As reported by the blockchain analytics platform Lookonchain, a phishing incident recently targeted a crypto trader, resulting in the unauthorized acquisition of over 180 million BEAM tokens on Wednesday, impacting the valuation and price of the token.

Phishing schemes stand as one of the prevalent strategies in crypto-related fraudulent activities, exploiting the inexperience of some investors and oversights of more seasoned traders to gain illicit access to funds.

The Process

Identified by users as Kirill Marinov, the victim reportedly lost 180.25 million BEAM tokens valued at around $5.14 million to an account named Fake_Phishing291038. Following the theft, the scammer promptly liquidated the stolen BEAM tokens, converting them into 1,629 ETH, valued at roughly $4.6 million.

According to the Web3 anti-scam platform Scam Sniffer, the victim initiated an increase allowance transaction, granting access to the tokens to the scammer. It was later revealed that the token spender operates through a Safe Wallet address. However, the report lacks further specifics regarding the identity of the victim as well as the precise techniques employed by the scammer and their identity.

Price Impact

Phishing scams usually employ various methods to deceive victims into disclosing private keys or login credentials, thereby compromising the security of their wallets. Consequently, experts emphasize the importance of vigilance and implementing necessary precautions to safeguard crypto assets.

Regarding the impact on BEAM token price, following the theft and subsequent exchange to ETH, the token experienced a decline, dropping to approximately $0.028. The BEAM token functions as the native cryptocurrency for the Beam network, a gaming network powered by the Merit Circle DAO. The ecosystem aims to foster collaboration between developers and gamers to advance the gaming industry.

Despite the negative market reaction post-scam, the BEAM price recorded a 32.9% increase over the past week. Additionally, its trust score in spot markets remains unaffected, according to data provided by CoinGecko.

Spanish telecommunications firm Telefonica has announced a collaboration with Chainlink to establish secure connections for Web3 smart contracts. In a recent announcement, the company emphasized plans centered around GSMA Open Gateway API security, with blockchain technology taking precedence. As per the announcement, this partnership aims to ensure the security of telecommunications networks for linking any API to the Polygon network.

A Major Partnership

The partnership highlights a significant advancement in incorporating telecommunications capabilities into the blockchain sector and underscores the necessity for secure oracle networks to furnish real-world data on-chain. This interconnected environment enhances the functionality and security of Web3 applications, contributing to a more resilient and verifiable digital landscape.

Consequently, with the telecommunications industry progressing towards increased GSMA integration to enhance developer tools for deploying services across various networks, security emerges as a top priority. Amid the era of digital transformation, the Web3 ecosystem has witnessed notable changes in recent months, with efficiency and security emerging as crucial advancements.

Addressing Key Issues

Telefonica highlighted Sim Swap APIs as a significant advantage of the partnership, especially as developers rely on APIs to offer a wide array of services. The Sim Swap APIs verify and validate the last instance a mobile number was used in fraudulent activities, thereby aiding in account protection.

Both companies working together will therefore enhance security across all stages of data verification. Furthermore, allowing smart contracts to access information through APIs resolves trust issues while ensuring minimal changes to SIM cards.

The collaboration with Chainlink also addresses issues with two-factor authentication (2FA) in Web3 and DeFi ecosystems. In any case, the partnership is expected to empower developers as the ecosystem expands and asset adoption increases. Developers can additionally enhance the ecosystem by implementing proper verification systems through new connectivity platforms. Ensuring security will mitigate regulatory hurdles in the sector and open developers to broader markets, according to Johann Eid, the Chief Business Officer of Chainlink Labs.

Senator Elizabeth Warren, known for her doubts and criticisms regarding Bitcoin and cryptocurrencies in general, publicly commemorated its 15th anniversary by acknowledging the creator, Satoshi Nakamoto. Warren took part in the Capitol Flag Program to honor the establishment of Bitcoin as a financial system.

A Change In Tone

A flag was raised over the Capitol on December 18th, 2023, a date acknowledged by the Bitcoin community as HODL Day. The acknowledgment by Warren demonstrates a noticeable shift compared to her previous stance on crypto. The event surrounding the acknowledgment of the flag is spotlighted in New York City, with a gathering organized by Bitcoin Magazine and PubKey.

