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Crypto Tycoon Suffers $24 Million Loss In Phishing Scam

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In a recent and alarming turn of events in the crypto sphere, a high-profile whale has fallen victim to a devastating phishing scam, losing assets worth more than $24 million. This event is a stark reminder of the ongoing risks within the crypto space, including scams and hacks. The perpetrator, with ties to ten phishing websites like coindroplet.net and trustpad.ca, adds intrigue to the story, a stark reminder of crypto’s inherent dangers.

The targeted crypto whale was a significant liquidity provider on the Uniswap Decentralized Exchange (DEX), where they contributed over $1.6 million worth of liquidity to the WBTC/USDT trading pool. This whale was also actively engaged in various decentralized finance (DeFi) protocols, such as Aave, Curve, 1inch, and multiple blockchains, including EOS and the OMG Network.

In a recent probe by the renowned watchdog PeckShieldAlert, the phishing scam’s mechanics came to light. It all began when the victim mistakenly authorized token access through “increase allowance” transactions. This misstep enabled the scammer to swiftly make off with roughly 4,851 $rETH and 9,579.2 $stETH, amassing a staggering $24.24 million.

Crypto Heist Thief Swaps Stolen Assets

The details about this audacious heist were uncovered by the blockchain security firm Peckshield, which confirmed that the scammer swiftly exchanged the stolen assets for around 13,785 ETH and 1.64 million DAI. Additionally, a portion of the ill-gotten gains, approximately 451,000 DAI, was transferred to FixedFloat, a crypto platform renowned for facilitating seamless token swaps at fixed rates.

Typically, in such phishing attacks, scammers employ deceptive tactics, often sending authentic-looking emails to lure potential victims into entering their wallet’s private keys on fraudulent websites. Armed with this sensitive information, the scammers can assume control of all assets associated with the compromised address.

In a separate development, Peckshield disclosed details of another recent crypto heist. On September 5th, the popular casino Stake suffered a security breach, resulting in losses exceeding $40 million, consisting of 9,620 ETH, 14.24 million MATIC, and 82,650 BNB.

As of September 7th, Peckshield reported that the Stake hacker had successfully swapped 3.376 million MATIC tokens for 72.29 BTC, valued at $1.8 million. Additionally, roughly 800,000 MATIC tokens were dispatched to two newly established wallets.

At the time of this report, the evil actor retains possession of 10.1 million MATIC, equivalent to $5.7 million, and 72.29 BTC within the Polygon network. These incidents are stark reminders that, alongside the tremendous opportunities, the crypto industry is rife with vulnerabilities and challenges. 

According to a recent security report by Certik, crypto hacks and scams collectively accounted for losses exceeding $313 million in the second quarter of 2023. Investors and participants in the crypto space are urged to exercise extreme caution and employ robust security measures to safeguard their digital assets.

Related Reading:| Tennessee’s Crypto Scam: Blessings Turned To Sham

EOS Token Gains Whitelist Nod from JVCEA, Opening Doors To Japanese Markets

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In a groundbreaking move toward global recognition, the EOS Network Foundation has revealed its remarkable achievement of coveted whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA). This game-changing development sets the stage for a giant leap forward, as the token now garners approval for trading against the Japanese yen on regulated cryptocurrency exchanges within Japan, also highlighted in a recent blog post by the EOS Network Foundation.

The market responded with excitement as word of this significant achievement spread, propelling the token to a remarkable 9% increase and a valuation of $0.6279. The approval from JVCEA played a pivotal role in causing this surge, paving the way for greater engagement with the Japanese community encompassing users, developers, and investors. EOS is gearing up for its introduction on BitTrade in mid-September, fortified by licenses approved by Japan’s Financial Services Agency (FSA) and rigorous regulations within the cryptocurrency domain.

Renowned for its rigorous and robust regulatory framework governing digital tokens, Japan’s standards are second to none. Under the vigilant oversight of the Payment Services Act, both JVCEA and FSA meticulously supervise and regulate crypto-asset providers, mandating an exhaustive pre-screening process for any novel digital assets. EOS Network’s successful clearance of these exacting criteria underlines the company’s unwavering commitment to transparency, security, and trailblazing innovation.

EOS Network’s Victory And Global Impact

The visionary Founder and CEO of the EOS Network Foundation, Yves La Rose, underscored the magnitude of this achievement, emphasizing that this milestone is not just a victory for the EOS Network but also a triumph for the broader blockchain and cryptocurrency landscape. La Rose eloquently outlined the plethora of new prospects this approval will usher in, especially within the dynamic gaming sector, where strengthened ties with businesses and developers are poised to reshape the industry.

