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

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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

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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SUI and AAVE Gain Steam While BlockDAG to Soon Start Shipping Miners as Presale Crosses $318.5M 

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Watching the SUI price chart? You’re not alone. The signs are showing potential for a bigger move. AAVE is also making headlines with a strong surge lately. With both coins gaining traction, the spotlight’s shifting. But there’s another project quietly hitting big milestones: BlockDAG.

Still in presale, BlockDAG (BDAG) has rolled out a six-week launch plan and is set to begin shipping its miners from July. It’s not just planning listings; it’s combining liquidity plans, active mining, and real-world rollout. While SUI and AAVE catch headlines, BlockDAG is creating a path that could put it in the same conversation by 2025. For those watching the space closely, it’s one to keep an eye on.

Miners Ready for Deliveries as BlockDAG Nears Final Batches

BlockDAG is doing something few presales have pulled off. Real hardware shipments will begin before public listings. Starting July 7, the X30 and X100 miners will ship out, allowing users to join the network and start earning ahead of time.

With $318.5 million already raised, BlockDAG is entering the final stretch. BDAG is priced at $0.0020 until June 24, then it climbs to $0.0030. The presale is currently in Batch 29 of 45, so there’s still some time to get in before the later price bumps hit.

A major U.S. sports sponsorship is expected on June 30, adding more buzz just as the hardware rollout begins. That mix of physical product and cultural attention could push BlockDAG toward the top of the charts as 2025 unfolds.

But this is not just about hardware. The team is following a GO LIVE roadmap that maps out each step to mainnet activity, token use, dApps, exchange listings, and liquidity support. The X1 app already lets mobile users earn daily, showing that engagement is already happening.

If you’re watching for projects that follow through on plans, BlockDAG is worth noting. With miners going live and big news coming soon, this presale is shaping into one of the more active stories in the market right now.

SUI Picks Up Speed as Activity Surges

The SUI network has been picking up real momentum and is now one of the most closely followed platforms this week. With new toolkits, developer grants, and more active wallets on the rise, both DeFi users and NFT creators are turning their attention to the SUI ecosystem. 

Total value locked (TVL) is climbing, and top apps built on SUI are seeing strong usage. That spike in action is also lifting SUI’s price and driving buzz across crypto circles.

Developers like SUI’s Move language for its ease of use and speed. Users are coming in for the low costs and smooth DeFi experience. With cross-chain launches and new ecosystem rewards on the way, SUI is becoming one of the projects to watch closely in 2024. Anyone following fresh growth in the space will want to keep track of what’s happening here.

AAVE Climbs as Lending Activity Heats Up

If you’ve been keeping an eye on AAVE, you’ve likely noticed the price is moving with purpose. The rise is backed by growth on the platform itself. Over the last week, Aave’s TVL has jumped, boosted by more lending, protocol upgrades, and fresh liquidity entering the network.

AAVE’s recent rally also follows positive community votes and growing interest in the platform’s multi-chain plans. More users are locking in assets and borrowing, which is helping the protocol’s fee generation and use. Some are calling AAVE one of the stronger projects this cycle, especially as larger wallets return. With more updates on the way, the momentum seems far from over.

What SUI, AAVE, and BlockDAG Tell Us Now

If you’re looking for projects with both activity and growth, SUI and AAVE are making strong cases right now. SUI is showing how fast platforms can grow with developer support and user demand. AAVE is proving that even long-running DeFi projects can stay relevant and continue to expand.

But there’s another name coming into focus: BlockDAG. The project has already raised over $318.5 million, started shipping hardware before listings, and is teasing a U.S. sponsorship reveal. While SUI and AAVE build on their current momentum, BlockDAG is lining up for its own move.

With a crypto presale still open and a roadmap already in action, BlockDAG could be one of the key names to follow as the next phase of the crypto cycle takes shape.

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

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Web3 ai, LINK, VET, and HBAR Stand Out as Top Cryptos to Buy Right Now in Q3

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As Q3 kicks off, many traders are looking for top cryptos to buy right now to prepare for the next wave of growth. But with so many coins in the spotlight, not all offer lasting value. The top crypto to buy right now is likely to come from projects with working tools, clear goals, and rising market demand.

This breakdown highlights four projects that show real potential and are positioned for solid momentum in the coming months.

1. Web3 ai: Under-the-Radar Project with Big Potential

Still in presale, Web3 ai is gaining traction as one of the top cryptos to buy right now. The project has brought in over $8.3 million so far, with 22.5 billion tokens sold. Its early success shows growing interest in its tools that use AI to help everyday users manage the crypto market.

A key feature is the Crypto Scam Detector. It checks smart contracts, wallet moves, and web data to spot scams before they happen. Another tool, the DeFi Yield Farming Advisor, helps users find better staking choices and automates them to boost returns.

All tools use real-time data, giving fast and useful insights. The $WAI token, which powers these services and gives voting rights, is now priced at $0.0004433 in Stage 9. The final launch price is $0.005242. That means early buyers could see a 1084% gain at launch. With working tools and real demand, Web3 ai stands out this quarter.

2. Chainlink: Web3’s Data Layer Is Gaining Real Ground

Chainlink ($LINK) is emerging as one of the top cryptos to buy right now, thanks to its core role in linking blockchain networks with external data. It powers services across DeFi, insurance, and gaming platforms.