Thomas Pacchia, Co-Founder of PubKey, commented on Warren supporting Bitcoin, emphasizing the significance of political advocacy through actions. This change follows her recent legislative proposals aimed at curbing the misuse of cryptocurrencies for illicit activities, addressing the challenges posed by digital currencies.

Not Everyone Is Convinced

Despite Elizabeth Warren apparently expressing her support for Bitcoin, most in the crypto community are not convinced. In fact, many believe this is yet another attempt by someone in the government to garner favor with disenfranchised citizens, with others even going as far as to claim that the Fed may be trying to backtrack on its comments linking crypto to Hamas.

There is some truth to these opinions though, as several notable individuals like Warren Buffet are now allegedly supporting crypto despite lambasting it in the past. After the United States Securities and Exchange Commission recently approved various BTC ETF applications, the notion is that the government is attempting to capitalize on the growing popularity and mainstream usage of crypto even if they do not actually support it behind the scenes.

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Coinbase And Ledger Team Up To Simplify Crypto Wallet Processes

Ledger recently revealed a strategic alliance with Coinbase, incorporating Coinbase Pay into the Ledger Live app. The goal of the partnership is to empower users to directly acquire crypto via hardware wallets provided by Ledger, simplifying the process for users to transfer crypto and conduct transactions on their desktop or mobile device.

Previously, the process of transferring crypto to Ledger Live through Coinbase was intricate and prone to errors. With this latest development, Ledger users can receive crypto purchases directly through Coinbase on their Ledger device, maintaining their preferred payment methods such as ACH, Visa, Mastercard, and Maestro, as highlighted in a recent blog post by Ledger.

Simplification Is Key

Users can now reportedly purchase crypto through their Coinbase account at the same cost as on Coinbase.com and transfer it to their Ledger device with just a few clicks, without requiring additional Know-Your-Customer (KYC) procedures for existing Coinbase users. This new feature also facilitates instant transactions.

Ian Rogers, Chief Experience Officer at Ledger, emphasized the common values shared between Ledger and Coinbase, highlighting the mutual commitment to making crypto accessible and secure for consumers. Coinbase and Ledger are among the few companies in crypto with a tenure of over ten years, and the two companies already share both values and customers, Rogers stated, before also saying that both Ledger and Coinbase are dedicated to simplifying crypto usage and ensuring consumer security.

A Mutually Beneficial Partnership

Now, Coinbase users can effortlessly purchase crypto directly within Ledger Live, and Ledger users can easily buy through Coinbase. Ledger is pleased to offer this experience to Coinbase customers and provide an option for Ledger users through this partnership.

Lauren Dowling, Head of Product at Coinbase Developer Payment Services, expressed enthusiasm about the collaboration, stating that at Coinbase, the focus has been on developing the most trusted, scalable, and reliable onramps and infrastructure for onchain builders, expanding access to crypto and contributing to an updated financial system. This goal ultimately led to the collaboration with Ledger to enable users to seamlessly purchase crypto with Coinbase Pay directly into their self-custody solution.

This feature is being introduced across several key markets, including the US, UK, EU, Brazil, New Zealand, Australia, Canada, and Singapore.

Genesis, a bankrupt digital asset lending firm, has been granted permission to sell shares valued at $1.6 billion, as it endeavors to undergo restructuring and reimburse its creditors. United States Bankruptcy Judge Sean Lane sanctioned the request by Genesis during a court session in White Plains, New York. Notably, the insolvent firm has been authorized to leverage its investments in Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust.

DCG Cautions Genesis

It is worth noting that Genesis holds approximately $1.3 billion in GBTC shares and $207 million in Ethereum trust shares. Interestingly, the firm informed the court of the necessity to offload these shares to evade paying $1.9 million in monthly fees associated with its trust agreements.

However, Genesis has yet to attain approval for its comprehensive bankruptcy plan in court. According to a statement by Digital Currency Group (DCG), the parent company of the insolvent lender, creditors have not yet endorsed the restructuring proposal, which proposes Genesis winding down its operations and repaying creditors in either cash or cryptocurrency. DCG cautioned that if Genesis fails to secure approval for its bankruptcy plan, the sale of Grayscale shares might be untimely.

