Cryptocurrency Phishing Attacks Rise by 40% Year-on-Year in 2022

Cryptocurrency-related cyberattacks have seen bad actors shift their focus from traditional financial threats to phishing. Kaspersky has revealed a 40% year-on-year increase in cryptocurrency phishing attacks in 2022, with 5,040,520 attacks detected compared to 3,596,437 in 2021. Phishing attacks involve reaching out to investors through fake websites and communication channels that mimic official companies, and prompting users to share personal information such as private keys, which ultimately provides attackers unwarranted access to crypto wallets and assets.

While Kaspersky could not predict if the trend of cryptocurrency phishing attacks would increase in 2023, phishing attacks continue to gain momentum in 2023. In a survey conducted by Kaspersky, one out of seven respondents admitted to being affected by cryptocurrency phishing.

Phishing attacks predominantly involve giveaway scams or fake wallet phishing pages, but attackers continue to evolve their strategies. Kaspersky has noted that “crypto still remains a symbol of getting rich quick with minimal effort,” which attracts scammers to innovate their techniques and stories to lure in unwary crypto investors.

Recently, hardware cryptocurrency wallet provider Trezor issued a warning against attempts to steal users’ crypto by tricking investors into entering their recovery phrase on a fake Trezor site. This highlights the importance of being vigilant and taking necessary precautions to protect one’s crypto assets.

In a recent incident, Arbitrum investors were exposed to a phishing link via its official Discord server. A hacker reportedly hacked into the Discord account of one of Arbitrum’s developers, which was then used to share a fake announcement with a phishing link. This shows that attackers are constantly finding new ways to trick investors into sharing their personal information, and highlights the need for increased security measures to protect against cryptocurrency phishing attacks.

In conclusion, cryptocurrency phishing attacks continue to rise, with attackers evolving their strategies to lure unwary crypto investors. It is crucial for investors to be vigilant and take necessary precautions, such as avoiding clicking on suspicious links, verifying the authenticity of websites and communication channels, and using hardware wallets to store their crypto assets. Additionally, companies must prioritize security measures and educate their users to help prevent and mitigate the effects of cryptocurrency phishing attacks.


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Elon Musk Plans to Launch AI Startup to Compete with OpenAI

According to recent reports, Elon Musk is planning to launch an AI startup to compete with OpenAI, one of the most popular generative AI companies that he co-founded in 2015. Musk is reportedly assembling a team of AI researchers and engineers for the new venture and is in talks with existing investors from SpaceX and Tesla for investment. The new AI startup will place Musk among other tech giants, such as Google and Microsoft, in the race to build next-gen AI.

The alleged findings complement recent reports that Musk has been procuring nearly 10,000 graphics processing units to power Twitter’s AI initiatives. In addition, Musk has incorporated a company named X (X.AI) and changed the name of Twitter to “X Corp” in company filings as part of his plans to create an “everything app” under the “X” brand.

However, it is worth noting that Musk and more than 2,600 tech leaders and researchers signed an open letter urging a temporary pause on further AI development on March 30, citing “profound risks to society and humanity.”

Meanwhile, Amazon Web Services (AWS) has launched the Bedrock initiative to allow its users to build generative AI from foundation models. This move by AWS is another sign that tech companies are heavily investing in AI and trying to develop their own AI capabilities.

In conclusion, Elon Musk is reportedly launching an AI startup to compete with OpenAI, and is in talks with existing investors from SpaceX and Tesla for investment in the new venture. Musk’s recent incorporation of X (X.AI) and his plans to create an “everything app” under the “X” brand suggest that he is making significant investments in AI. Additionally, AWS’s Bedrock initiative highlights the ongoing efforts by tech companies to develop their own AI capabilities. While AI holds enormous potential for advancing society, it is crucial that the development of this technology is done in a responsible and ethical manner to minimize potential risks to society and humanity.


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BlockSec Launches Phalcon Fork for Private Chain Collaborative Testing

In a bid to improve collaborative testing on private chains, blockchain security technology firm BlockSec has launched the Phalcon Fork toolkit. This new toolkit provides more control to developers and security researchers who are working on testnets, ensuring that testing, analysis, and debugging of transactions can be done more efficiently.

The Phalcon Fork allows for the forking of arbitrary transaction positions and block numbers on the Ethereum mainnet, giving users greater control over the work being done on testnets. This allows developers to easily test, analyze, and debug transactions, providing a more streamlined testing process. Additionally, Phalcon Fork provides developers with more control over block information such as Timestamp, BaseFee, and MixDigest, while also retaining services and states from the Ethereum mainnet.

One of the key features of the Phalcon Fork is the integrated faucet, which provides free fork network Ether (ETH) to execute transactions on private chains. This makes it easier for developers to test their DeFi contracts on private chains, without having to worry about transaction fees. Additionally, Phalcon Fork provides Fork RPC, a remote procedure call node that can be integrated with Ethereum Virtual Machine-compatible development frameworks such as Hardhat, Foundry, and Remix or added to MetaMask.