With companies like Google Cloud and Oracle now involved, Chainlink’s adoption is growing quickly. This support highlights that its tech is already in use and solving real problems. As demand for connected Web3 systems expands, Chainlink remains essential. Priced at $13.07, it’s positioned for strong long-term movement.

3. VeChain: Tracking Real Products in a Digital World

VeChain ($VET) is staying away from market trends and focusing on real solutions. It offers blockchain tools to trace products across supply chains, proving origin and movement.

This is already being used in sectors such as luxury goods and healthcare to improve transparency and block counterfeits. As the push for sustainable and traceable systems grows, VeChain continues to stand out. At $0.02157, it offers a low-cost option for those watching enterprise blockchain growth.

4. Hedera: Building for Business at a Global Scale

The last entry in this list of top cryptos to buy right now is Hedera ($HBAR), which is tailored for business-level applications. Its Hashgraph system provides more speed, better security, and stronger energy efficiency than standard blockchains.

Trading at $0.1467, Hedera has attracted attention from both public and private sectors. Smart contracts are now active, and partnerships are forming across industries like finance and government. It’s a project focused on stable, scalable use cases.

Looking for the Top Crypto to Buy Right Now?

Chainlink, VeChain, and Hedera each offer distinct value, from data delivery and supply tracking to large-scale business adoption. All three are strong entries for Q3.

Web3 ai, however, combines real utility with high growth potential. With its current presale price at $0.0004433 and tools aimed at simplifying crypto, it’s gaining traction fast. The projected 1084% ROI puts it among the top cryptos to buy right now for those seeking early entry with real utility.

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Why Ethereum, XRP, KAIKO (KAI) and Chainlink Are This Week’s Most-Watched Cryptos

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The cryptocurrency market is in constant flux, with investor attention shifting rapidly between established giants and emerging contenders.1 The “Trending” list on platforms like CoinMarketCap offers a real-time snapshot of which digital assets are capturing the most interest.2 This week, the list is led by Ethereum, which is experiencing significant volatility, followed by a diverse mix of payment tokens, a brand-new market entrant, digital gold, and foundational blockchain infrastructure.

Here’s a closer look at the top 5 trending cryptocurrencies and the factors driving their current popularity.

1. Ethereum (ETH)

What it is: Ethereum is a decentralized, open-source blockchain featuring smart contract functionality.3 It is the second-largest cryptocurrency by market capitalization and the foundational platform for the vast majority of decentralized finance (DeFi) and non-fungible tokens (NFTs).4

Why it’s trending: Ethereum is currently trending due to a potent combination of high price volatility and significant activity surrounding spot Ethereum ETFs. On Friday, spot ETH ETFs experienced their largest single-day capital outflow in over a month, a move that contributed to a sharp price drop below the crucial $2,400 support level.5 This volatility has put the market on high alert, with traders closely watching for further downside or a potential rebound. The trend is driven by traders and investors reacting to macroeconomic uncertainty and analyzing on-chain data for clues about the market’s next move.

2. XRP

What it is: XRP is the native cryptocurrency of the XRP Ledger, a decentralized public blockchain built for fast and low-cost global payments.6 It is developed and promoted by the US-based technology company Ripple.

Why it’s trending: XRP is experiencing a wave of renewed optimism fueled by several key developments. Strong speculation continues to build around the potential approval of a spot XRP Exchange-Traded Fund (ETF), which would open the door to significant institutional investment. This, combined with Ripple’s recent regulatory clarity in its long-standing case with the U.S. SEC and ongoing global expansion, has bolstered investor confidence. Furthermore, activity on the XRP Ledger itself, including the successful presale of new projects, is drawing fresh attention to the ecosystem’s utility.

3. KAIKO (KAI)

What it is: KAIKO (KAI) appears to be a very new cryptocurrency that has recently made its debut on the market. It should not be confused with the similarly named crypto data firm, Kaiko.

Why it’s trending: The primary driver behind KAIKO’s trend is its novelty. As a brand-new token, it has generated significant buzz surrounding its launch and initial listings on exchanges. The price of new tokens is often highly volatile, attracting high-risk traders looking to capitalize on early price movements. Its appearance on the trending list is a direct result of the high volume of searches and trading activity that typically accompanies a new market entrant.

4. PAX Gold (PAXG)

What it is: PAX Gold is a gold-backed cryptocurrency, where each PAXG token is physically backed by one fine troy ounce of a London Good Delivery gold bar, stored in secure vaults.7 It effectively tokenizes physical gold, making it easily tradable and divisible on the blockchain.

Why it’s trending: In times of economic uncertainty and market volatility, investors traditionally turn to safe-haven assets like gold.8 PAXG is trending as it serves as a digital equivalent of this flight to safety. As other crypto-assets experience price fluctuations, PAX Gold provides a stable store of value tied to the real-world price of gold, attracting investors looking to hedge their portfolios against risk without exiting the digital asset ecosystem.

5. Chainlink (LINK)

What it is: Chainlink is a decentralized oracle network that securely connects smart contracts on any blockchain with real-world data, APIs, and payment systems.9 It is a critical piece of infrastructure for the decentralized finance (DeFi) ecosystem and beyond.

Why it’s trending: Chainlink recently made headlines after its development team executed a significant transfer of approximately 17.87 million LINK tokens (valued at around $149 million) to the Binance exchange.10 Large-scale token movements from project wallets often signal strategic maneuvers, such as providing liquidity for market makers, funding new partnerships, or other operational activities. This on-chain activity has ignited speculation and discussion within the community, driving interest and trading volume for LINK.

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