Troubles Continue

The price of Bitcoin recently surged above $52,000 for the first time in two years, while Ethereum is hovering around $2,800, according to CoinGecko. It appears that Genesis intends to capitalize on the uptick in prices and exploit the gains.

In addition, Genesis and Gemini, a popular crypto exchange established by the Winklevoss twins, are embroiled in a legal dispute over the custody of the $1.3 billion GBTC shares. The exchange asserts that Genesis lacks rightful ownership of the shares because they were utilized as collateral for loans obtained through the Gemini Earn program.

Charles Hoskinson, the mastermind behind Cardano (ADA) and co-founder of IOHK, recently sounded a warning during a live YouTube session. He highlighted a concerning trend, namely the infiltration of traditional financial institutions into the cryptocurrency realm, potentially jeopardizing its core principles.

During his live broadcast on February 12th, Hoskinson addressed critical issues that he believes many mainstream cryptocurrency enthusiasts overlook. He particularly emphasized the growing dominance of asset-backed stablecoins like USDT and USDC, signaling a pivotal moment for the industry.

Moreover, Hoskinson criticized the recent excitement surrounding spot Bitcoin ETFs and the potential encroachment of Wall Street into the crypto space. In related news, Input Output Global recently announced the release of Plutus V3, which is now available for testing on SanchoNet. This update includes several advanced cryptographic capabilities and efficiency improvements.

The Significance Of Stablecoins

Charles underscored the significant role played by asset-backed stablecoins, citing data indicating their involvement in 70% of on-chain transaction volume, surpassing major cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC). He also pointed out the centralized nature of these stablecoins, subject to regulatory control by their issuing authorities.

According to Hoskinson, relying heavily on these stablecoins carries profound implications for decentralized finance (DeFi) ecosystems and could dictate outcomes during blockchain forks. He explained that an asset-backed stablecoin cannot maintain its value across multiple forked chains without diluting its backing.

Addressing Concerns

In contrast, Hoskinson advocated for the use of algorithmic stablecoins, which he believes align more closely with the decentralized ethos of cryptocurrencies. These stablecoins are purportedly governed by on-chain algorithms, removing the influence of centralized entities that could manipulate outcomes.

However, Colin LeMahieu, the creator of Nano (XNO), expressed skepticism about the technical and economic viability of algorithmic stablecoins. He argued that achieving a truly reliable algorithmic stablecoin is either impossible or, at best, results in unfair advantages where the treasury holds asymmetric price information.

Cathie Wood, the founder of ARK Investment Management, recently expressed doubt regarding the United States Securities and Exchange Commission and its inclination to endorse spot exchange-traded funds (ETFs) for cryptocurrencies beyond Bitcoin and Ethereum. This viewpoint emerges amidst a flurry of filings by various asset management firms seeking approval for their crypto ETFs, showcasing the increasing interest in cryptocurrency investments.

Franklin Templeton Joins The ETF Battle

Following this skepticism, Franklin Templeton gained attention by submitting a filing to the SEC to launch a spot Ethereum ETF called the Franklin Ethereum ETF, slated for listing on the Chicago Board Options Exchange. This move by Franklin Templeton, managing $1.5 trillion in assets, emphasizes renewed confidence in the potential of Ethereum despite regulatory uncertainties. With this, Franklin Templeton joins a roster of prominent firms, including BlackRock, Fidelity, and Grayscale, all competing for a share of the crypto ETF market.

Despite the optimism, the SEC has yet to approve any spot Ethereum ETFs, with decisions on applications by Grayscale and BlackRock, among others, being delayed. These postponements underscore the regulatory obstacles hindering the broader integration of cryptocurrencies into traditional investment instruments.

Market Dynamics And Regulatory Challenges

The crypto ETF market has witnessed significant activity, with several firms launching spot Bitcoin ETFs in January 2024. Among them, the Bitcoin ETF by Franklin Templeton has struggled to attract investments, accumulating only $77 million by early February, in contrast to the iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund, which have experienced substantial inflows.

In collaboration with crypto asset manager 21Shares, ARK Investment Management is among those aiming to introduce the first U.S. ETF holding Ether. While SEC Chair Gary Gensler has clearly classified Bitcoin as a commodity, his stance on Ethereum remains less clear. Some analysts view the potential approval of a spot Ether ETF as a gateway for ETFs containing other digital tokens, despite the SEC adopting a cautious approach thus far.

