Connect with us

Crypto Currency

Singaporean Blockchain Wallet Security Company Discovers New Type of Scam Targeting Centralized Exchanges

Published

on

Fraudulent Transactions Exploit Wallet Vulnerability, Could Have Stolen More than $3 Million in TRX

CoinsDo, a Singaporean blockchain asset security company, has uncovered a sophisticated scam involving fake transactions and multiple smart contracts targeting major centralized cryptocurrency exchanges. While only a single successful instance of this scam has been confirmed, further analysis of the smart contracts in question revealed that the perpetrators initiated hundreds of these fake transactions, potentially defrauding exchanges, payment gateways, and centralized wallet companies of more than $3 million USD worth of TRX. 

It is highly possible that both firms who built their own wallet infrastructure as well as major wallet solution providers like Fireblocks are not adequately prepared to detect this type of fraudulent transfers. This presents a major operational loophole to be exploited by malicious actors.

The scam began with the perpetrator initiating a fraudulent TRX transfer to their deposit address on a centralized exchange. Through the use of multiple smart contracts, they were able to trick the exchange’s wallet infrastructure into validating the fraudulent transaction. This led the exchange to credit the equivalent amount of cryptocurrency to the perpetrator’s account, which they promptly liquidated for cash. 

The transaction looks just like a regular, successful transfer via smart contract.

The perpetrator had mass-triggered a smart contract (Smart Contract A) to initiate multiple transfers via a proxy smart contract (Smart Contract B) to roughly 100 end-user deposit addresses on various centralized exchanges

Smart Contract A was programmed to interact with Smart Contract B to initiate transfers as internal transactions, a sophisticated technique allowing the perpetrator to make fraudulent transactions appear legitimate. 

Graphical illustration on how the fraudulent transaction was made

What was so insidious about this fraudulent transaction was the fact that it could only be identified by a single parameter in the transaction data – “rejected”: true.

A tell-tale sign of a fraudulent transaction.

Malicious actors are getting more creative in their ways of stealing funds, targeting previously overlooked loopholes and vulnerabilities instead of private keys. Just look at the recent WazirX and Lmnl case, which resulted in losses over $230 million. This raises the question of whether wallet providers are overly focused on encryption technologies and algorithms, potentially at the expense of more practical security measures.

To better protect yourself from scams like the one mentioned, it is recommended that all wallet solution providers take extra care to verify transaction details, both internal and external, especially when smart contracts are involved. 

Source: https://www.coinsdo.com/en/blog/new-scam-alert-tron

Sky is a seasoned cryptocurrency expert with a passion for blockchain technology and digital finance. With years of experience in the crypto industry, he has authored insightful articles on market trends, emerging technologies, and investment strategies. His work has been featured in leading crypto publications, helping both beginners and seasoned investors navigate the complex world of digital assets. Sky is dedicated to providing readers with accurate, up-to-date information to make informed decisions in the rapidly evolving crypto space.

Continue Reading

Crypto Currency

Michael van de Poppe: Sui Ecosystem Showing Strongest Rebound Signals in the Market

Published

on

The Sui ecosystem is emerging as one of the strongest performers in the current corrective market environment, according to market analyst Michaël van de Poppe. In a detailed market update shared on December 5, van de Poppe highlighted Sui’s technical strength, ecosystem momentum, and major catalysts that could position it for an outsized rebound once sentiment shifts.

SUI and Ecosystem Tokens Lead Market Recovery

Van de Poppe noted that SUI has already climbed 36% from its recent local low, forming a clean higher low after an early-December liquidity sweep. The move has been accompanied by improving momentum indicators and strengthening support levels—signals he says typically precede trend reversals in resilient ecosystems.

Several Sui-linked assets have significantly outperformed the broader market:

  • SUIJ has surged +369%, marking one of the steepest ecosystem-wide rebounds.
  • WAL is up 25% from its recent lows.
  • SUI continues to show relative strength while many altcoins remain in declining structures.

According to van de Poppe, these metrics suggest Sui is absorbing market pressure more effectively than its peers and may be positioned for accelerated upside once risk appetite returns.

Major Catalysts Boost Investor Confidence

Multiple developments have fueled renewed attention on Sui:

  • Walrus Protocol, Sui’s decentralized storage network, has been listed on Kraken for users in the United States and Canada—expanding institutional and retail access.
  • The first-ever 2x leveraged SUI ETF was approved on Nasdaq, a major step that integrates Sui into traditional financial markets through regulated investment vehicles.
  • Ecosystem activity and liquidity continue to grow, reinforcing van de Poppe’s view that Sui is transitioning from correction to accumulation ahead of a potential next leg upward.

Van de Poppe emphasized that Sui’s price behavior mirrors patterns seen in past market leaders—projects that establish higher lows early and move ahead of broader recovery phases.

