVI) Is Expected to Turn $1,000 into $500,000 Thanks to Early Bonus appeared first on Coinpedia Fintech News Dogecoin (DOGE), the cryptocurrency born from a meme, is facing a turbulent 2025 as it trades at $0.1570 , reflecting a steep 60% decline year-to-date. Over recent months, DOGE has been consolidating within a narrow range of $0.13 to $0.25 , with key support levels at $0.30 and resistance around $0.48 . While analysts debate DOGE’s next move, savvy investors are pivoting to more promising projects like Ruvi , a rising star in the blockchain world offering groundbreaking presale rewards and unparalleled long-term potential. Dogecoin’s Mixed Market Sentiment Despite its rollercoaster performance, Dogecoin still holds onto its position as a top cryptocurrency by market cap, supported by vocal community members and occasional celebrity endorsements. However, its inability to breach critical resistance levels like $0.48 has left investors searching for alternative opportunities. Many are now looking toward Ruvi , which offers tangible rewards and a vision that extends beyond mere hype. Ruvi’s Approach to Blockchain Innovation Ruvi’s platform is setting a new standard in the crypto landscape by combining state-of-the-art technology with real-world applications . Its ecosystem integrates AI features , innovative DeFi tools , and green energy initiatives to solve pressing global challenges. But what truly captures the attention of early investors is Ruvi’s generously structured presale, which allows participants to benefit even before the official token launch. How Ruvi’s Presale Rewards Set a New Benchmark Ruvi’s presale offers are uniquely tailored to reward backers based on their level of commitment. Here’s how some potential investment scenarios could play out: Maximize Value with a Modest Investment If an investor puts in $1,200 during the presale at a rate of $0.01 per token , they would receive 120,000 tokens . Thanks to a generous 60% bonus , they’d gain an additional 72,000 tokens , totaling 192,000 tokens . If Ruvi’s token reaches $2.75 post-launch, the investment could grow to an impressive $528,000 . Achieve Significant Returns with Larger Contributions Investors with deeper pockets can benefit even more. For example, an investment of $10,000 at a presale rate of $0.01 per token nets 1,000,000 tokens , along with a 100% bonus , adding another 1,000,000 tokens for a total of 2,000,000 tokens . If the token hits $4.00 , this would amount to a $8 million payoff . Exclusive Benefits for Presale Investors Beyond financial rewards, presale participants unlock unique privileges such as priority access to platform features , advanced DeFi integrations, and governance rights , positioning them at the forefront of Ruvi’s ecosystem. Why Ruvi Stands Out in a Crowded Market Unlike Dogecoin, which relies on sentiment and unpredictable market shifts, Ruvi offers a more calculated and sustainable approach. With its deflationary tokenomics that include strategic buybacks and burns, Ruvi ensures scarcity and continual value growth. Furthermore, its focus on practical applications like AI-enhanced tools and environmental solutions gives the project real-world utility that appeals to both seasoned investors and newcomers. Seize This Opportunity Before It’s Gone While Dogecoin continues to face resistance and unpredictable price swings, Ruvi’s presale is presenting a rare window of opportunity for investors. With token bonuses, early access to exclusive features, and the potential for exponential returns, Ruvi is not just another crypto project; it’s a revolution in blockchain innovation. Learn More Whitepaper: https://docs.ruvi.io Telegram: https://t.me/ruviofficial Twitter/X: https://x.com/RuviAI Try RUVI AI: https://web.ruvi.io/register
FloppyPepe (FPPE) has made an impressive mark in the crypto presale space, raising $907,200 in just one day during its private round. This overwhelming demand reflects not only investor confidence but a growing hunger for AI-backed meme coins with actual use cases. With its suite of cutting-edge AI tools, this project is redefining how investors interact with the market in 2025. FloppyPepe (FPPE) Presale Gains Momentum As The Meme Coin Frontruns The Crypto AI Market FloppyPepe (FPPE) is redefining meme coins by fusing AI technology into its ecosystem. Tools like Meme-o-Matic and FloppyX allow users to easily create viral memes and generate highly engaging video content, respectively. As AI becomes an increasingly significant part of the entertainment industry, this meme coin is well-positioned to capitalize on this growth. Its ongoing crypto presale has already captured the attention of veteran analysts and large-scale investors. Achieving an almost $2 million revenue in just a few months, FloppyPepe’s (FPPE) crypto presale is set to hit $5 million as demand for its low-priced token surges. The meme coin is currently priced at $0.0000002 , offering early adopters the lowest possible entry point ahead of its anticipated rally to new highs. Notably, FloppyPepe (FPPE) features a stage-based pricing structure, where an exponential increase in its value accompanies each pre sale phase. This means that accumulating a significant amount of tokens before the next presale stage is a sure way to increase returns exponentially. Community-Driven Value And Cutting-Edge Security FloppyPepe (FPPE) stands out for its emphasis on transparency and security. The team has confirmed the execution of a third-party audit of the project’s smart contract by SolidProof, guaranteeing that investors feel secure. As part of its crypto presale, FloppyPepe (FPPE) has garnered attention from early backers seeking promising opportunities with strong fundamentals. Additionally, measures such as multi-signature wallets, bug bounty programs, and educational efforts on security help build trust within the community. Influential YouTube personalities such as David in Crypto have praised FloppyPepe (FPPE) for its potential to deliver substantial returns to early