As Bitcoin’s strength continues to dominate the market, Ethereum struggles, creating a notable divergence that signals potential shifts in investor sentiment. Ethereum failed to mirror Bitcoin’s recent gains, indicating a
The scam exploited a fake website and a very convincing story to trick Suman into revealing his hardware wallet’s seed phrase. Additionally, Coinbase is grappling with a major data breach that allegedly involved bribed customer service agents in India. The breach compromised sensitive user data, including that of Sequoia Capital partner Roelof Botha. This raised serious alarms about the potential compromise of other partners at Sequoia Capital, which is one of the world’s most influential venture firms. The attackers reportedly demanded $20 million in hush money. In France, authorities are responding to the spike in crypto-related kidnappings by offering enhanced police protection to crypto executives. The incidents are part of the escalating physical and digital threats targeting crypto holders around the globe. Scammers Pose as Coinbase Staff Retired artist Ed Suman, 67, reportedly lost more than $2 million in cryptocurrency after falling victim to a sophisticated scam that involved imposters claiming to be Coinbase support staff. A Bloomberg report published on May 17 revealed that Suman turned to crypto investing after retiring from a decades-long career in the art world. With a portfolio that included 17.5 Bitcoin (BTC) and 225 Ethereum (ETH), Suman stored his assets securely in a Trezor Model One hardware wallet, which is considered one of the safest options for safeguarding digital currencies offline. However, the security of that setup was upended in March when Suman received a text message warning him of alleged unauthorized access to his Coinbase account. Trezor Model One What followed was a very carefully orchestrated social engineering attack . A man who introduced himself as Brett Miller from Coinbase’s security team called Suman shortly after the message and had an uncanny familiarity with Suman’s setup, including the fact that his crypto was stored on a hardware wallet. The caller appeared highly credible, and convinced Suman that despite the wallet's offline nature, his funds could still be at risk. He then guided Suman through a so-called “security procedure” that required entering his wallet’s seed phrase into a spoofed website that is designed to imitate Coinbase. Just over a week later, another person claiming to be from Coinbase contacted Suman and repeated the security walkthrough. By the time the call ended, Suman’s life savings in crypto were completely drained. The incident has coincided with news of a major data breach at Coinbase. The breach was reportedly carried out by bribing customer service agents in India, and resulted in hackers accessing sensitive user information including names, account balances, and transaction histories. Coinbase Data Breach Hit Top VC The recent data breach at Coinbase reportedly impacted one of the most well known figures in venture capital, which raised new concerns about the depth and seriousness of the incident. According to a May 16 report by Bloomberg, Sequoia Capital Managing Partner Roelof Botha had personal data compromised after the cybercriminals got unauthorized access to Coinbase user information. (Source: Sequoia Capital ) Although Botha has not publicly revealed his net worth, estimates suggest he controls hundreds of millions of dollars in assets. The breach not only affected him but raised serious alarms about the potential compromise of other partners at Sequoia Capital, which is one of the world’s most influential venture firms with deep investments in the tech and crypto sectors. The attackers reportedly tried to extort Coinbase for $20 million in exchange for withholding the data breach from the public, an offer the company declined. Coinbase addressed the incident in a May 15 blog post , and confirmed that a subset of users fell victim to social engineering attacks after their personal account details were accessed. The company stated that the breach stemmed from customer service contractors based in India who were subsequently fired. In a filing with the US Securities and Exchange Commission (SEC), Coinbase estimated it may have to spend between $180 million and $400 million on reimbursement and remediation for the affected users. The situation may also extend beyond Coinbase. Another Bloomberg report indicated that similar social engineering attacks were attempted against users on other major platforms, including Kraken and Binance. In the midst of the data breach, Coinbase CEO Brian Armstrong was in Washington, DC, pushing for crypto legislation that is currently under review in Congress. There is a Senate vote on a stablecoin bill expected soon and the House is evaluating a new digital asset market structure framework. Coinbase stock price over the past 24 hours (Source: Google ) Meanwhile, Coinbase’s stock fell over 7% after the breach was reported, though it has since rebounded. France Acts After Crypto-Related Kidnappings Coinbase users are not the only people in the crypto industry who are being specifically targeted by criminals. France is taking urgent steps to improve the safety of crypto entrepreneurs and their families after a surge in kidnapping attempts linked to the crypto sector. A May 16 report from Politico revealed that France’s Interior Minister, Bruno Retailleau, announced a suite of enhanced protective measures in response to the growing threat. These include priority access to police emergency lines, specialized home security evaluations, and direct safety briefings from law