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Crypto Currency

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

Published

5 months ago

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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

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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.

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Crypto Currency

PawFury (PAW) Token Raises $4.2M in Presale, Predicts 100x Return by 2024

Published

5 months ago

on

July 17, 2024

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PawFury (PAW) has successfully raised $4.2 million in its presale with projections suggesting a potential 100x return by 2024. As the token prepares for major exchange listings, excitement grows due to its innovative approach and strong community engagement.

PawFury (PAW) Token Sees $4.2M Presale, Potential 100x Return by 2024

Date: 15th July, 2024

PawFury (PAW) has completed a remarkable presale, raising $4.2 million and catching the attention of both investors and analysts. With predictions suggesting the possibility of a 100-fold return by 2024, the token continues to generate enthusiasm. As it readies for listing on major exchanges, many are attracted by the combination of innovation and strong community engagement that PawFury promises. However, as with all cryptocurrency investments, potential investors should conduct thorough research and be aware of associated risks.

PawFury (PAW) Token Overview

Successfully raising $4.2 million during its presale, PawFury (PAW) currently has a presale price set at $0.01040. Analysts are optimistic, projecting that PawFury could potentially reach $1 by the end of 2024, indicating a possible 100x return. The increasing excitement surrounding PawFury is further bolstered by upcoming listings on major cryptocurrency exchanges, which will make the token more accessible and likely lead to potential price increases.

Pawfury’s appeal lies in its innovative approach and strong community focus, making it an attractive option for investors looking to diversify their portfolios with new opportunities in the cryptocurrency market. However, prospective investors should always undertake their own due diligence to understand the risks entailed in cryptocurrency investments.

In celebration of its presale success, PawFury is offering a limited-time promotion. By using the promo code BONUSGAIN10X, investors can gain an additional 10% bonus.

Shiba Inu (SHIB) Market Update

Location: Cryptocurrency Market

Period: Last 24 hours

Shiba Inu (SHIB) has observed a 2.50% price increase over the past 24 hours, now trading at $0.00001743. This rise can be attributed to heightened market activity, marked by a 24-hour trading volume of $258,667,781, representing an 18.77% increase.

Recent Developments:

SHIB Marketplace: Plans for a Web3 commerce platform on Shibarium Layer 2.

SHIB ETF: Potential future ETF offerings could attract institutional investors.

Technical Analysis:

Current resistance: $0.00003297

Key support level: $0.00001700

Market sentiment: Bearish, with the price remaining below both the 50-day and 200-day Simple Moving Averages (SMA).

Despite the generally bearish market sentiment, Shiba Inu’s positive correlation with Bitcoin could aid future price recovery. The Relative Strength Index (RSI) indicates potential for growth, yet reduced buying pressure and minimal selling activity signal a cautious market approach.

Ethereum (ETH) Market Insights

Location: Cryptocurrency Market

Period: Recent phase and projections

Ethereum (ETH) is showing signs of recovery, currently trading at $3,201.78, up 2% within the day. Speculation around an Ethereum ETF is contributing to a positive market sentiment, although a clear timeline for ETF approval remains absent.

Technical Analysis:

Current resistance: $3,200

Significant support level: $2,852

Projected target: $4,000 within 4-6 weeks, contingent upon ETF approval.

Market Indicators:

  • Consolidation above the 200-day Moving Average (MA) suggests bullish potential.
  • Increased trading volume demonstrates strong buying interest.
  • The weekly chart reveals a pattern of higher lows.

Both fundamental and technical indicators are aligning for a positive outlook, especially with potential ETF approval on the horizon. Ethereum’s steadiness at key support levels and the present uptrend indicate possible price appreciation in the forthcoming weeks.

While PawFury shows promise, it is crucial to conduct comprehensive research and understand the inherent risks involved in cryptocurrency investments.

To get more details about Pawfury, check out:

Website: https://www.pawfury.com/

Twitter: https://x.com/Paw_Fury

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Crypto Currency

Sastanaqqam Unveils Global Expansion Initiatives with $1,000,000 Airdrop, Launchpad Listings, and Private Sales

Published

6 months ago

on

July 4, 2024

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Sastanaqqam, a pioneering Polygon-based Web3 ecosystem, is excited to announce a series of groundbreaking initiatives aimed at expanding its global footprint. These initiatives include a $1,000,000 airdrop campaign, strategic launchpad listings, and

successful private sales. Designed to reward its loyal community and attract new members, these efforts underscore Sastanaqqam’s commitment to creating a valuable and engaging ecosystem.

Campaign Overview Total Airdrop Value:

  • $1,000,000 in $Bloo tokens
  • $10,000 in USDT

Airdrop Structure:

  1. Community Acquisition Airdrop: A one-time airdrop to welcome new members.
  2. Daily Airdrop for Community Retention: Daily rewards for continued engagement.
  3. Monthly Airdrop for Best Community Members: Monthly recognition and rewards for top members.
  4. Final Airdrop: Special rewards for members who achieve 5000 points.

Points System:

  • Earn Points: Engage with the platform, participate in daily tasks, and accumulate points.
  • Leaderboard: Points will determine leaderboard positions, influencing monthly and final airdrop rewards.
  • Daily Tasks: Exciting daily tasks designed to keep the community engaged and motivated.

