16 May Crypto News- Today’s Developments in the Crypto Markets
Crypto News– n an exclusive interview with Cointelegraph, Binance security experts shared how they developed an antidote to combat the rising number of address poisoning scams. Additionally, Vanguard’s incoming CEO announced that he will not reverse the firm’s decision to avoid offering a spot Bitcoin exchange-traded fund (ETF). Meanwhile, the United States Justice Department has charged two brothers with stealing $25 million in cryptocurrency.
Binance Creates ‘Antidote’ for Poisoning Scams Following $68 Million Breach
Binance’s security experts have developed an antidote to combat the growing threat of address poisoning scams, which deceive investors into sending funds to fraudulent addresses willingly.
Address poisoning, also known as address spoofing, is a deceptive tactic employed by scammers. They send a small amount of digital assets to a wallet that closely resembles the address of their potential victim, intending to integrate it into the victim’s transaction history. This way, they hope the victim will accidentally copy and send funds to their address.
Binance’s algorithm identifies spoofed addresses by initially flagging suspicious transfers, such as those involving near-zero value or unknown tokens. It then matches these transactions with potential victim addresses and timestamps malicious transactions to pinpoint the potential source of poisoning.
Vanguard’s New CEO Announces No Plans for Bitcoin ETF
Salim Ramji, Vanguard’s incoming CEO, confirms the investment giant’s decision not to pursue a spot Bitcoin ETF, stating the importance of consistency in a firm’s offerings. Ramji, who previously oversaw the launch of BlackRock’s spot Bitcoin ETF, expressed that crypto investment products do not align with Vanguard’s investment philosophy. Meanwhile, BlackRock’s ETF, the iShares Bitcoin Trust, has reached $18 billion in assets under management, with the other 10 ETFs seeing over $12 billion in net inflows combined.
DOJ Indictment Claims $25 Million Cryptocurrency Theft
The U.S. Department of Justice (DOJ) has accused two brothers of orchestrating a $25 million cryptocurrency heist by exploiting vulnerabilities in the Ethereum blockchain.
According to a notice issued on May 15, Anton Peraire-Bueno and James Pepaire-Bueno face charges of wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. The brothers allegedly executed the scheme within a span of approximately 12 seconds.
The indictment claims that the brothers manipulated the maximum extractable value on the Ethereum network, conducting multiple test transactions to deceive the blockchain into prematurely releasing the full content of a proposed block, thereby enabling them to steal the assets.
Leave a comment