enforcement officials that are aimed at helping crypto professionals adopt stronger personal protection strategies. These changes were made after three alarming incidents over the past few months. Most recently, on May 13, attackers tried to abduct the daughter and grandson of Pierre Noizat, the CEO of French crypto platform Paymium. The attack took place in broad daylight, and local authorities reported that Noizat’s daughter heroically disarmed one of the attackers by seizing and discarding a weapon before managing to escape. Just ten days earlier, on May 3, police in Paris rescued the father of a crypto entrepreneur who was kidnapped and held for ransom in a €7 million ($7.8 million) extortion scheme. And in January, David Balland, co-founder of crypto hardware wallet company Ledger, was abducted from his home in central France. He was held overnight before being freed the next evening. Retailleau believes these cases may be interconnected and pledged to respond with both immediate and long-term countermeasures. This includes specialized training for law enforcement in combating crypto asset laundering, as well as engagement with the crypto industry to build tailored security protocols. Since 2014, there have been more than 150 reported cases of crypto-related robberies or kidnappings globally, with at least 23 occurring in 2025 alone. This is according to a database that is kept up to date by Bitcoin advocate Jameson Lopp . Many of these incidents are believed to stem from criminals tracking victims via public events, social media, or overt displays of wealth. Lopp warned against peer-to-peer trades with unknown individuals, showing off crypto wealth online, and wearing crypto-branded merchandise that might draw attention.
Despite exciting milestones, Solana’s latest quarter showcases a dual narrative of growth and challenges within the crypto ecosystem. As applications thrive, the declining DeFi TVL raises questions about investor confidence
The crypto market is in high gear this May, with high-net-worth traders zoning in on high-conviction plays showing long-term promise and short-term momentum. Bitcoin (BTC) is holding strong near $103,800 as institutional inflows pick up pace. Solana (SOL) has surged 82% from its April low, while XRP just tapped a new 10-week high on confirmation of Ripple’s upcoming stablecoin launch. But the real story? A lesser-known altcoin is pulling attention from the 1% crypto elite — MAGACOIN FINANCE . This early-stage token is gaining traction at an accelerated pace, with analysts flagging it as one of the most aggressive plays of the current cycle. CLICK HERE – FINAL CHANCE BEFORE PRICE JUMPS 35x Why MAGACOIN FINANCE Is Gaining Ground in Crypto Circles Within 48 hours of launch, MAGACOIN FINANCE began trending across analyst chats, retail forums, and private Telegram groups. Its success isn’t just due to hype — this project combines politically charged branding with strategic tokenomics and calculated market timing. There’s a clear hunger from top-tier traders for early projects with asymmetric upside, and MAGACOIN FINANCE checks every box. The project’s capped token supply, rapid user onboarding, and narrative-driven model are giving it powerful momentum. The most sophisticated investors understand what comes next: listings, media exposure, and a likely price discovery event that early entrants want front-row access to. For elite investors who missed early entries on coins like Shiba Inu or Pepe, this is being viewed as a second shot — with tighter structure and stronger planning. Bitcoin Stays Bullish Above $103K as ETF Flows Rise Bitcoin (BTC) is sitting at $103,800 , showing firm support and low volatility — a sign institutions are accumulating. BlackRock’s spot ETF hit another weekly inflow record, and new custody partnerships are rolling out globally. Technical analysts are calling for a move toward $120K by July if this level holds. Solana Jumps 82% — Visa & Meme Coin Fuel Combined Rally Solana (SOL) is currently at $170.90 , up 82% from April lows. Its breakout has been fueled by a dual surge: Visa’s stablecoin expansion and booming meme coin activity on its chain. TVL across Solana-based protocols has jumped over 25% in May alone — drawing whales back into the mix. XRP Hits $2.38 as Stablecoin Plans Drive New Momentum XRP has jumped to $2.38 , hitting its highest level in over two months. Ripple confirmed a Q3 rollout of its own stablecoin pegged to the U.S. dollar — a major move that could reset XRP’s role in institutional settlements. Volume is up over 47% week-over-week, signaling strong buy-side pressure. Injective Rallies to $12.40 on AI Trading Integration Injective (INJ) is trading at $12.40 , up 14% over the past 72 hours. The surge follows the official launch of INJ’s AI-enhanced trading interface — now supported by several algorithmic hedge funds in Asia. Analysts are calling it a “sleeper protocol” for smart money in Q2 2025. CLICK HERE – ONLY 0.007 AWAY FROM LIFTOFF Final Thoughts While Bitcoin , Solana , XRP , and Injective are all delivering strong fundamentals and breakout action this May, MAGACOIN FINANCE stands apart as the one altcoin still in its early entry phase. The pace of adoption, strategic positioning, and mounting trader interest are giving this project the kind of momentum rarely seen twice in one cycle. To learn more about MAGACOIN FINANCE, please visit: Website: https://magacoinfinance.com Twitter/X: https://x.com/magacoinfinance Continue Reading: Solana and XRP Are Exploding — But MAGACOIN FINANCE, Paired With Bitcoin, Is the One Breaking Out
BTC shows strength while ETH weakens - setting up a clear battle for control.