At present, users can only fork from the Ethereum mainnet. However, BlockSec has hinted at future support for additional blockchains such as the BNB Smart Chain and Arbitrum. This will allow developers to test their DeFi contracts on a wider range of blockchains, providing more flexibility in their testing processes.

The launch of Phalcon Fork follows the successful deployment of the Shapella hard fork on the Ethereum mainnet, which went live on April 12. This upgrade has enabled Ethereum validators to withdraw staked ETH from the Beacon Chain, resulting in a positive price action for Ether (ETH). Since April 12, Ether has gained roughly 12% and is currently sitting at $2,092 at the time of writing.

In conclusion, the Phalcon Fork provides developers and security researchers with more control over testing, analysis, and debugging of transactions on private chains forked from the Ethereum mainnet. It offers an integrated faucet for free fork network Ether (ETH) and Fork RPC for integration with Ethereum Virtual Machine-compatible development frameworks. With future support for additional blockchains on the horizon, the Phalcon Fork provides greater flexibility in the testing process for developers of DeFi contracts.


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Terraform Labs CEO Sent $7 Billion to Law Firm Before Ecosystem Collapse

South Korean prosecutors have confirmed that Terraform Labs CEO Do Kwon sent $7 billion to Kim & Chang, a top South Korean law firm, just before the collapse of the Terra ecosystem. The prosecutors believe that Kwon’s decision to send the funds was a deliberate move that allegedly reaffirmed his awareness of the impending collapse and anticipated legal problems. The law firm’s lawyers also visited Montenegro to meet with Kwon and Terraform’s former CFO, Han Chang-joon.

Kwon was previously arrested at Podgorica airport in Montenegro after trying to fly to Dubai using fake documents. Both United States and South Korean authorities have sought Kwon’s extradition, but the court has yet to decide. On April 7, South Korean prosecutors suspected Kwon of converting illicit funds from Terra (LUNA) to Bitcoin (BTC) and requested Binance to halt all withdrawal requests linked to Kwon.

In total, prosecutors identified $314.2 million in illicit assets associated with Terraform Labs co-founder Kwon and his associates, out of which about $69 million is reportedly directly linked to Kwon. The information regarding Kwon’s transfer of $7 billion to the law firm is expected to help in the ongoing fraud case against him and his associates.

The allegations against Kwon and his associates highlight the risks associated with cryptocurrency investments and the importance of transparency and accountability in the management of cryptocurrency projects. The case also highlights the role of law enforcement agencies in investigating and prosecuting financial crimes in the cryptocurrency industry.

The outcome of the ongoing fraud case against Kwon and his associates will have significant implications for the cryptocurrency industry, particularly in South Korea, where regulatory authorities have been cracking down on illegal activities in the sector. It remains to be seen how the case will unfold and what impact it will have on the future of Terraform Labs and the broader cryptocurrency ecosystem.


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Proposal to Return ARB Tokens to Arbitrum DAO Treasury Rejected

A proposal seeking the return of 700 million ARB governance tokens to Arbitrum’s DAO treasury has been rejected by the community after receiving only 14.5% of the total votes. The proposal, called AIP-1.05, was introduced after the Arbitrum Foundation transferred funds without community approval in March. The proposal asked the foundation to return the tokens as a symbolic gesture to demonstrate that the governance holders ultimately control the DAO, not the Arbitrum service provider nor the Foundation.

The proposal was defeated by 118 million votes, representing 84% of the total votes received. Approximately 21 million ARB tokens voted for the proposal, while 2 million tokens abstained. Some community members with large token holdings voted against the proposal, stating that it was a power play that would add an unnecessary step and delay the foundation’s ability to support the growth of the Arbitrum ecosystem.

Arbitrum’s community and its foundation are engaged in a dispute over the foundation’s governance proposal AIP-1, which called for an investment of nearly $1 billion worth of ARB tokens to fund its operations. The foundation later clarified that AIP-1 was a ratification, not a proposal, and that some of the tokens were already sold for stablecoins. The AIP-1 proposal was Arbitrum’s first attempt at governance after its tokens airdrop in early March.

The rejection of AIP-1.05 highlights the challenges faced by decentralized autonomous organizations in achieving consensus among their members. It also highlights the importance of community engagement in the decision-making process and the need for transparency and accountability in the management of decentralized platforms.

Arbitrum’s foundation has released a new set of improvement proposals to reestablish dialogue with the community. The proposals aim to address concerns raised by the community and provide a framework for the platform’s governance going forward. The rejection of AIP-1.05 and the ongoing dispute over AIP-1 demonstrate the need for continued dialogue and collaboration between the community and the foundation to ensure the success and growth of the Arbitrum ecosystem.


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US Draft Bill Proposes Framework for Stablecoins

A new draft bill published in the United States aims to provide a regulatory framework for stablecoins. The bill proposes that the Federal Reserve oversee non-bank stablecoin issuers such as Tether and Circle, which respectively issue USDT and USDC. Insured depository institutions seeking to issue stablecoins would fall under federal banking agency supervision.