Japan is excited as Upland, a vast virtual world constructed on the EOS platform, expands its reach to Tokyo. This expansion has propelled EOS into the spotlight, attracting attention and adoption. With an impressive history of five years of continuous mainnet operation and featuring the powerful Ethereum Virtual Machine, the token has firmly established itself within the upper echelons of the blockchain realm. This accomplishment has garnered the admiration of both enthusiasts and developers, solidifying its position among the blockchain elite.

This endorsement is a significant achievement for the token, bolstering its position in the East Asian markets and highlighting its consistent performance and dependability. Backed by a robust network of connections and a remarkable history of achievements, the token is well-positioned to leave a profound mark on this region. This accomplishment further solidifies its role as a prominent global force within the blockchain industry.

The approval’s impact reaches beyond EOS, resonating through Japan’s crypto landscape. The token joining regulated exchanges boosts crypto acceptance. Complying with strict rules, the token sets a model, increasing trust. As EOS excels, its success guides global blockchain innovation, influencing Japan and the world.

Related Reading:| Binance’s Japan Expansion: CZ Verifies August Debut

EOS, Dogecoin (DOGE) and Orbeon Protocol (ORBN) – Top Cryptos Resisting the Bearish Momentum

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Picking a cryptocurrency with a guaranteed return is practically hard today, especially since many new cryptocurrencies are being created and released every so often. That choice is made much more difficult by the current crypto winter, which saw every token decline. 

However, there are still a few good cryptos resisting the bearish momentum. Let’s take a deeper look at EOS (EOS), Dogecoin (DOGE), and Orbeon Protocol (ORBN), which is presently in the third round of its presale.

EOS (EOS)

EOS (EOS) supports the development of economically feasible decentralized apps or dApps. Businesses now have the capacity to create blockchain applications similar to web apps thanks to EOS.

Even Binance has made it possible to transfer USDT on the EOS platform. Thanks to this announcement, the EOS (EOS) token rose beyond $1 in more than a month.

Lately, EOS has had a strong rise of over 10%. As Solana (SOL) and Polygon (MATIC) deal with the current FTX crash, it appears that EOS is the best layer 1 asset for those looking for the fastest transaction processing times. 

Due to investor confidence in EOS, analysts predict that EOS will be an attractive layer 1 choice and climb another 20 to 30% in 2023. If EOS is able to live up to the expectations, its investors stand to reap a great ROI.

Dogecoin (DOGE)

As with many other cryptocurrencies, Dogecoin (DOGE) price dropped significantly last year. The meme currency, however, managed to maintain its value and retain its place.

At the start of 2022, Dogecoin (DOGE) traded at a price that was almost 76% below its all-time high of $0.74. On January 1st, it cost $0.175. Thankfully, Dogecoin moved from the range, rebounded off the low support level, and then rose over $0.15.

The initial bullish surge is wonderful news for Dogecoin (DOGE) token holders even though Dogecoin has still been trading inside a range for a longer time period. 

Dogecoin (DOGE) is set to go bullish when it breaks through the nearby resistance level. Most investors and the Dogecoin community are optimistic that the upward move will take place any time this year.

Orbeon Protocol (ORBN)

Orbeon Protocol (ORBN) seeks to revolutionize the venture capital sector by letting businesses use the blockchain-based investment platform to mint and offer equity-backed NFTs to backers. 

Orbeon Protocol (ORBN) will create fractionalized NFTs supported by legitimate businesses, enabling everyone to invest even $1 in a share of a firm they believe in.

For individuals concerned about security, Orbeon Protocol’s smart contract has the unique “Fill or Kill” mechanism that will ensure investors receive their money back after investing in a business that fails to achieve its funding goal within a given time. The Orbeon Protocol (ORBN) liquidity pool is also locked for ten years to prevent any rug pulls. 

Numerous advantages and privileges come with holding the Orbeon Protocol (ORBN) token. For instance, holding the Orbeon Protocol (ORBN) token entitles you to staking rewards, which generate passive revenue, and access to special funding groups. You also get discounts on trading fees. 

Orbeon Protocol (ORBN) is currently in the third phase of its presale. Many analysts expect Orbeon Protocol (ORBN) to be worth $0.24 by the end of the presale, representing a huge price hike from its initial presale price of $0.004. 

Find Out More About the Orbeon Protocol Presale:

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

EOS Network Foundation weighs to sue parent Block.one for $4.1 billion

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The EOS Network Foundation, the entity established to assist the EOS ecosystem’s growth, is exploring legal action against estranged parent Block.one, demanding $4.1 billion in damages.