Summary Coinbase's S&P 500 inclusion is a massive liquidity event, driving momentum and attracting institutional investors, making it a unique, premium crypto investment. Regulatory progress like the STABLE Act and USDC growth, plus the Deribit acquisition, position Coinbase for long-term success as crypto adoption accelerates. Despite cybersecurity incidents, Coinbase's proactive response and industry-leading transparency reinforce its resilience and investor confidence. Valuation remains challenging, but with rising custody assets and momentum, I see Coinbase reaching a $100B market cap and $400/share by 2027. Decoding Crypto with Coinbase When I first wrote about Coinbase ( COIN ) last October , I naively maintained a ‘hold’ position given the market premium. Coinbase is the only pure-play crypto stock, so naturally investors will buy Coinbase because no other alternative is available in the public markets. Of course, the greatest uncertainty in October 2024 was the U.S. Presidential Election. But since President Trump, we have witnessed crypto achieve even more demand from the capital markets. Looking backwards, I wrote about Coinbase when it achieved a near-time low. Now the Trump Administration has loosened its grip on crypto and deregulated so much of the market, making Coinbase a prime beneficiary. Today, I will cover some of the key updates for Coinbase investors, which includes advancing trading, scaling stablecoins, and security updates. Coinbase is unusual in that it cannot be compared to the traditional financial services firm. The company generates revenue from multiple sources, and its core asset class (crypto) is very volatile. So if you don’t invest in crypto or enjoy volatility, I recommend investing with caution. To begin, I recommend reading Coinbase’s shareholder letter . I’ve always enjoyed this snapshot they provide investors with every quarter. In fact, if you have a Coinbase Wallet you mint their recent earnings from their Investor Relations page. It's a great way to connect and engage the investment community. Coinbase Q1 2025 Shareholder Letter The Future of Stablecoins and the STABLES Act We are beginning to see the early stages of crypto adoption throughout the financial services industry. For context, I recommend looking at this one week in crypto post by Jason Yanowitz, who is the co-founder of Blockworks . x.com The updates from Stripe to Coinbase to Bitcoin and Ethereum are massive. Individually these seem like small updates, but they are meaningful as a group. For example, not mentioned above is Coinbase’s long-term partnership with Circle which is driving the growth of the USDC ecosystem on-chain. If you don’t use stablecoins like USDC, then you probably aren’t familiar with Circle or even the STABLE Act. First, Circle is planning to IPO this year and its plans were only on pause because of volatility from the Trump tariffs in April. But now the STABLE Act, or the Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 (H.R. 2392), a new legislation introduced on April 2nd, 2025 is bullish for Circle and Coinbase. The bill aims to establish a regulatory framework for stablecoins, specifically dollar-denominated payment stablecoins. I’ve watched these stablecoin updates for months because I know how bullish this will be for the crypto ecosystem. For example, the U.S. established a Strategic Bitcoin Reserve and Digital Asset Stockpile, which was a landmark executive order in January. This will help the U.S. government monetize its crypto assets on behalf of the American taxpayer. This was also bullish for Coinbase because they make money from providing custody for crypto assets. During the 2024 election, I followed Stand With Crypto , a Coinbase-backed nonprofit advocacy group, for political updates. Their website gave me excellent updates on how politicians view the asset class in real-time. And on May 14th, 2025, Stand With Crypto held an event in Washington, D.C. to bring together over 60 crypto founders from 26 states. The group aimed to push for bipartisan regulatory frameworks to establish clear crypto rules. These positive developments have increased my confidence to go long Coinbase. The $2.9 Billion Acquisition of Deribit Coinbase’s acquisition of Deribit was the largest crypto acquisition in the past few months. A few months ago, Kraken’s acquisition of NinjaTrader was a big deal for the trading community because it made Kraken more mainstream. Before Kraken and Coinbase, it was Stripe’s acquisition of Bridge to enter the stablecoin industry in a big way. I won't comment much about futures and derivatives because I don’t have enough experience regarding either when it comes to crypto. But I do know that the trading community loves these products, and they generate significant fees for exchanges. I suspect more trading volume to come from these acquisitions, and it will support the rumors of Kraken going public in 2026. The Success of Entering the S&P 