Ledger recently revealed a strategic alliance with Coinbase, incorporating Coinbase Pay into the Ledger Live app. The goal of the partnership is to empower users to directly acquire crypto via hardware wallets provided by Ledger, simplifying the process for users to transfer crypto and conduct transactions on their desktop or mobile device.

Previously, the process of transferring crypto to Ledger Live through Coinbase was intricate and prone to errors. With this latest development, Ledger users can receive crypto purchases directly through Coinbase on their Ledger device, maintaining their preferred payment methods such as ACH, Visa, Mastercard, and Maestro, as highlighted in a recent blog post by Ledger.

Simplification Is Key

Users can now reportedly purchase crypto through their Coinbase account at the same cost as on Coinbase.com and transfer it to their Ledger device with just a few clicks, without requiring additional Know-Your-Customer (KYC) procedures for existing Coinbase users. This new feature also facilitates instant transactions.

Ian Rogers, Chief Experience Officer at Ledger, emphasized the common values shared between Ledger and Coinbase, highlighting the mutual commitment to making crypto accessible and secure for consumers. Coinbase and Ledger are among the few companies in crypto with a tenure of over ten years, and the two companies already share both values and customers, Rogers stated, before also saying that both Ledger and Coinbase are dedicated to simplifying crypto usage and ensuring consumer security.

A Mutually Beneficial Partnership

Now, Coinbase users can effortlessly purchase crypto directly within Ledger Live, and Ledger users can easily buy through Coinbase. Ledger is pleased to offer this experience to Coinbase customers and provide an option for Ledger users through this partnership.

Lauren Dowling, Head of Product at Coinbase Developer Payment Services, expressed enthusiasm about the collaboration, stating that at Coinbase, the focus has been on developing the most trusted, scalable, and reliable onramps and infrastructure for onchain builders, expanding access to crypto and contributing to an updated financial system. This goal ultimately led to the collaboration with Ledger to enable users to seamlessly purchase crypto with Coinbase Pay directly into their self-custody solution.

This feature is being introduced across several key markets, including the US, UK, EU, Brazil, New Zealand, Australia, Canada, and Singapore.

In a significant development within the legal proceedings involving Changpeng Zhao, the former CEO of Binance, the postponement of his imprisonment has emerged. According to a recent report, the original sentencing date of February 23rd has been pushed back to April 30th.

The unfolding narrative began with the United States Securities and Exchange Commission initiating legal action against Binance. Back in early June 2023, regulatory authorities levied 13 charges against Binance, accusing the platform of operating unregistered exchanges and facilitating the trading of unregistered securities.

Links To Malicious Activities

After a protracted legal battle to contest the allegations, both Binance and Zhao eventually pleaded guilty in November. Consequently, Zhao announced his resignation and consented to a settlement payment of $4.3 billion, along with a $50 million penalty.

Treasury Secretary Janet Yellen, known for her adversarial stance towards cryptocurrencies, criticized Binance and its founder, alleging that the platform facilitated various illicit activities, including but not limited to child exploitation, narcotics trafficking, and terrorism support.

A Controversial Decision

A subsequent legal filing revealed that Zhao potentially faced a maximum imprisonment term of 10 years. Additionally, the filing stipulated that he could remain free in the US pending sentencing upon posting a $175 million release bond. Despite an initial request to travel to his home country for the medical treatment of a close associate, the court rejected the plea, citing concerns about flight risk when it came to the former CEO.

The most recent decision by the court to delay the criminal sentencing by two months has sparked discussion within the cryptocurrency community. While the motives behind this action remain unclear, Zhao and his attorney, William Burck, declined to provide any commentary on the matter.

Once again, cryptocurrency companies opted out of advertising during the Super Bowl, despite the recent upswing in the U.S. market. Just two years ago, the Super Bowl served as a prime platform for crypto companies, particularly exchanges like the now defunct FTX, to widen their appeal to a broader audience.

Last year, crypto was noticeably absent when it came to the annual global event due to the ongoing bear market. However, this year, the absence seems more driven by companies realizing that it may not be economically feasible.