CEO of EOS Network Foundation Yves La Rose made the announcement through his tweet. He wrote, ” As Founder of @EosNFoundation, I share your frustrations! We are taking further steps to hold @B1 accountable for its past actions and broken promises against #EOS—review of all possible legal recourse to seek $4.1B in damages underway. Let’s do this together! #4BillionDAO coming.

Much needed step to protect the interest of EOS community

He wrote in a blog that the foundation has appointed a Canadian law firm to evaluate Block.one’s activities and commitments to the EOS community and investors to see whether alternatives are available for legal proceedings. He mentioned that they are aware that many members of the EOS community feel that Block.one has not kept its word about earlier pledges. The community and individual EOS users have been affected as a result of their actions.

He added that in November and December 2021, they had participated in talks with Block.one to seek to establish a fair and reasonable conclusion with Block.one, which would position the EOS community for future success. He noted that “Block.one opted to walk away from the discussions and as a result the EOS Block Producers agreed it was in the best interest of the community to freeze the vesting of all the EOS tokens that Block.one planned to earn in the future.”

They had raised $4.1 billion in its initial coin offering (ICO) in 2018. La Rose laid the responsibility solely on the shoulders of its primary investor when the blockchain protocol fell short of expectations. The EOS community felt that Block.one has switched its focus and money, including its vested EOS tokens, to the new crypto exchange Bullish, which was introduced in May 2021.

On December 8, the EOS community chose to suspend payments to Block.one. The decision comes amid ongoing discussions among the community regarding the dependability of Block.one .They stated that the business had afflicted the network with centralization.

Block.one announces 45M EOS tokens transfer to Helios to support growth

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Blockchain technology specialized software company Block.one officially announced that it will transfer 45 million EOS ( roughly$209 million) to a decentralized platform Helios led by Block Pierce. It will also create an EOS venture capital fund to expand the infrastructure and to support developers.

As per the press release, the company is continuously avoiding to act as a centralized entity for any public implementation of the EOSIO software. It recognizes the power in open-source collaborations that offers freedom to govern, build, and iterate the system to the contributors.

Block.one says that the open-source system preserves the decentralized nature along with the natural development of EOS and EOSIO-based assets. The company says through Helios, its main focus is to develop and deliver EOSIO along with increased investment in the EOSIO ecosystem. The company also includes supporting new innovators as its primary goal. Along with that, Block.one focuses on the development of EOSIO infrastructure and incubation of new businesses.

The network growth has been the primary focus for the company as it seeks to dominate the DeFi industry.

“Over the last three years we have watched the EOS community and network evolve, and we have put a great deal of consideration into how we can leverage our own EOS token holdings to help further fuel the network’s growth.”

said the company in the press release

Helios aims to serve the EOS community

Helios, the recipient of the 45 million EOS tokens is focused on serving the EOS community with high intention. It will create an EOS Venture Capital Fund along with supporting infrastructure creation. It also has agreed to create institutional-level EOS financial products along with providing the facility of tooling and documentation to the developers.

The announcement also mentions that Helios will be responsible for organizing and managing community events to educate, expand the network, and develop use cases.

Block.one is hoping that this step will empower and expand the EOS network. The company added that it hopes for a ton of new opportunities and participants in the system. The company also aims to increase the liquidity of the EOS-based projects. 

LiquidApps Employs Bifrost Bridge To Bolster The Presence Of EOS In The DeFi Space

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Decentralized finance [DeFi] has garnered impeccable traction over the last couple of months. LiquidApps, a platform focused on optimizing decentralized development seemed to be aiding the growth of the DeFi market.

While the DeFi space has managed to lure in an array of individuals, it still suffers from siloed blockchains. However, LiquidApps seems to be on a mission to change this by building cross-chain bridges. With this decentralized development solution provider, EOS is all set to become the “first truly decentralized chain to integrate USDC.”

LiquidApps To Boost The DeFi Space With Its Cross-Chain Bridge

LiquidApps created an uproar in the crypto market with the launch of a cross-chain medium that allows users to transfer tokens or data to different blockchains without any hassle. Now, the platform is making use of the Bifrost bridge, developed the community-led DAPP Account DAO (DAD), to allow the free flow of USDC or DAI to be bi-directionally transferred between Ethereum and EOS.

The aforementioned community, DAD has also rolled out eCurve, an EOS clone of the decentralized exchange Curve, that has witnessed over $1 million of DAI/USDC liquidity cross over it from Ethereum. eCurve stands out as the network carries out feeless transactions while being time-efficient. However, the transactions on Ethereum’s Curve cost anywhere between $1-200 each and take up to 10-15 minutes.