500 index With all of that said, I am writing about Coinbase because it has joined the S&P 500 index, which is a massive deal for the company, industry and shareholders. Event-driven investing is an excellent way to make money if the events are pre-defined. Examples include mergers and acquisitions, product announcements or some corporate action. It’s not typical, but stocks entering or exiting an index like the S&P 500 is also a massive liquidity event. This is also the exact moment when smart money profits from fast money. You see, when a stock enters the S&P 500 Index, or a similar broad market index, there will be countless fund managers who will indirectly buy Coinbase stock because of their passive investment strategy. For context, the stock is already up 27% over the past week on the news. Google Finance This announcement will pivot Coinbase’s investor base from growth to momentum. Something similar happened when Palantir joined the S&P 500 index last September as well. I think the momentum for new investors to buy Coinbase stock will continue for the foreseeable future. Most retail investors won't realize how significant this news is and try justifying not buying the stock because of its rich premium. Instead, investors can expect the premium to continue to be rich as Coinbase is a one-of-a-kind investment. That’s until more crypto companies go public and join the S&P 500 index in the future. Cybersecurity Concerns with Armstrong Like any exchange, Coinbase is under constant threat. Even with the transparency that comes with crypto, cybersecurity threats are always imminent. And last week, Coinbase discovered that cybercriminals bribed a small group of their overseas support agents to steal customer data. Watch this video of CEO Brian Armstrong on X, addressing customers and investors about the recent attacks on the Coinbase platform. You can read a detailed post on how Coinbase is handling this matter on their blog . x.com Coinbase is refusing to pay the $20 million ransom demanded by the criminals and will instead establish a $20 million reward fund for info of those responsible. The company is also reimbursing customers who were tricked into sending funds to the attackers. These cybersecurity attacks are learning lessons for the company and shareholders. Every financial institution is exposed to similar challenges. But fortunately for Coinbase, the S&P 500 announcement overcame these attacks and the stock has been up double-digits for the past few days. However, investors definitely need to be aware of these cyberattacks in the future. Coinbase is no exception to these and crypto is full of stories riddled with fraud, scam and theft. Do your best to understand how crypto works before buying Coinbase stock. The Valuation of Coinbase Financial technology stocks are a tough business to value for several reasons. First, Coinbase has become a momentum stock, and it will continue to trade at a premium for the foreseeable future. However, the main challenges with valuing Coinbase is that it has several different business models that most investors aren’t familiar with. For example, crypto itself is a tough asset to value. Today, Coinbase offers over 212 assets for custody and 172 assets for trading. But every week, millions of tokens are attempting to list on the Coinbase exchange. This makes it difficult for the average investor to understand the level of custody and trading exposure Coinbase has at any moment. In Coinbase’s recent earnings, you will find that total revenue was down 10%, but adjusted net income was up significantly to $527 million. Even though transaction revenue was down, Coinbase experienced gains from holding crypto assets such as Bitcoin. Coinbase also saw its average assets under custody grow to $212 billion, up $25 billion from the past quarter. Also, USDC, the second-largest dollar-backed stablecoin, saw substantial growth in Q1 2025, with its market cap exceeding $60 billion . Coinbase's efforts to integrate USDC into its products have driven increased adoption among retail and institutional users. The average USDC held in Coinbase products grew to $12.3 billion, which is up 49% quarter over quarter. I expect this adoption to continue to rise as institutional USDC balances reach an all-time high. The cybersecurity concerns and entering the S&P 500 index have created a buying opportunity for investors today. By becoming a momentum stock, Coinbase has the clear sight to become a $100 billion market cap stock over the next two years. This will put the share price closer to $400 by the end of 2027. By joining the S&P 500 Index, investors and fund managers will find a reason to increase their crypto exposure. This will create a flywheel unlike any we’ve ever seen before in the tech industry. Even with a high revenue multiple, Coinbase will likely accrue significant custody assets in 2025, creating a sound fundamental position for investors to buy the stock today.
