Despite the prevalence of hacks within the crypto space, crypto security experts emphasize that newcomers can navigate the risks by taking certain precautions.
According to a market sizing report by Crypto.com on Jan. 22, the crypto space saw a surge to approximately 580 million users by December 2023, marking a 34% increase since January 2023.
With the influx of new users, Cointelegraph consulted security professionals to offer guidance on safeguarding funds in the digital asset realm.
Luciano Ciattaglia, the director of services at cybersecurity firm Hacken, advises novice digital asset users to steer clear of decentralized finance (DeFi) or decentralized exchanges (DEXs) initially.
Ciattaglia suggests, “Don’t rush into DeFi or DEXs straight away.
Most people use centralized exchanges or wallets for all their crypto investments, and that’s fine.”
He further stresses the importance of choosing exchanges with a solid security track record.
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Similarly, CertiK co-founder Ronghui Gu recommends that concerned new users opt for reputable exchanges and wallets, and even consider investing in hardware wallets for heightened security.
Gu underscores the significance of educating oneself on crypto security fundamentals, such as securing private key storage and employing strong passwords, along with enabling multifactor authentication.
Gu also warns against sharing personal data online and falling victim to phishing scams, citing CertiK’s report, which documented 83 crypto phishing incidents in Q1 of 2024, noting an alarming increase in sophistication and success rates.
Ciattaglia underscores the necessity for new users to invest in projects that undergo security audits and maintain active bug bounties, as audited projects with such measures are less susceptible to rug pulls.
Hacken’s quarterly report revealed that 56% of hacked projects between January and March 2024 lacked security audits, leaving vulnerabilities unresolved for a significant portion of these companies.
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Australia has reached a significant milestone in the realm of cryptocurrency, now boasting 1,000 active crypto-fiat machines, making it the third-largest hub for Bitcoin ATMs globally.
This achievement, as of April 24, marks a notable growth in the country’s crypto infrastructure.
Coin ATM Radar data reveals that Australia joins the ranks of the United States and Canada in surpassing the 1,000 mark for Bitcoin ATMs.
Currently, Australia represents 2.7% of the global Bitcoin ATM network, showcasing a steady rise in adoption and accessibility within the country.
The United States, leading the global landscape, hosts the majority share of Bitcoin ATMs, accounting for 82.8% with a staggering 31,170 machines.
Following closely, Canada holds 7.8% of the global market share with 2,918 crypto ATMs.
Australia’s journey to becoming a prominent player in the crypto ATM space wasn’t always evident.
Historically considered an inactive market, the country experienced a surge in adoption since the latter part of 2022, largely fueled by the involvement of private enterprises.
By April 2023, Australia had surpassed Asia in Bitcoin ATM count, a region encompassing major economies like China, Japan, Singapore, and India.
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\With the current installation pace, Australia is on track to outpace Europe, which currently holds 4.3% of all active Bitcoin ATMs, totaling 1,617 machines.
Among other countries with notable crypto ATM presence are Spain (261 machines), El Salvador (215), Poland (211), Germany (194), and Hong Kong (157), showcasing a global trend towards increased accessibility to cryptocurrencies.
In a recent development reported by Cointelegraph, hackers who previously disclosed El Salvador’s Bitcoin ATM database have now released a portion of the source code for the country’s state-operated Chivo Bitcoin wallet.
The hacker group, CiberInteligenciaSV, shared the code on a public forum, emphasizing its origin from a government wallet and its availability for public scrutiny.
Local cybersecurity project VenariX issued a warning on April 22 regarding the impending leak, referencing announcements made by CiberInteligenciaSV’s Telegram channel regarding their plans to release the source code.
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The Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT) have initiated a lawsuit against the U.S. Securities and Exchange Commission (SEC), filed in the Northern District of Texas.
This legal challenge was announced by the BA on April 23 as a direct response to the SEC’s recent changes to the “Dealer Rule” in the Securities Exchange Act of 1934.
These industry groups argue that the SEC has exceeded its regulatory powers by broadly redefining the term “dealer.” In February, the SEC implemented new regulations that expanded the definitions of “dealer” and “government securities dealer.”
As a result, more participants in the cryptocurrency market are now required to register, affiliate with a self-regulatory organization, and adhere to federal securities laws.
The BA and CFAT contend that this broadened interpretation creates a nebulous and oppressive regulatory climate for those engaged in digital asset trading.
The lawsuit further asserts that the SEC neglected to properly address public concerns during a limited comment period and failed to evaluate the adverse effects these changes might have.