More recently, EOS lost one of its major DeFi projects to the Binance Smart Chain. This bridge could pose as a savior for the network in broadening and establishing ground in the DeFi space. This can be viewed as a proof of concept employing EOS.

Additionally, the DAD bridge can also pave the way for arbitrage across chains. A total of three stablecoins including, wrapped DAI, wrapped USDC, and EOS USDT are a part of the eCurve’s three-coin swap pool. The possibility of ETH users swapping their USDC or DAI to any stablecoin to a stablecoin with the highest ratio in the pool stands even though one-thirds model fall out of equilibrium.

Elaborating on the emergence of the DeFi space and cross-chain bridges, Raman Bindlish, the founder of Blockstart a prominent DSP on the DAPP network stated,

“These are exciting times for us as developers of the technology as years of hard work from multiple teams coming to fruition. We are seeing the vision of multi-chain DeFi materialize and it can really enable the solutions that can scale to the same level as traditional finance.”

The progression of the DeFi space is inevitable. With several platforms making their way into the DeFi space, the existing ones are forced to keep up with the needs of their users and LiquidApps seems to be heading in the same direction.

Binance Smart Chain Welcomes EOS’s Largest DeFi Platform

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Binance Smart Chain [BSC] has seen tremendous development. In terms of liquidity and decentralized applications [dApps], BSC is becoming a major player in the industry. Hence, it is safe to say that it has emerged as one of the most distinguished alternatives to not just the Ethereum network but also to EOS. The latter lost one of the biggest decentralized finance [DeFi] projects to the Binance ecosystem this week.

The DeFi platform in question is ‘Effect Network‘ which is headed for a switch in its development from the EOS network to the Binance Smart Chain. The developers cited concerns regarding the future and viability of the EOS blockchain as one of the most prominent reasons for relocation.

It is important to note that the founder and Chief Technology Officer of EOS’s parent firm Block.one, Daniel Larimer had left the company nearly a couple of months ago. Furthermore, the controversial departure led to many questions regarding his inability to bring about viable solutions to the many issues plaguig the EOS ecosystem.

Talking about the growing confidence in Binance Smart Chain instead, Effect Network’s CEO Chris Dawe reportedly stated,

“Look at what the Binance organization has accomplished in only the last three years. It is a testament of dedication, hard work but above all its laser-focused vision. The amount of products and services our clients and workforce can tap into with the Binance ecosystem are amazing and will help accelerate the growth of the Effect Network like never before.”

Binance Smart Chain’s Exponential Growth

Despite centralization debates, the BSC ecosystem has grown considerably over the past several months. Thanks to growing gas fees on the Ethereum blockchain that was currently hovering close to $18. BSC, on the other hand, was processing on average 2X volume of the Ethereum network, that too, at a fraction of its current transaction fee.

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Binance Smart Chain Welcomes EOS's Largest DeFi Platform 3

Therefore, several DeFi platforms have either left the Ethereum network or have expanded their footprint across BSC as well to enable its users to choose their preferred mode of network. Gauging at BSC’s unique address count, it can be noted that the network has seen significant growth as the figures continued to maintain a steady uptrend. It was found to be at 61.7 million on the 27th of March.

Investment Firm Buys Additional $30M Worth Of Block.one Shares

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Block.one has kept low this bull season. In the latest development for the ecosystem, however, the crypto-assets-focused investment company, Cryptology Asset Group announced the purchase of an additional $30 million worth of Block.one shares in a private transaction.

This is not the first time the Malta-based company, co-founded by Mike Novogratz, has infused significant capital into the EOS builder. The latest purchase is the third of its kind, which has been made in the past three weeks. With this, Cryptology aims to become one of Europe’s most active investors in the crypto and blockchain industry.

Following the latest development Patrick Lowry, Cryptology’s CEO commented,

“Block.one is one of the preeminent players in the entire crypto industry and I am elated to be expanding Cryptology’s exposure to one of our flagship portfolio companies. I look forward to the unveiling of projects they have been developing in stealth in the near future and further expanding Cryptology’s collaborative relationship with Brendan and the Block.one team.”

According to the official press release, Cryptology does not only has significant exposure to Block.one on its own balance sheet, but it also manages further stakes in EOS’s parent company on behalf of several institutional investors with additional upside participation for Cryptology. In addition, the upside participation, n question, sums up to nearly 0.5% additional stake in Block.one.

Previous Block.one Developments

The company behind the multibillion-dollar-backed EOS ecosystem had previously managed to secure a record-breaking $4 billion to fund the development of the underlying software. In Feb, The firm had reportedly joined forces with LACChain, which happens to be an Inter-American Development Bank–backed initiative, to promote blockchain technology across Latin America and the Caribbean. Notably, this initiative has 40 partners in 12 countries in the region.