Positioning for the Next Market Rotation

With Bitcoin dominance still holding strong and macro uncertainty expected to persist into 2026, analysts increasingly look toward selective ecosystem plays for asymmetric upside opportunities. Van de Poppe argues that assets already showing powerful rebounds—like Sui and its associated tokens—are likely to be early beneficiaries once sentiment improves.

“In a sea of red, the assets bouncing hardest deserve your attention,” he wrote. For now, Sui and its surrounding ecosystem appear to be leading that list.

Continue Reading

Crypto Currency

Base–Solana Bridge Debuts With Chainlink Support, Unlocking New Cross-Chain Liquidity

Published

on

The long-anticipated Base–Solana bridge has officially gone live, marking a major advancement in cross-chain interoperability. Powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the new bridge creates a secure and reliable pathway for transferring assets between the Solana blockchain and Coinbase’s Base Layer-2 network. The launch introduces new liquidity flows, expands DeFi access, and pushes the industry closer to unified cross-chain infrastructure.

A Major Step Toward Secure Cross-Chain Transfers

The integration enables users to move SOL and Solana-based SPL assets directly into the Base ecosystem, while Base users gain the ability to migrate ETH and ERC-20 tokens back to Solana. By utilizing Chainlink CCIP, the bridge offers tamper-resistant messaging and institution-grade security — features that address vulnerabilities common in legacy bridging systems.

Base, Coinbase, and Chainlink jointly contributed to the launch. Coinbase-operated nodes now work alongside Chainlink’s decentralized CCIP network to validate cross-chain messages. Notably, Solana is the first non-Ethereum chain incorporated into this security framework, underscoring its growing role in multi-chain interoperability.

Expanding DeFi Liquidity and Developer Opportunities

For DeFi users and builders, the bridge opens new opportunities across both ecosystems. Developers on Base can now tap into Solana’s deep liquidity pools and fast-settlement assets. Conversely, Solana applications gain potential access to Ethereum-aligned liquidity and user bases through Base.

The ability to transfer SPL tokens into Base — and ERC-20 assets into Solana — could reshape liquidity distribution across major networks. This includes new migration pathways for stablecoins, yield-bearing tokens, and other financial primitives that previously remained siloed.

The open-source implementation is available for review and further development on GitHub, inviting wider community participation as cross-chain applications evolve.

Industry Looks to Chainlink CCIP as Emerging Standard

The launch strengthens Chainlink’s position in the interoperability race, especially as institutions demand higher security assurances for cross-chain transactions. Chainlink Labs’ Chief Business Officer Johann Eid emphasized that CCIP helps developers “build the most secure cross-chain applications and move the industry toward a reliable interoperability standard.”

As liquidity and user activity begin flowing across the new Base–Solana corridor, analysts expect further integrations, ecosystem partnerships, and expanded cross-chain tooling in the months ahead.

Continue Reading

Crypto Currency

Aster Buyback Wallet Burns 77.86M Tokens as Users Track Market Activity

Published

on

Aster burned 77.86 million tokens, cutting supply and drawing increased market attention.
The burn is part of Aster’s S3 buyback, now exceeding 155 million tokens removed in total.
ASTER held above $1 as traders monitored liquidity and broader crypto stability.

Aster’s market drew attention after its buyback wallet removed 77.86 million ASTER tokens valued at approximately $79.81 million. The move arrived during steady overall market activity and prompted closer tracking of the token’s short-term behavior.

Aster confirmed the supply reduction after the buyback wallet sent 77.86 million ASTER tokens to an inactive address, permanently removing them from circulation. Blockchain tracker Lookonchain highlighted the transaction, and Arkham Intelligence data showed the burn was fully executed. Users followed the update in real time as the tokens left the active supply.

The burn is part of Aster’s ongoing S3 buyback program, which has now eliminated more than 155 million tokens in total. A portion of the latest transaction also moved tokens into an airdrop-locked wallet, keeping additional supply temporarily out of market circulation.

Market attention increased after the supply cut, as the burn aligned with active trading sessions. Users monitored order books and short-term volatility to gauge how the reduced supply might affect liquidity. On-chain activity also showed a notable whale address purchasing three million ASTER within a single day after taking a recent loss, adding another layer of interest around the token.

At the time of reporting, ASTER maintained support above $1.00 and traded near $1.03. The project’s market capitalization stood around $2.37 billion as wallet balances continued to rise. Broader crypto conditions remained stable—Bitcoin traded above $92,000, Ethereum near $3,100, and XRP above $2—helping maintain market confidence as Aster’s burn announcement circulated.

Users continued monitoring ASTER pairs across exchanges, watching for liquidity shifts in the next trading sessions as supply changes and whale activity shaped short-term sentiment.

Continue Reading

Trending