Ethereum Reverses to $2.3K After Weekly High Ethereum (ETH) trades at $2,378, which is down by 5% in the past 24 hours after reaching a weekly high of $2,693. Despite the recent decline, the second-largest cryptocurrency still trades up more than 35% in the past month, which indicates the resilience of the crypto as the market as a whole recovers. Several experts are seeing the pullback as merely a temporary correction and not the start of a more severe downtrend. Spike in Volume Reflects Renewed Market Interest Ethereum spot trading volume has exploded. Over the past 24 hours alone, spot trading volume rose a whopping 128.6% to $29.6 billion, a sign of intense interest from retail and institutional traders alike. Derivative markets kept up — as per CoinGlass metrics, ETH futures trading volume rose 135%, even though open interest fell 5.53%. This is a combination that indicates short-term investors are closing positions as fresh money is ready to find its way into the market, preparing the ground for a potential resumption of the uptrend. Momentum Indicators Provide Mixed Signals Technically, Ethereum has cooled off after reaching near the top Bollinger Band. Relative Strength Index (RSI) dropped from overbought levels to 59.6, indicating lesser severe bullish pressure. Short-term indicators like the 10-day exponential and simple moving averages (EMA and SMA) are turning bearish, though ETH still holds above the 20-, 30-, and 50-day moving averages — a sign of more generalized trend strength. The MACD (Moving Average Convergence Divergence) remains in the positive territory, showing there’s still a lot of room to keep going up should Ethereum find support in the current price level. Analysts Continue to Remain Divided but Hopeful Short-term market analysts are bullish on Ethereum. Popular commentator Crypto Titan noted that Ethereum’s weekly Stochastic RSI is not yet in the extreme overbought region, which implies “more gas in the tank” for the coin to go higher. On the other hand, Crypto Patel credits the present price action as a corrective health after ETH’s rejection at the $2,500 level — an important fair value gap (FVG). He anticipates Ethereum can slip into the $1,930–$2,100 range, which aligns with past FVG levels and a bullish order block at $1,810. If demand resumes at these levels, Patel expects ETH to possibly rally towards the $4,000–$5,000 region in the near term. Outlook: Will ETH Find Key Support? Ethereum’s near-term response can be precarious, but its overall structure remains bullish. As long as ETH finds support at the key levels of demand, the setup is there for the next leg up. With heavy volume and a history of improving market tone, Ethereum can resume its path higher at any moment — if the buyers appear at the appropriate levels.
What is a crypto drainer? A crypto drainer is a malicious script designed to steal cryptocurrency from your wallet. Unlike regular phishing attacks that try to capture login credentials, a crypto drainer tricks you into connecting your wallets , such as MetaMask or Phantom , and unknowingly authorizing transactions that grant them access to your funds. Disguised as a legitimate Web3 project, a crypto drainer is usually promoted via compromised social media accounts or Discord groups. Once you fall prey to the fraud, the drainer can instantly transfer assets from the wallet . Crypto drainers may take various forms: Malicious smart contracts that initiate unauthorized transfers. Fake NFTs or token systems that create deceptive exchanges or assets. Crypto drainers are a growing threat in Web3, enabling quick, automated theft of crypto assets from unsuspecting users through deception. Common methods of crypto drainers include: Phishing websites. Fake airdrops . Deceptive ads. Malicious smart contracts. Harmful browser extensions. Fake NFT marketplaces. Crypto drainers-as-a-service (DaaS), explained DaaS elevates the threat of crypto drainers by commercializing them. Just like software-as-a-service (SaaS) platforms, DaaS platforms sell ready-to-use malware kits to cybercriminals , often in exchange for a percentage of the stolen funds. In the DaaS model, developers offer turnkey draining scripts, customizable phishing kits and even integration help in exchange for a share of the stolen funds. A DaaS offer might be bundled with social engineering support, anonymization services and regular updates, making them attractive even to low-skill scammers. Types of crypto DaaS tools include: JavaScript-based drainers: Malicious JavaScript is embedded into phishing websites that mimic legitimate decentralized apps (DApps) . These scripts execute when you connect your wallet, silently triggering approval transactions that drain assets. Token approval malware: Tricks users into granting unlimited token access via malicious smart contracts. Clipboard hijackers: Hackers