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Kristin Smith, CEO of the Blockchain Association, criticized the SEC’s actions, stating, “The Dealer Rule advances the SEC’s anti-digital asset crusade and unlawfully redefines the boundaries of its statutory authority granted to it by Congress, threatening to drive U.S. companies offshore and incite fear in American innovators.”
The lawsuit aims to revoke the Dealer Rule expansion, alleging it infringes on the Administrative Procedure Act (APA), which mandates transparent and equitable rulemaking processes, including the consideration of public input and the provision of clear regulations.
Smith emphasized their legal strategy, remarking, “We are seeking declaratory judgment and injunctive relief against the regulators to overturn the expansion of the rule and ultimately to prohibit its use against the industry before more harm can be done by this rabid regulator.”
Representing a substantial segment of the cryptocurrency sector, the BA and CFAT advocate for a national policy in the U.S. that promotes local innovation and responsible development in the digital asset field.
This lawsuit underscores their commitment to defending the interests of the cryptocurrency community against what they perceive as overreach by the SEC.
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Two attorneys from the U.S. Securities and Exchange Commission (SEC), Michael Welsh and Joseph Watkins, have resigned following a district court’s harsh criticism of the agency’s conduct in a cryptocurrency case.
According to a Bloomberg report dated April 22, the lawyers stepped down earlier in the month after being warned of potential termination.
Welsh and Watkins, who were relatively recent additions to the SEC, were leading the case against DEBT Box, a crypto platform.
Welsh joined the SEC as a trial attorney in December 2022, and Watkins started as an attorney in the Division of Enforcement in January 2023, their LinkedIn profiles show.
Their resignations came in the wake of a decision by Chief Judge Robert J. Shelby, who presided over the case in Salt Lake City, Utah.
In March, Judge Shelby rebuked the SEC for making false statements and misrepresentations in its lawsuit against Digital Licensing Inc., also known as DEBT Box.
He criticized the SEC for a “gross abuse of the power entrusted to it by Congress,” which he said “substantially undermined the integrity of these proceedings and the judicial process.”
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In his March 18 filing, Judge Shelby articulated that the evidence presented by the SEC “lacked any basis” and was put forth in “deliberately false and misleading ways.”
He specifically noted that Welsh was aware of inaccuracies in his statements during a temporary restraining order (TRO) hearing, but instead of correcting these errors, “he and the Commission attempted to subtly shift the language to gloss over and perpetuate the misconduct.”
Earlier, in August 2023, the SEC had secured emergency relief against DEBT Box, temporarily freezing the Utah-based company’s assets and issuing restraining orders against its principals, accusing them of a $50 million crypto fraud scheme.
The crypto industry has frequently criticized the SEC’s regulatory tactics under Chair Gary Gensler, particularly attacking the so-called “regulation by enforcement” strategy.
Critics argue this approach has bred regulatory uncertainty, stifled innovation, and diminished the competitiveness of the U.S. in the global digital asset market.
This criticism follows amidst high-profile SEC actions against major crypto platforms like Coinbase and Binance, and anticipated enforcement against the decentralized finance platform Uniswap.
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Over the past month, at least 12 memecoins presold on the Solana blockchain have been reportedly abandoned after collectively raising $26.7 million.
Independent blockchain investigator ZachXBT detailed these findings in a recent post on the social platform X, highlighting the volatility and risks associated with such investments.
ZachXBT pointed out that the projects utilized the controversial presale method to gather funds, with several experiencing significant losses shortly after their launch.
One of the memecoins did not even release a token.
The most dramatic decline was observed in the memecoin “I like this coin” (LIKE), which was initiated by the pseudonymous founder pokeee.eth.
This particular token amassed 52,220 SOL (approximately $7.7 million) and debuted with a market capitalization of $577 million on March 17.
However, it lost over 90% of its value within just eight hours of launching. Currently, LIKE has plummeted by 99.2% from its initial price.
The official X account for LIKE has been inactive since March 31, with no further updates or comments from its founder, pokeee.eth, about the project since then.
Another significant project, dubbed MOONKE, faced a similar fate.
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Launched on March 20 by RockyXBT, MOONKE initially boasted a nearly $500 million valuation but also saw its price drop more than 99% shortly after.
Other projects, like one that raised 4,567 SOL (around $812,000), failed to launch their tokens entirely.
Attempts by Cointelegraph to reach the founders, including pokeee.eth and RockyXBT, for comments were unsuccessful.
The broader market sentiment towards Solana-based memecoins has cooled, with leading tokens such as Dogwifhat (WIF) dropping more than 40% since the start of April.
This trend reflects a growing skepticism similar to that witnessed during the Ethereum ICO boom in 2017, a period marked by rampant speculation and high-profile failures.