Not Worth The RIsk

Various reports indicate that although the financial standing of cryptocurrency firms has improved, investing significant advertising budgets in such a grand stage is no longer deemed practical or effective. This also comes at a time when BTC recently crossed the $50K mark for the first time in years.

Many in the industry now prefer directing their marketing funds to areas they believe will offer better returns on investment. In fact, the sole notable nod to crypto during the 2024 Super Bowl was former Twitter CEO Jack Dorsey sporting a Satoshi t-shirt.

No BTC ETF Ads

Interestingly, even Coinbase, which had been a prominent advertiser in previous Super Bowl events, opted out of advertising this year. Instead, the company has shifted its focus and financial resources towards political engagement, aiming to influence digital asset legislation through lobbying efforts and supporting lawmakers friendly to crypto in anticipation of the 2024 election cycle.

Perhaps most surprising was the absence of Bitcoin ETF ads during the event, despite issuers like BlackRock, BitWise, and Grayscale being notably aggressive with their marketing efforts on social media following ETF approval a month ago. BlackRock has aired several TV commercials in the U.S. since the launch, and Grayscale initiated a large billboard campaign across airports and New York subways. However, their absence this year suggests firms are exercising extreme caution in allocating funds.

Argentines are resorting to underground P2P exchanges, locally known as crypto caves, to acquire USD stablecoins in an attempt to circumvent strict currency controls and the significant inflation of the Argentine Peso (ARS). These clandestine exchanges are preferred over Bitcoin due to perceived volatility.

Operated discreetly in hidden locations, crypto caves allow locals to exchange their fiat currency for cryptocurrencies, primarily USDT, at rates far superior to the official exchange rate. With local banks unable to officially accept Dollars, crypto wallets have become popular for storing Dollar-pegged stablecoins like Tether (USDT).

Restrictions Are To Blame

Saving in digital Dollars provides Argentinians with a means to safeguard their funds against the devaluation of the local currency, according to Ramiero Raposo, Vice President at Bitwage, a crypto payroll firm.

The origins of crypto caves trace back to the financial caves that emerged in response to local currency controls in the 1980s. These underground exchanges have thrived as a consequence of government restrictions on accessing traditional money exchange markets. Despite occasional scrutiny and raids by authorities, crypto caves continue to serve as essential outlets for locals seeking to trade their inflation-hit Pesos.

Cautious Optimism

It is worth noting that while expectations of the relaxation of currency controls under President Javier Milei may decrease demand for crypto caves, high tax pressures ensure the persistence of a black market preference. Moreover, crypto caves also operate in other countries facing economic challenges, including Cuba, Venezuela, Iran, and various African nations.

While Argentina recently legalized Bitcoin as a payment method for contracts, many remain cautious about conducting business transactions in Bitcoin due to the heightened volatility. Instead, USDT on the Tron network is favored for its stability, speed, and minimal conversion requirements, providing a practical alternative amidst domestic economic instability.

CoinDesk has named Sara Stratoberdha as CEO after being acquired by the cryptocurrency exchange known as Bullish, replacing Kevin Worth, who led the company since 2017. Stratoberdha, previously in charge of business development at Bullish, vows to maintain editorial independence despite the change in ownership.

Significant Departures

CoinDesk is a news website dedicated to Bitcoin as well as several other digital currencies. Shakil Khan founded the company, which also provides crypto based guides for those new to digital currencies. Notably, alongside the CEO transition, there are departures of various high-ranking executives, including Elinor Hirschhorn, COO and President of Media, John DeGuenther, VP of Engineering, and Emily Parker, Executive Director of Global Strategy. Michael Casey, Chief Content Officer, is shifting roles but might stay in a different capacity.

A New Era

Bullish CEO Tom Farley outlined the restructuring in a memo, aiming to streamline the organizational setup of CoinDesk by merging certain departments and aligning tech and product teams. Farley praised the outgoing team for their contributions to continued growth and integration with Bullish, offering gratitude and best wishes for their future endeavors.

Essentially, this restructuring signifies a new phase for CoinDesk, underscoring its dedication to journalistic integrity while navigating the integration with Bullish, ensuring its continued role as a reputable source in the crypto news domain. The change comes at a critical time too, as many have accused CoinDesk of shady business practices with the most recent example being fake journalists pretending to work for the company in exchange for various favors.