use clipboard hijackers to monitor and replace copied wallet addresses with those controlled by attackers. Info-stealers: They harvest browser data, wallet extensions and private keys . Some DaaS packages combine these with loader malware that drops additional payloads or updates the malicious code. Modular drainer kits: Segregated into modules, these drainers use obfuscation techniques to bypass browser-based security tools. Did you know? According to Scam Sniffer, phishing campaigns using wallet drainers siphoned off over $295 million in NFTs and tokens from unsuspecting users in 2023. What crypto DaaS kits include Crypto DaaS kits are pre-built toolsets sold to scammers , enabling them to steal digital assets with minimal technical skill. These kits typically include phishing page templates, malicious smart contracts, wallet-draining scripts and more. This is what crypto DaaS kits generally include: Pre-built drainer software: Plug-and-play malware requiring minimal setup. Phishing kits: DaaS providers supply customizable phishing website templates that hackers can modify according to their plans. Social engineering: With DaaS, hackers find support for social engineering along with psychological tactics to trick users into connecting their wallets. Operational security (OPSEC) tools: To avoid detection, some DaaS vendors offer advanced operational security tools that mask user identity and hide digital footprints. Integration assistance and/obfuscation: These services help attackers deploy drainer scripts seamlessly and use obfuscation tools to evade tracking. Regular updates: Frequent improvements are designed to bypass wallet defenses and detection systems. User-friendly dashboards: Control panels that help attackers oversee operations and monitor drained funds. Documentation and tutorials: Step-by-step instructions enabling even beginners to execute scams efficiently. Customer support: Some DaaS operators provide real-time help through secure messaging apps like Telegram . With DaaS kits available for as little as $100 to $500, or through subscription models, sophisticated crypto attacks are no longer limited to experienced hackers. Even the inexperienced can now access these scripts with a small budget, effectively democratizing this type of crime . Did you know? Advanced DaaS tools often update scripts to evade detection from browser extensions like WalletGuard and security alerts issued by MetaMask or Trust Wallet . Evolution of crypto drainers as prominent fraudulent activity The threat landscape of cryptocurrency fraud is constantly evolving. Emerging around 2021, crypto drainers have rapidly transformed the landscape. Their ability to stealthily siphon funds from users' wallets has made them a threat that demands vigilance. Drainers specifically designed to target MetaMask began to emerge around 2021 and were openly advertised on illicit online forums and marketplaces. Here are some prominent drainers that have been around for some time: Chick Drainer: It emerged in late 2023, targeting Solana ( SOL ) users through phishing campaigns. It operates using the CLINKSINK script, embedded in fake airdrop websites. Rainbow Drainer: The platform shares code similarities with Chick Drainer, suggesting potential reuse or collaboration among threat actors. Angel Drainer: Launched around August 2023, Angel Drainer is widely promoted on Telegram by threat groups like GhostSec. Affiliate scammers need to make an upfront payment between $5,000 and $10,000 and also pay a 20% commission on all stolen assets facilitated through its platform. Rugging’s Drainer: Compatible with several crypto platforms, this DaaS drainer offers comparatively low commission fees, typically ranging from 5% to 10% of the stolen proceeds. In the wake of the US Securities and Exchange Commission’s X account being compromised in January 2024, Chainalysis found a crypto drainer acting as the SEC. This led users to connect their wallets in an attempt to claim nonexistent airdropped tokens. According to a Kaspersky Security Bulletin, dark web threads discussing crypto drainers rose sharply in 2024, jumping by 135% to 129 threads from 55 in 2022. These conversations encompass a wide range of topics, including buying and selling malicious software and forming distribution teams. As the following chart demonstrates, crypto drainers have been stealing crypto at a faster quarterly growth rate than even ransomware. Red flags to identify a crypto DaaS attack Spotting a crypto wallet drainer attack early is crucial to minimizing potential losses and securing your assets. You must be careful, as a sophisticated drainer attack can sometimes evade standard alert mechanisms. You must remain vigilant even while relying on automated tools. Here are a few indicators that your wallet may be under threat: Unusual transactions: A red flag of a drainer