Among the noted incidents, the developer of the Slerf (SLERF) memecoin accidentally destroyed the entire presale allocation of the token in a so-called “fat finger” burn error in March.
Despite this significant setback, involving 535,000 SOL (valued at about $10 million at that time), SLERF gained a cult following and briefly surged to a market cap of approximately $750 million.
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Gym Doge (GYMDOGE) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Gym Doge (GYMDOGE), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Gym Doge presents a similar opportunity.
Gym Doge has market cap below $10,000 at the moment, meaning that when it just reaches a modest market cap of $200,000-$500,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 5,300% in the coming two days, and Gym Doge could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Gym Doge can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Gym Doge on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Gym Doge by entering its contract address – CqudELpjNktwDig23QPW6efNaBkzmUKspuDLpPqfoZjo – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like GYMDOGE.
The blockchain gambling platform ZKasino has faced significant criticism after diverting $33 million in investor and user funds to the staking protocol Lido.
This move, disclosed in a blog post on April 20, deviated sharply from the initial promise to return these funds.
According to ZKasino’s announcement, its network had successfully launched, attracting over 10,000 users who transferred a total of 10,515 Ether in exchange for the platform’s native ZKasino (ZKAS) tokens.
Contrary to expectations, the platform converted the bridged ETH to ZKAS tokens at a “discounted rate of $0.055” on a 15-month vesting schedule, a change from the original plan.
ZKasino described these changes as “done as a favour” to ensure a “seamless transition” to its chain, which does not utilize ETH.
This led to user concerns, especially after the company altered its website to omit previous guarantees of ETH returns.
Further scrutiny arose after an on-chain analysis revealed that ZKasino had transferred all the user’s ETH to Lido. Adding to the controversy, an anonymous developer identified as “cygaar” criticized the technological underpinnings of ZKasino’s blockchain.
According to cygaar, the blockchain was merely an “Arbitrum Nitro chain that took 2 minutes to deploy” and did not incorporate the promised zero knowledge or EigenDA technologies.
Outraged users have voiced their concerns on X, with some accusing the project of being an exit scam and sharing personal details of ZKasino’s founder, known as “Derivatives Monke,” to push for legal actions.
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The situation escalated with Venture capital firm Big Brain denouncing the project.
In an X post dated April 21, Big Brain clarified that it “never invested in ZKasino” despite previous claims by ZKasino of securing a Series A funding at a valuation of $350 million from notable firms including MEXC and Big Brain Holdings.
In response, MEXC, a crypto exchange implicated as an investor, distanced itself from ZKasino’s actions.
On April 21, TechFlow reported MEXC’s statement emphasizing that the exchange was “just one of the investors” and also a victim of ZKasino’s decisions.
Meanwhile, both ZKasino and its founder have remained largely silent on the backlash, except for minimal updates and responses to criticisms on X.
Despite the turmoil, Derivatives Monke continues to engage minimally on the platform, indicating a commitment to “keep building,” reflecting a possible attempt to maintain a facade of normalcy amidst the growing controversy.
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The cryptocurrency market has experienced a significant bull run since October 2023, marked by a strong Bitcoin (BTC) rally.
This surge has propelled both old and new meme coins, with many achieving new highs or approaching their previous peaks.
Amidst this upbeat market atmosphere, Dogecoin (DOGE), the first meme coin ever created, has been the subject of many optimistic forecasts suggesting it could soon exceed $1.
However, a prominent crypto analyst known as Credible Crypto on YouTube and CrediBULL Crypto on X has a nuanced view on these bullish predictions.
He recently outlined a strategy for shorting DOGE, signaling a less optimistic short-term outlook for the coin.
According to him, Dogecoin has not yet established a clear uptrend as it lacks consecutive higher highs and higher lows, and seems to be at a distribution top.
Credible Crypto’s analysis suggests that while DOGE’s price might rise for a while, it is expected to reach a critical zone between $0.19 and $0.20, which it will likely fail to maintain.
He plans to take a short position once Dogecoin hits this price range, anticipating a drop to major support levels, likely around $0.09-$0.10, and possibly even as low as $0.05.
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Despite his short-term bearish stance, Credible Crypto remains optimistic about the long-term prospects of meme coins, including Dogecoin.
He predicts that the broader crypto market’s current corrections are just part of a cycle that will eventually lead to a ‘meme coin megafinale’ featuring a significant Dogecoin rally above $1.
He suggests that the expected decline to $0.05 could provide an excellent entry point for a long position in anticipation of this rally.
This approach reflects the mixed performance of DOGE, which, while showing significant gains over the past year, has also experienced substantial volatility.