investors. The project places a strong emphasis on community engagement, offering campaigns, contests, and exclusive events to keep users involved. This combination of transparency, security, and community focus positions FloppyPepe (FPPE) as one of the best crypto presales to watch. Tokenomics That Reward Holders FloppyPepe’s (FPPE) Floppynomics are designed to benefit holders while promoting long-term engagement and loyalty. Every transaction incurs a 3% fee, with 1% redistributed to holders, 1% burned to decrease the supply, and 1% allocated towards charity. This sustainable deflationary model, combined with staking rewards, encourages holders to keep their tokens for the long term. Additionally, token holders gain access to premium meme creation tools and exclusive content, thereby boosting the value of their investment. Looking ahead, FloppyPepe (FPPE) has ambitious plans to expand its ecosystem. The team aims to list the token on top-tier cryptocurrency exchanges (CEX), increase visibility on platforms such as CoinMarketCap and CoinGecko, and partner with other meme coin communities. These efforts will help to solidify FloppyPepe’s (FPPE) position in the meme coin and AI sectors. Why FloppyPepe (FPPE) Stands Out Live AI tools like Meme-o-Matic and FloppyX are already in beta. Private sale raised $907,000 in one day, demonstrating strong demand. Low Entry Price: The $0.0000002 crypto presale price gives buyers a low-cost entry with high upside potential. Active Community: The Telegram, Twitter, and Discord groups are growing fast and are fully engaged Recognized by Influencers: Names like David in Crypto are giving it early visibility in a noisy market. Secure A Spot In The Best Crypto Presale Today FloppyPepe (FPPE) offers a unique blend of AI-driven tools and meme culture, setting it apart from typical meme coins. Its crypto presale price of just $0.0000002 could be a once-in-a-lifetime opportunity to dive into a project with the potential to deliver generational wealth. Time is running out, and once the crypto presale ends, investors may never have another opportunity like this again. Use promo code FLOPPY80 for an 80% bonus and maximize token investments, but remember—the offer ends May 5. The window is closing fast. Act now to secure a spot in one of the most talked-about crypto launches of 2025. Join the FloppyPepe (FPPE) presale and community: Website | Whitepaper | Telegram | X (Twitter) Disclaimer: This is a sponsored press release for informational purposes only. It does not reflect the views of Times Tabloid, nor is it intended to be used as legal, tax, investment, or financial advice. Times Tabloid is not responsible for any financial losses. The post Best Crypto Presale Of 2025: FloppyPepe (FPPE) Takes Off To Lead The AI Market Revolution appeared first on Times Tabloid .
The post Best Crypto to Buy Now Before April Ends? MUTM Shows Early Breakout Signals appeared first on Coinpedia Fintech News As the month comes to a close, the cryptocurrency market is once again shifting. Investors are scanning the charts for early signs of breakout projects, and Mutuum Finance (MUTM) is quietly positioning itself as one of the most promising plays before April ends. With strong momentum in its presale, increasing community activity, and a focus on real platform utilities, Mutuum Finance is starting to stand out. For anyone asking what crypto to buy now, MUTM offers a rare combination of early accessibility, solid fundamentals, and major upside potential that makes it one of the best cryptocurrencies to invest in at the moment. What is Mutuum Finance (MUTM)? Mutuum Finance is a decentralized finance platform built to support lasting growth and stability. Unlike many speculative projects that rely purely on hype, Mutuum focuses on providing real-world use cases. Its platform enables users to earn passive income on their digital assets, access liquidity without selling holdings, and interact with a future-ready ecosystem. At the center of its ecosystem is the mtToken model. By depositing assets into Mutuum, users receive mtTokens that reflect both their initial deposit and the interest earned over time. The strength of this system lies in its simplicity — users can grow their holdings without the need for constant reinvestment or active yield chasing. Instead, their mtTokens naturally grow in value over time, creating an easy and automated way to build wealth in crypto. Mutuum is also actively working on launching its own overcollateralized stablecoin. This stablecoin is minted directly through the platform, ensuring that every unit is backed by real on-chain collateral. Instead of relying on external stablecoins that may add counterparty risks, Mutuum’s built-in system preserves value inside the platform — strengthening liquidity, minimizing external reliance, and enhancing the overall resilience of its ecosystem. The Mutuum Finance presale has already captured significant attention. To date, it has raised over $7.3 million from a growing base of more than 9,200 holders, with over 432 million tokens sold. Currently priced at $0.025, MUTM remains one of the best cryptos to buy now before wider exposure pushes prices higher. As Phase 4 of the presale nears completion, the price is set to rise to $0.03, marking a 20% increase. This incoming price adjustment is creating urgency among early investors who recognize that securing an entry before the next phase could mean locking in strong gains even before the token hits public exchanges. Several key factors are aligning to suggest that Mutuum Finance could be gearing up for a strong breakout. First, there’s the clear and steady whale accumulation happening behind the scenes — a classic signal that informed investors are preparing for a bigger move. Second, Mutuum’s real-world utility makes it more attractive than projects that rely purely on speculative trading. Its stablecoin system, passive income structure, and user-first design provide actual reasons to use and hold the token beyond short-term