attack is finding transactions you didn’t authorize. These may include unexpected token transfers or withdrawals to unknown wallet addresses. Sometimes, attackers execute multiple small transfers to avoid detection, so you must monitor for repeated unusual transactions of low-value crypto . Lost access to wallet: If you cannot access your wallet or your funds are missing, it could mean an attacker has taken control. This often happens when the drainer changes private keys or recovery phrases, effectively locking you out. Security alerts from wallet providers: Your crypto wallet may issue security alerts for suspicious actions, like logins from new devices, failed access attempts or unauthorized transactions. These warnings indicate that someone may be trying to access your wallet or has already accessed it. Fake project websites or DApps: If you find a cloned or newly launched platform mimicking a real Web3 service and prompting wallet connections, it is a warning sign of a crypto drainer. It might also have urgent calls to action, urging users to immediately claim rewards, airdrops, or mint NFTs. The objective is to pressure victims into connecting wallets without verifying authenticity. Unverified social media promotions: Suspicious links shared via X, Discord, Telegram or Reddit, often unverified profiles, indicate a fraudulent attempt to drain money from a wallet. Fraudsters may also use compromised accounts to share malicious links. Unaudited smart contracts: Interacting with unfamiliar contracts without public audits or GitHub transparency can expose wallets to hidden drainer scripts. Wallet prompts requesting broad permissions: Sign-in or approval requests that ask for full token spending access or access to all assets, rather than specific transactions, are serious warning signs. Did you know? Just one popular drainer kit can be used by hundreds of affiliates. That means a single DaaS platform can be behind thousands of wallet thefts in a matter of days. How to protect your crypto wallet from DaaS attackers To protect your crypto wallet from DaaS attackers, adopting strong, proactive security practices is essential. Blockchain monitoring tools can help identify suspicious patterns linked to drainer activity, allowing you to respond quickly. Here are key strategies to help protect your digital assets: Use hardware wallets: Hardware wallets , or cold wallets, store private keys offline, shielding them from online threats like malware and phishing. Keeping your keys in a physical device significantly lowers the risk of remote attacks and is ideal for securing long-term crypto holdings. Enable 2FA (two-factor authentication): Adding 2FA to your wallet means even if someone steals your password, they will need a second verification step. They need to put in a verification code sent to your phone to access the account, along with your password, making unauthorized access much harder. Avoid phishing links: Always verify URLs and avoid clicking on unsolicited messages claiming rewards or updates. Never input private keys or seed phrases on suspicious sites. When in doubt, manually enter the correct website address. Secure your private keys and seed phrases: Store your private keys and seed phrases offline in a safe, physical location. Never save these credentials on internet-connected devices, or hackers might get access to them, putting your wallet at risk. Verify apps and browser extensions: Take care to install software only from official sources. Research apps beforehand to avoid malicious or fake tools. Monitor wallet activity regularly: Check your wallet for unauthorized transactions or unusual patterns. Early detection can help stop further losses and improve recovery chances. What to do if you suffer from a crypto-drainer attack Swift action is essential if you suspect your crypto wallet has been compromised. Though fund recovery is rare, quick action can limit further losses. Here are the steps you need to take if you suffer from a crypto DaaS attack: Secure your accounts: Immediately change the password for your wallet and enable 2FA, if you still have access to it. Transfer any remaining funds to a secure, uncompromised wallet. Notify your wallet provider or exchange: Report the incident to your wallet provider or exchange. You could request them to monitor your account or freeze suspicious activity. Platforms may flag suspicious addresses or prevent further transfers. File a report with authorities: Contact local law enforcement or cybercrime units, as cryptocurrency theft is treated as a financial crime in most regions. Seek professional assistance: Cybersecurity firms specializing in blockchain forensics can analyze transactions and potentially trace the stolen funds. While full recovery is unlikely, especially if assets pass through mixers or bridges , expert help may aid investigations.