As part of this, the company announced signing a memorandum of understanding [MoU] to join the LACChain Global Alliance.

Just last week, EOS Creator and blockchain developer, Dan Larimer unveiled his fourth project called Clarion. Much like his previous initiatives, his latest open source software if also focused on decentralized networking, essentially allowing people to communicate without the need of trusted third parties.

EOS Ecosystem’s Dan Larimer To Focus on Building Censorship-Resistant Tech

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Prominent blockchain developer Daniel Larimer announced leaving his position as the CTO of Block.one after a stint of four years. The blockchain entrepreneur had previously co-founded the company behind the popular project EOS along with Brenden Blumer before dropping his resignation as of the 31st of December, 2020.

Larimer’s resignation comes just a day after he announced boycotting Twitter. In a Voice post, the exec had argued that “the censorship has gotten out of control” and that he can “no longer empower such a corrupt company.”

Larimer referred to the censorship pressures and emphasized once more during his resignation announcement that his future endeavor would include focussing more on developing tools that masses can use to secure their own freedom.

His official statement read,

“I will continue on my mission to create a free market, voluntary solutions for securing life, liberty, property, and justice for all. I do not know exactly what is next, but I am leaning toward building more censorship-resistant technologies.”

Larimer went on to assert that,

“I have come to believe that you cannot provide “liberty as a service” and therefore I will focus my attention on creating tools that people can use to secure their own freedom.”

Nevertheless, Larimer and Blumer had been working together in the company since 2017 which went on to secure a massive $4 billion for an initial coin offering [ICO] to launch the EOS network.

In the beginning, the EOS network was touted as an improved version and a potential Ethereum killer by many industry experts amidst a clogged ETH ecosystem plagued with scalability issues. Despite attempts to reach the same level, EOS was grappled by centralization concerns.

EOS Takes A Plunge Following The News

eos

The latest news about Dan Larimer’s resignation did not sit well with the participants of the EOS market. Shortly after the development, EOS dropped substantially which has extended to over 35% loss in less than 48 hours. The crypto-asset was previously consolidating above the support level of $2.8 despite any impressive upside move.

The news triggered a sell-off which dragged EOS’s price to $2.7, at the time of writing.

Litecoin, EOS, Monero Technical Analysis On 12th November 2020

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Bitcoin and several altcoins, such as Litecoin, EOS as well as Monero are showed hints of breaking above their respective resistance points despite a minor slip. This indicated that bullish pressure continued to dominate the cryptocurrency market. Additionally, the global cryptocurrency market cap stood at $451.3 billion, at press time

Litecoin [LTC]:

LTC 1 e1605161785295

Over the past 24-hours, Litecoin [LTC] was down by 1.38% as it held a price of $58.94. At the time of writing, the coin registered a market cap of $3.88 billion and a 24-hour trading volume of $2.37 billion.

Despite a significant surge closer to its resistance level, LTC’s technicals depicted a conflicted picture. A bullish crossover was rejected by the Klinger Oscillator even as the coin surged to levels not seen in more than a month.

The MACD, however, underwent a bullish crossover. This suggested that even as the bulls were buying on dips, they remained in control of the coin’s price. The overhead resistance in case of an uptrend stood at $63. In case of a bearish reversal, Litecoin could be dragged to the immediate support area of $54.

EOS:

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EOS was priced at $2.49 after a minor dip of 0.83% over the last 24-hour. The coin recorded a market cap of $2.33 billion, and a 24-hour trading volume of $1.60 billion, at the time of writing.

The Awesome Oscillator flipped bearish as the red closing bar emerged suggesting a bearish momentum. The Chaikin Money Flow also appeared to be struggling to retain position above the zero-line indicating a decline in the inflow of capital in the coin market.

If the bears gain control, it could try to sink the price to $1.90 while the resistance stood at $2.72

Monero [XMR]:

XMR 1 e1605162049305

Monero [XMR] has had an impressive streak this quarter as it was currently valued at $114.43. The privacy-focused coin appeared to be consolidating within a tight range. It noted a decline of 1.34% over the past 24-hours as it held a market cap of $2.03 billion and a 24-hour trading volume of $1.105 billion.

The dotted markers, however, aligned above the coin resisting a further uptrend. The RSI, also, slipped below the 50-median line suggesting a sentiment of high sell pressure in the coin market. This could potentially indicate that XMR could have topped out at $133.

If the bearish pressure gains momentum, Monero’s price could spiral to its immediate support level of $90.8