Reward Distribution:

  • General Campaign: $500,000 worth of $Bloo tokens will be distributed between July 5th and September 15th, accessible to everyone.
  • Final Airdrop: Another $500,000 in $Bloo tokens reserved for final rewards to top members.
  • USDT Rewards: $10,000 in USDT to be distributed throughout the campaign.

Participation Instructions:

  1. Join the Community: Connect with Sastanaqqam on various platforms.
  2. Engage and Earn Points: Complete daily tasks, interact with content, and earn points.
  3. Climb the Leaderboard: Accumulate points to enhance chances of winning in monthly and final airdrops.

Why Participate?

  • Exclusive Rewards: Early access to $Bloo tokens and USDT.
  • Engagement and Fun: Participate in engaging tasks with daily surprises.
  • Community Building: Connect with like-minded individuals and contribute to a thriving community.

About Sastanaqqam: Sastanaqqam is an ecosystem where art, DeFi, education, and gaming intersect, powered by its native $Bloo token. It aims to bring the advantages of Web3 and blockchain technology to users with a familiar, user-friendly interface. Key projects under Sastanaqqam include:

  • Artiziri: A curated NFT marketplace democratizing digital art for creators and collectors.
  • Sastanawallet: A non-custodial wallet supporting all Sastanaqqam platforms.
  • WalletJR: An educational financial platform for young users to learn about DeFi and Web3.
  • SastaPlay: A skill-based “Rank to Earn” gaming platform.

Partnerships: Sastanaqqam has established strategic partnerships with NOWPayments, Simplex, Mercuryo, BrightNode, Unicsoft, CDN, Ǫubstudio, Luna, Muse, Boosty, and Zex PR to bolster its ecosystem and ensure a seamless user experience.

Social Media Growth: Sastanaqqam has experienced rapid growth across its social media platforms, reflecting the strong community interest and engagement. Our Twitter followers have surged to 26,400, Telegram followers have reached 29,300, and our

Discord community now boasts 4,000 members. This explosive growth demonstrates the increasing interest and trust in the Sastanaqqam ecosystem.

Listing and Private Sales: The journey to listing $Bloo tokens has been meticulously planned to maximize value and accessibility. Our private sales have garnered significant interest from early investors, further solidifying the confidence in our project. The upcoming listings on major launchpads such as Kommunitas and GemPad are highly anticipated, setting the stage for a successful entry into the market. Subsequent listings on prominent exchanges like MEXC and Coinstore will provide liquidity and accessibility to a broader audience.

Community Metrics:

  • Twitter Followers: 26,400
  • Telegram Followers: 29,300
  • Discord Followers: 4,000

Useful Links:

With this comprehensive airdrop campaign, Sastanaqqam continues to demonstrate its commitment to creating a valuable and engaging ecosystem for its community. Join us today and be a part of the future of art, DeFi, and gaming!

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Blockchain

Ethereum Name Service (ENS): Riding High on Recent Innovations

Published

6 months ago

on

June 21, 2024

By

Ethereum Name Service (ENS): Riding High on Recent Innovations

The Ethereum Name Service (ENS) has emerged as a standout performer among the top 100 cryptocurrencies, thanks to recent advancements and a significant price surge.

ENS Price Surge and Innovations

In the past 24 hours alone, the price of Ethereum Name Service (ENS) has surged by 17%, marking it as one of the top performers in the altcoin market. This growth is part of a broader trend that has seen ENS rise by an impressive 29% over the past week, alongside other notable cryptocurrencies like Lido.

Multichain Expansion and Product Updates

One of the key drivers behind ENS’s recent price surge is its expansion beyond the Ethereum network. Previously limited to Ethereum-based addresses (.eth), ENS now allows users to link their addresses to public keys on other blockchains such as Bitcoin and Solana. This multichain capability has significantly enhanced the utility and interoperability of ENS, attracting increased interest from investors and users alike.

Future Plans and Community Governance

Looking ahead, ENS is poised to expand further by integrating with Ethereum Layer 2 networks, a move currently under consideration through a community vote in the ENS-DAO. This strategic initiative aims to leverage Layer 2 scalability solutions to enhance transaction speed and reduce costs, thereby improving overall user experience and adoption.

Technical Analysis and Price Targets

At its current price of $26.57, ENS is trading near its annual highs, reflecting strong bullish momentum. Analysts anticipate a potential breakout above key resistance levels, particularly the $27.42 to $28.94 range. A sustained move above these levels could propel ENS towards new annual highs above $30.50, with further upside potential towards the $38.34 to $41.78 range in the medium term.

Chart Technical Outlook

Chart analysts highlight the importance of overcoming resistance levels, particularly the critical hurdle at the December 2021 high. Successful breaches of these levels could pave the way for ENS to target higher price zones, potentially reaching levels around the Golden Pocket at $54.22 and beyond.

Market Sentiment and Strategic Positioning

The recent performance of ENS underscores its appeal as a strategic bet on Ethereum’s ecosystem growth. As Ethereum explores new market opportunities, including the potential introduction of spot ETFs, ENS stands to benefit from increased adoption and investor confidence in blockchain innovations.

Conclusion

With its recent price surge and strategic innovations, Ethereum Name Service (ENS) continues to demonstrate its potential as a leading player in blockchain-based naming services. As it expands across multiple blockchains and enhances its technical capabilities, ENS remains well-positioned to capitalize on the evolving landscape of decentralized applications and digital asset management. Investors and enthusiasts alike are closely watching ENS as it navigates towards new milestones and broader market acceptance in the coming months.

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