The post Bitcoin Juggling Between Pivotal Levels-Here’s What’s Next for the BTC Price Rally if it Plunges Below $102K appeared first on Coinpedia Fintech News Bitcoin’s price recorded the highest weekly close in history, above $107,000, clearing the path towards a new ATH. Meanwhile, the bears have intensified their action, which has dragged the levels below the previous day’s open range, raising huge concerns over the upcoming price action. On the other hand, BTC’s liquidity range has entered a crucial phase wherein a strong conflict between the bulls and the bears could be seen as a means of gaining supremacy in the coming days. Ever since the BTC price triggered a rebound from the local lows, the whales and the bulls seem to have become more optimistic. As a result, more long traders were being placed with massive leverage. This made the retail traders bullish on Bitcoin, offering a strong boost to the BTC price rally, which almost marked the highs. Frightfully, these whales have begun to extract profit, which seems to be a major reason behind the current downfall. As suggested by the above data, a Hyperliquid whale who had placed a 40x long trade on Bitcoin has begun to take profits after earning $10 million in 24 hours. Interestingly, the whale still holds a massive $337 million long position on BTC, which shows a serious conviction. Now the question arises whether the Bitcoin bull run has more room or it’s time for the exit door. The daily chart of Bitcoin continues to remain under bullish influence, despite the bearish interference. The price just faced a rejection before entering the final resistance zone below the ATH, which suggests a final correction before marking a new high. The On-Balance Volume has been plunging, which indicates a drop in the buying activity with an increase in the sell-offs. However, the MA levels keep up some hope as the BTC price could be heading towards a Golden Cross. The 50/200-day MA is heading for a bullish crossover, which usually triggers a massive upswing. Hence, the upcoming monthly close could have a major impact on the upcoming rally, as a successful completion of a Golden Cross could propel the BTC price above $110,000. In case of a failure, the star crypto may begin with a strong pullback, extending the correction phase.
Cryptocurrency exchange Coinbase is facing a class-action lawsuit in the U.S. state of Illinois, which claims that the company may have violated the state’s Biometric Information Privacy Act. A group of Coinbase customers has accused the platform of improperly collecting and storing facial data during its identity verification process. Filed in the U.S. District Court for the Northern District of Illinois on May 13, the lawsuit alleges that Coinbase’s Know Your Customer checks involve scanning users’ facial geometry without proper notice or consent, a move the plaintiffs say directly breaches Illinois’ biometric privacy laws. According to the complaint, users were required to upload a government-issued ID and a selfie, which were then processed by third-party facial recognition software. The group claims this process captured their biometric identifiers, such as faceprints, without prior written notice or notification of the collection without a publicly available “retention schedule or guidelines” for data destruction, as required under BIPA. “ At no point during the Verification Process are Coinbase users asked to consent to the collection of their biometric information, notified that their biometric data will be collected by an unrelated third party, nor provided with any information about the process, how it works, the type of information and data collected, whether said data is stored or disclosed to other entities, or any information about the retention or destruction of their biometric information.” Bernstein v. Coinbase Global, Inc. According to the complaint, Coinbase transmitted facial data to third-party vendors, including Jumio, Onfido, Au10tix, and Solaris, without obtaining explicit permission. You might also like: Coinbase impersonators steal over $2m in BTC and ETH from retired artist Further, it claims that more than 10,000 individuals have filed for arbitration over these issues, but Coinbase has allegedly failed to pay the necessary arbitration fees, resulting in many of those cases being dismissed. That being said, the group is pushing for financial penalties of up to $5,000 per reckless violation, or $1,000 where negligence is found, in addition to legal expenses and injunctive relief. Coinbase has not publicly commented on the lawsuit at the time of writing. Interestingly, this isn’t the first time Coinbase has been in hot water over alleged BIPA violations in Illinois. As previously reported by crypto.news, a class-action lawsuit filed by a local in May 2023 targeted the exchange over its collection of facial data and fingerprint templates through its mobile app. That case was eventually paused after a judge approved Coinbase’s motion to move the dispute into arbitration. The lawsuit was dismissed without prejudice in February this year, after both parties agreed to drop the case. Making matters worse, Coinbase has also come under fire over a recent data breach involving customer support agents allegedly bribed to leak user data. At least six related lawsuits have since been filed, intensifying scrutiny over the platform’s handling of sensitive information. In other news, Illinois recently dropped a separate lawsuit against Coinbase over its staking program, following similar moves by Kentucky , Vermont, and South Carolina after the SEC dismissed its own case. Read more: Coinbase breach strikes PayPal Mafia royalty, Sequoia Capital boss