Over the last 52 weeks, Dogecoin has seen an impressive 100.27% increase, with a 77.68% rise in 2024 alone.
However, it has recently faced some resistance, with a notable 8.27% decrease over the past 30 days but remains slightly positive on the weekly chart with a 1.88% increase.
As of today, the price of DOGE stands at $0.1587, having dropped by 0.86% in the last 24 hours.
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Recently, a newly established cryptocurrency wallet engaged in a significant transaction involving the SHIB meme coin.
According to data from Etherscan, this anonymous wallet acquired 237.8 billion SHIB, totaling $6,290,435 in value at the time of the transaction.
This large-scale purchase, indicative of either an over-the-counter (OTC) deal or a redistribution of assets by a major holder, took place shortly after the SHIB team announced securing $12 million for the development of a layer-3 solution atop Shibarium.
The timing of this purchase coincides with SHIB project lead Shytoshi Kusama’s revelations about his extensive international travel.
In a tweet, Kusama, operating under his alias, disclosed the purpose behind his frequent changes in location on X/Twitter throughout the year, visiting Japan, Hong Kong, Puerto Rico, New York, Dubai, and the Maldives.
The SHIB community had been tracking these movements, speculating about their implications. Kusama clarified that his travels were aimed at raising funds for the new blockchain initiative.
Shibarium, currently a layer-2 solution built on Ethereum, will serve as the foundation for this upcoming layer-3 blockchain.
Lucie, the SHIB marketing lead, explained the advantages of the layer-3 solution in a tweet.
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She highlighted that adding a third layer would be “like putting a cloak of invisibility over fast-moving transactions.”
Furthermore, she stated that this enhancement would improve privacy and security, making transactions both faster and more affordable.
She described the security benefits as, “Adding L3 is like putting a second lock on your door. It adds more security features, making everything safer.”
The development of the layer-3 solution will also facilitate compliance features allowing auditors to inspect even private transactions, among other improvements.
In addition, the forthcoming TREAT token, which has yet to be released, will be utilized within this new framework to facilitate transaction processing, much like the BONE token is currently used on Shibarium.
This initiative represents a significant expansion in the SHIB ecosystem, aiming to enhance transaction efficiency and security.
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Manchester City, a prominent Premier League football club, has announced a new venture in its evolving digital outreach strategy: the launch of a nonfungible token (NFT) collection titled “Unseen City Shirts.”
This initiative is part of Manchester City’s ongoing partnership with cryptocurrency exchange OKX.
The collection will offer fans the opportunity to secure unique jerseys and exclusive matchday experiences through the minting of NFTs on the OKX app.
The NFTs in question are not just digital assets; they are tied to physical rewards.
Depending on their rarity, these collectibles can unlock special redesigned football shirts and other experiences.
For instance, the rarest among them, only five in number, will provide holders with an opportunity to play on Manchester City’s pitch, receive two match tickets, and own a limited-edition City jersey.
Another set of five rare NFTs will grant access to a stadium tour, a hospitality ticket, and a jersey adorned with “The Roses and the Bees” design, celebrating local symbols like the Lancashire rose and the Manchester worker bee.
These jersey designs have been crafted by artist Christian Jeffery, featuring hand-painted motifs.
Discussing the launch, Nuria Tarré, Man City’s chief marketing and fan experience officer, highlighted the campaign as an appeal to a more technologically inclined audience. She stated, “We think it’s important that you can own this piece digitally.
“I think that’s one of the beauties of Web3 — it changes the ownership process.”
This reflects the club’s broader strategy to integrate more Web3 and digital ownership concepts to engage their fan base.
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Haider Rafique, OKX’s global chief marketing officer, detailed the technical side, noting that the rarity of these NFTs is algorithmically determined, ensuring a fair distribution of the coveted items.
He also mentioned that the past three years have involved foundational efforts to build products that connect sports fans and Web3 users.
“I don’t think it’s a lack of intention. I think it’s a lack of product and technology infrastructure, which will come as the industry progresses and as our partnership progresses,” Rafique explained.
OKX’s relationship with Manchester City began in March 2022, and has since deepened, with OKX becoming the club’s official training kit partner for the 2022–2023 season and later the official sleeve partner in a multiyear deal starting June 2023.
Tarré remarked on the ongoing evolution of technology and its applications, expressing enthusiasm about the possibilities: “Technology keeps on evolving and applications keep on evolving.
“You can add layers of sophistication, creation, and co-creation. We’re definitely willing to explore further.”
This NFT launch, thus, stands as a testament to Manchester City’s commitment to innovation and digital engagement, promising to offer both novelty and utility to its global fanbase.
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