speculation. Finally, the Mutuum team has ambitious yet achievable goals. They plan to launch a beta version of the platform alongside the token’s official release, ensuring that users can immediately interact with core features. Additionally, the project is undergoing a CertiK audit to strengthen trust ahead of exchange listings — a necessary step that many serious investors look for before backing a new project. The closing days of April could present one of the best entry points for those serious about catching the next wave of DeFi growth. While established projects like Ethereum and Solana remain strong, they no longer offer the same outsized upside opportunities they once did. Newcomers like Mutuum Finance, with strong utility, passive income options, and an active development roadmap, are increasingly where smart money is flowing. For those exploring which crypto to buy today for future growth, MUTM offers one of the strongest setups in the market. As April comes to a close, it’s worth paying close attention to this rising DeFi contender — before the breakout becomes mainstream news. For more information about Mutuum Finance (MUTM) visit the links below: Website: https://www.mutuum.finance/ Linktree: https://linktr.ee/mutuumfinance
An old American who held Bitcoin (BTC) for years has become the victim of one of the largest crypto thefts ever recorded. The stolen crypto assets were worth about $330 million. In a recent report, crypto investigator ZachXBT said that $7 million of the stolen funds has been frozen with help from Binance and other experts. This theft is considered one of the largest single-wallet Bitcoin scams in history. Bitcoiner Falls Victim To Engineering Scam Blockchain analyst ZachXBT first reported the scam, noting a large and unusual transfer of 3,520 BTC. After investigating the case, the analyst found that the victim was tricked through a social engineering scam. This means the scammers did not hack the victim’s account. Instead, they tricked the person into revealing important details like private keys or passwords. This type of scam involves using fake phone calls and websites, pretending to be trusted people. With these tricks, the perpetrators access the victim’s Bitcoin account. Once they steal the Bitcoin, they quickly move the money through at least six different crypto exchanges to hide their tracks. The goal was to hide the trail and make it harder to trace. Most of the money was converted into Monero (XMR), a privacy-focused coin that hides wallet addresses and transaction details. This makes it extremely difficult for investigators to track down the remaining funds. Expert Identified Two Suspects According to ZachXBT, two main suspects have been identified. One is a Somalian national living in Camden, UK, named “Nina” or “Mo.” The other is known as “W0rk.” Both are believed to have worked together to run a call scam targeting crypto users. Once the suspects were named, they quickly deleted their social media accounts. This suggests they knew they were being watched. Binance and Others Help Stop Part of the Bitcoin Theft ZachXBT revealed that Binance’s security team and Cryptoforensic Investigators worked together to freeze $7 million of the stolen funds. Notably, Binance has not released an official statement. However, the exchange is known for helping law enforcement and security experts stop illegal activity on its platform. This theft raises concerns about how vulnerable some long-time Bitcoin holders may be, especially those who have not kept up with the latest safety practices. ZachXBT said the case was “deeply upsetting,” mainly because the victim is old and has supported Bitcoin for many years. Nevertheless, investigations and the search for the stolen funds are still ongoing. The crypto community and digital crime experts are working to track any further movements of the stolen funds. The post Binance Froze $7M After Victim Lost $330M In Bitcoin Theft appeared first on TheCoinrise.com .
TRON DAO's official X (formerly Twitter) account has been hijacked by malicious people. A fraudulent contract address was shared through the account, while direct messages were sent to some users and different accounts were started to be followed. It was stated that a member of the TRON team was targeted and his account was compromised as a result of a social engineering attack. Following this incident, it was reported that some users experienced asset losses. TRON founder Justin Sun called on cryptocurrency exchange OKX following the incident. Sun requested that the funds transferred to OKX as a result of the fraud be frozen and an immediate investigation be launched into the incident. “Following the illegal takeover of the TRON DAO X account, we call for the immediate freezing and investigation of the fraudulent proceeds deposited into OKX. We believe that OKX will act responsibly and will not allow its platform to become a haven for fraudulent proceeds. Law enforcement has already been notified of the incident and an investigation has been launched,” Justin Sun said in a statement. Related News: Are the Expected FED Interest Rate Cuts Coming? BlackRock Investment Manager Comments In response, OKX CEO Star Xu publicly responded to Sun's statement. Xu stated that OKX has a policy of cooperating with law enforcement agencies and that official documents are required for the freezing of funds. Star Xu explained: “Mr. Justin Sun, OKX has a public law enforcement cooperation policy. You can submit some preliminary evidence regarding the incident through public reporting channels, and we can temporarily freeze it. Then, you need to provide official documents in cooperation with law enforcement agencies. OKX also has a legal consumer protection policy; we cannot freeze a customer’s funds based on a personal X post or verbal communication. As the CEO of HTX, I expect you to understand this.” *This is not investment advice. Continue Reading: Tension Arises Between Justin Sun and an Exchange CEO Following Yesterday’s Incident