The company is already working on a mobile payment application based on the Bitcoin Lightning Network protocol, which will use Tether-issued stablecoins USDT pegged to the dollar and XAUT pegged to gold.
USDT is the third largest cryptocurrency by capitalization, behind only BTC and ETH. Since the beginning of the year, its capitalization has grown by 25%.
Hong Kong police detained 4 cryptocurrency scammers
Hong Kong police have arrested four people suspected of using counterfeit banknotes to defraud $1.4 million worth of cryptocurrency.
Since October last year, 14 people have been arrested in such cases. This time the detainees, aged from 14 to 39 years, are suspected of fraud and possession of 5 thousand counterfeit banknotes.
According to the police, the detainees acted in a coordinated manner: two of them were engaged in the production of counterfeit banknotes and the organization of fake cryptocurrency exchange points, the other two received banknotes from a mini-vault and used a fake office. They showed victims stacks of counterfeit bills, showing only the top and bottom bills as real, and convinced them to transfer cryptocurrency.
The Federation Council approved a new package of laws on the circulation of cryptocurrencies in Russia
The Federation Council approved a package of laws regulating the circulation of cryptocurrencies, mining, the launch of an experiment on the use of cryptocurrencies in international payments and exchange trading in cryptocurrencies under the control of the Central Bank. These laws should simplify the integration of Russian digital financial assets (DFAs) with foreign systems.
The legislation introduces the concept of “foreign nominee holder of digital financial assets” and allows trading in foreign DFAs on Russian platforms. The Bank of Russia receives the right to prohibit the placement of certain issues of DFA. It is also possible to introduce special legal regulation for some decisions of the Central Bank. The bill provides for the creation of experimental legal regimes (EPR), including a platform for transactions with digital currencies within the national payment system (NPS) of the Central Bank.
Kazakh police stopped crypto fraud worth $75.4 million
In a short period, law enforcement officers identified and prevented 18 crimes related to the illegal circulation of cryptocurrencies, mining and fraud.
During the investigation, property worth about $1.2 billion was seized. However, of all the defendants in the cases, only four received actual sentences, the rest received suspended sentences.
Seven people arrested in Malaysia for mining using stolen electricity
Malaysian law enforcement authorities have detained seven people on suspicion of illegal Bitcoin mining using stolen electricity. Those arrested were three local residents and four foreigners aged from 30 to 74 years old, who had no previous convictions.
During the operation, 52 mining devices, two cars, three laptops and mobile phones were seized. The value of the confiscated property is estimated at 250,000 ringgit (~$57,050).
Earlier in July, a Malaysian Ministry of Energy official said that between 2018 and 2023, cryptocurrency miners stole RM3.4 billion (~$724.9 million) worth of electricity, noting that illegal activity in this area continues to expand.
Binance prevented the theft of $2.4 billion from 1.2 million users
In 2024, Binance prevented the theft of more than $2.4 billion of user funds, affecting 1.2 million clients of the exchange.
The exchange monitoring system is based on a hybrid mechanism that combines artificial intelligence and manual checks. This system monitors suspicious activity in real time and allows you to quickly take action to protect users.
The system covers various areas including P2P trading, payments and withdrawals. Binance noted that most often suspicious transactions are flagged at the withdrawal stage of cryptocurrencies - more than $1.1 billion or about 45% of prevented losses are associated with this area.
In addition to threat monitoring and detection, Binance uses additional tools to protect users from crypto fraud.
About 10 users transferred funds to fraudulent addresses specified in a phishing message from the official Wallet Telegram channel, the support service reported.
“Overnight, several thousand users received a phishing message from the official Wallet support channel. The vulnerability was discovered in the integration with an external support service, which allowed attackers to send fake messages. The team quickly changed access and fixed the problem, so that the message reached only a small part of users,” the statement says.
The vulnerability only affected the customer support plugin and did not affect Wallet itself, so user funds are safe.
“About 10 users transferred funds to fraudulent wallets. We will fully compensate for the losses and will conduct additional checks of services to avoid similar incidents in the future,” the company added.
The crypto community noted that Telegram temporarily flagged Wallet as SCAM because scammers were offering users to double their balance when transferring funds.
SEC indicts creators of $60 million Bitcoin pyramid scheme
Two US citizens are accused of defrauding more than 80 investors out of $60 million through a cryptocurrency pyramid scheme, the SEC reports.
From January 2023 to June 2024, brothers Jonathan and Tanner Adam advertised an arbitrage trading bot, promising clients monthly profits of up to 13.5%.
However, they used the funds raised for personal needs: Tanner built a condominium worth $30 million in Miami, and Jonathan purchased vehicles worth at least $480,000.
The SEC secured the freezing of the assets of the defendants and their companies GCZ Global LLC and Triten Financial Group LLC. The regulator is seeking permanent injunctions, restitution of ill-gotten gains with interest and civil penalties against the brothers.
Crypto criminals have replaced Ponzi schemes with “pig cutting”
Cryptocurrency criminals have moved from complex Ponzi schemes to more targeted scams such as “pig butchering.”
The “pig butchering” method is based on luring the victim into purchasing supposedly promising digital assets. Attackers gain the victim's trust through social engineering and then steal their funds.
Analysts pointed to KK Park in Myanmar, which has become notorious as a hub for internet scams and human trafficking. One of the largest crypto wallets used for butchering pigs is also associated with this location.