The bill also establishes criteria for approval of stablecoin issuers, including the ability to maintain reserves backing the stablecoins with U.S. dollars or Federal Reserve notes, Treasury bills with a maturity of 90 days or less, repurchase agreements with a maturity of seven days or less backed by Treasury bills with a maturity of 90 days or less, and central bank reserve deposits. Issuers must also demonstrate technical expertise and established governance, as well as the benefits of offering financial inclusion and innovation through stablecoins.

Additionally, the bill proposes a two-year ban on issuing, creating or originating stablecoins not backed by tangible assets. It also mandates that the U.S. Department of the Treasury conduct a study on “endogenously collateralized stablecoins.” These are stablecoins that rely solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price.

The bill also allows the U.S. government to establish standards for interoperability between stablecoins. It further determines that Congress and the White House would support a Federal Reserve study on issuing a digital dollar.

Stablecoins are a class of cryptocurrencies that attempt to offer investors price stability by being backed by specific assets or using algorithms to adjust their supply based on demand. The draft bill defines stablecoins and proposes a regulatory framework that could potentially provide greater stability and protection for investors. It also aims to prevent the use of stablecoins for illegal activities, such as money laundering and terrorist financing. If enacted, the bill would require stablecoin issuers to register and could result in up to five years in prison and a fine of $1 million for failure to do so.


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Law Firm Pleads with Shaquille O Neal to Acknowledge Legal Complaint

The Moskowitz Law Firm, representing victims affected by the FTX collapse, has publicly appealed to NBA superstar Shaquille O’Neal to acknowledge its legal complaint. The firm has been standing outside TNT studios in Atlanta all week, where O’Neal is employed as a television host, attempting to serve him on behalf of FTX investors regarding his previous endorsement of the now-defunct crypto exchange. However, his security guards have not allowed them in to deliver the legal complaint.

O’Neal is the only one among the “FTX celebrities” named in the class-action lawsuit filed against several celebrities for endorsing FTX, including Tom Brady, Steph Curry, and Larry David, who has not yet been served. The law firm has stated that O’Neal has been “running” from them “for 3 months” and should show courtesy and honor by allowing its process servers to deliver the legal complaint on his behalf. This will enable him to defend his “actions in this matter.”

The Moskowitz Law Firm’s public plea highlights the legal challenges faced by FTX investors who lost funds due to the exchange’s collapse. It also emphasizes the responsibility of celebrities who endorse cryptocurrency platforms to understand the risks and potential impact of their actions on investors.

FTX was a major cryptocurrency exchange that collapsed in 2019, resulting in significant losses for its investors. The collapse led to a class-action lawsuit filed by affected investors against several celebrities who endorsed FTX. O’Neal, as one of the endorsers, is now being pursued by the Moskowitz Law Firm to acknowledge its legal complaint.

The Moskowitz Law Firm’s plea to O’Neal reflects the importance of acknowledging legal complaints and taking responsibility for one’s actions. It also highlights the need for greater transparency and accountability in the cryptocurrency industry to protect investors and prevent similar collapses from occurring in the future.


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Elon Musk Warns of AI Destructive Potential

Artificial intelligence (AI) has been a hot topic in the tech industry for years, with many researchers and engineers working tirelessly to bring the concept of a generative AI to life. However, some experts have raised concerns over the potential risks associated with AI, including its potential to destroy civilization. One such expert is Tesla and Twitter CEO Elon Musk, who has been vocal about the dangers of AI falling into the wrong hands or being developed with ill intentions.

On March 15, news surfaced that Musk had plans to create a new AI startup, which would undoubtedly stir up even more debate around the topic. Despite his involvement in AI development, Musk has not shied away from acknowledging the potential risks associated with the technology. In fact, he has been one of the most prominent voices warning of its destructive potential.

During an interview with FOX, Musk stated that AI could be more dangerous than mismanaged aircraft design or production maintenance. He stressed that the probability of such an event occurring may be low, but it is non-trivial and has the potential for civilizational destruction. Musk believes that it is critical to have a proactive approach in managing the development of AI technology, to ensure it is used ethically and safely.

Musk’s warnings are not without merit, as there have been instances where AI has been used for malicious purposes. For example, AI-generated deepfakes have been used to spread disinformation and deceive the public. Additionally, the development of autonomous weapons powered by AI has raised concerns about the potential for the technology to be used in warfare and conflict.

To mitigate the potential risks associated with AI, Musk has called for regulation and oversight in its development. He has also advocated for the establishment of ethical guidelines and standards that ensure the technology is developed and used safely and ethically. Furthermore, he has encouraged researchers and engineers to focus on developing AI systems that align with human values, rather than those that prioritize efficiency and productivity over human wellbeing.

In conclusion, the potential risks associated with AI cannot be ignored, and Musk’s warnings should be taken seriously. While the development of AI has the potential to transform industries and improve our daily lives, it is crucial that we approach its development with caution and prioritize safety and ethics above all else.


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