North Korean hackers target US cryptocurrency ETFs
According to the FBI, North Korean hackers are systematically attacking the infrastructure of American cryptocurrency ETFs in order to steal digital assets. Their attacks are aimed at collecting confidential information and access to fund employees.
Attackers use sophisticated social engineering methods. Their attacks involve detailed research into the profiles and connections of potential victims, and develop customized scenarios to exploit their interests and professional responsibilities.
Hackers seek to create the appearance of a legitimate contact through prolonged and trusting interaction with the target. They use scripts, including bogus job offers or corporate investments, to further plant malware.
Changpeng Zhao will retain control of Binance despite the ban
The CEO of Binance said that Changpeng Zhao will not be able to manage the exchange, but will remain its key shareholder. Zhao pleaded guilty to facilitating money laundering through cryptocurrencies and violating US sanctions. The U.S. Department of Justice banned him from participating in Binance's activities, despite a previously proposed three-year ban.
Nevertheless, Zhao still owns 90% of the company's shares, which gives him voting rights and the ability to influence key decisions, including the appointment of top managers and the removal of the CEO.
Zhao, who has been imprisoned for four months, expects to be released at the end of September. He was recently transferred to a correctional center to prepare for life in freedom.
Despite pressure from US regulators, Binance CEO Richard Teng said that the company is ready to comply with all regulatory requirements and intends to obtain licenses around the world. By 2025, the exchange plans to increase its staff, with 20% focused on regulatory compliance.
The CertiK expert believes that attacks using AI and deepfakes will go beyond video and audio, affecting crypto users. He noted that such attacks can be aimed at hacking wallets that use facial recognition to access assets.
According to Norton security specialist Luis Corrons, AI attacks on cryptocurrency owners will continue, as they bring significant benefits.
The analyst also pointed to the lack of strict regulation in the crypto industry, which opens up additional opportunities for cybercriminals to attack with less legal risks.
Pharmaceutical Company Pays $75 Million to Dark Angels Ransomware
Pharmaceutical company Cencora has paid $75 million in bitcoin to the Dark Angels ransomware operators following a cyberattack in February. The payment, which consisted of three payments in March, was the result of negotiations that reduced the initial ransom amount to $150 million.
Cencora declined to comment on this information, noting that the costs of the cyber incident are listed in quarterly reports, where the amounts of $28.5 million and $31.3 million appear. However, the exact purpose of these funds is not specified.
Two months after the breach, the company notified individuals and government agencies about the theft of personal data, including names, addresses, and medical information of patients.
Despite the SEC statement about the minimal impact of the incident on operational activities, the financial impact on the company has yet to be assessed.
Cryptocurrency exchanger with a turnover of 200 million rubles has been liquidated in Moscow
A group of shadow bankers involved in withdrawing funds abroad through cryptocurrencies has been liquidated in Moscow, said Irina Volk, a representative of the Russian Ministry of Internal Affairs. The criminals disguised themselves as travel agencies, whose offices were located in the business center on Presnenskaya Embankment and other areas of the capital.
The illegal turnover of the cryptocurrency service, as the police found out, exceeded 200 million rubles. One of the detainees admitted that the service was engaged in the exchange of crypto assets for clients.
The defendants in the case have been arrested and will soon be charged under several articles of the Criminal Code of the Russian Federation. The Ministry of Internal Affairs believes that criminal schemes involving the withdrawal of funds in cryptocurrencies are becoming increasingly popular among fraudsters. However, such attempts to evade responsibility will not go unpunished.
The investigation is ongoing, and those arrested face long prison terms.
User Loses $32.4 Million in spWETH Tokens Due to Phishing Attack
An unknown user lost 12,083 spWETH tokens associated with the Spark DeFi protocol, worth about $32.4 million, by signing a malicious transaction.
Experts reported that the attackers used the Inferno Drainer phishing service for this attack. This tool was previously active, but in November 2023, its creators announced that it was shutting down. However, with the start of the bull market this year, Inferno Drainer began to function again.
The Inferno Drainer service, which is focused on the DeFi segment, charges a fee of 20% of the stolen funds. It is estimated that in 2023, it was used to steal assets worth about $70 million.
According to ScamSniffer, over 203,000 users have suffered from this fraudulent tool since its inception, with the total damage amounting to over $215.6 million.
Telegram Changes Force Cybercriminals to Look for Safer Messengers
Changes to Telegram’s privacy policy are causing concern among cybercriminals. The messenger’s owners have expressed their willingness to share some of their users’ personal data with law enforcement, which has called into question Telegram’s reputation as a safe platform for anonymous communication.
Some groups have already begun looking for more secure messengers. For example, the Ghosts of Palestine group is planning to leave Telegram in search of an alternative. Others, like RipperSec, have created backup channels on Discord, while the Al Ahad group has moved to Signal. GlorySec is considering switching to services like Facebook and Threads.
However, some cybercriminals are choosing to stay on Telegram and adapt to the new environment. The UserSec group is sharing tips on how to stay anonymous, while members of the BreachForums-affiliated BF Repo V3 Chat are discussing creating their own messenger based on Telegram’s interface to reduce the risk of information leaks.
While alternative platforms like Jabber, Matrix, and Session offer features for private messaging, Telegram remains unique in its ability to create open communities. While we don’t see cybercriminals leaving Telegram en masse, active discussions may herald future changes.
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