Apple has taken down a fraudulent Trezor wallet app from its App Store, but concerns remain as other copycat apps continue to linger.
The removal came after Rafael Yakobi, Managing Partner at Crypto Lawyers, alerted users to the presence of a malicious app disguised as the popular crypto hardware wallet, Trezor. Yakobi warned that the app, named “Trezor Wallet Suite,” was designed to steal cryptocurrency by requesting users’ seed phrases.
Although the total number of victims remains unknown, Yakobi suggested it could be in the hundreds or thousands.
Upon searching the US version of the App Store, Cointelegraph failed to find the referenced malicious app. Apple typically acts swiftly to remove suspicious or fraudulent apps once they are notified.
However, a search for “Trezor Wallet Suite” did yield another potentially suspicious application called “MyTREZŌR Suite: One Edition.”
With only two reviews, both warning of the app’s scam nature and its intention to steal crypto, it appears that Apple has not yet fully addressed the issue.
Apple maintains that apps on its official App Store undergo thorough vetting and security clearance. To ensure the safety of downloading mobile applications for crypto wallets, users are advised to obtain them exclusively from the manufacturers’ official websites.
Although an iOS app is available for Trezor users, it serves as a companion app with limited functionality.
According to reports from Apple news outlet 9to5mac.com, the tech giant is generally stringent in its approval of crypto-related apps, allowing them only under strict circumstances.
However, despite Apple’s claims that the App Store is a trustworthy platform, the outlet highlights the challenges the company faces in completely eradicating scams from the store.
Instances of fake wallet apps on Apple’s App Store are not new. In 2021, a user allegedly lost $600,000 worth of Bitcoin after downloading a malicious Trezor app from the store.
To mitigate such risks, it is crucial for users to exercise caution and opt for trusted sources when downloading crypto-related applications.
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Moody’s Issues Warning About Lack of Bipartisan Support for Crypto Regulation in the US
Moody’s, the credit ratings agency, has issued a report warning that the lack of bipartisan support for crypto regulation in the United States could make the country less attractive to investors and companies.
The report, released on June 20, highlighted the political divide among lawmakers regarding legislation focused on digital assets, specifically in relation to stablecoins and the establishment of a comprehensive regulatory framework.
Moody’s identified significant disparities between the approaches of Democrats and Republicans when it comes to crypto-focused legislation.
One key area of contention is the regulation of stablecoins, with lawmakers differing on whether oversight should be conducted at the federal or state level. Another concern is the need to address consumer protection issues, especially in light of several crypto companies going bankrupt in 2022.
The report stated, “Despite agreement on the need for consumer protections and a harmonized framework for digital assets, Democrats and Republicans hold different views on how to achieve these objectives.”
Moody’s warned that the failure to reach a bipartisan agreement and advance legislation specifically addressing digital assets could diminish the attractiveness of the United States compared to other jurisdictions that are actively implementing comprehensive rules.
Moody’s specifically highlighted the contrasting views between Patrick McHenry, Chair of the House Financial Services Committee and representative of the Republican party, and Maxine Waters, ranking member and representative of the Democratic party.
Both expressed their concerns during a hearing on the future of digital assets held on June 13. However, Moody’s noted that the gathering only served to highlight the deepening political disagreements surrounding the establishment of a crypto framework.
The uncertain path toward bipartisan agreement and the anticipation of extensive debates in Congress have raised concerns among many crypto firms.
Numerous companies have criticized U.S. lawmakers for the lack of regulatory clarity and have indicated that relocating outside the country might be in their best interest.
For instance, executives from Coinbase, currently based in the U.S. and facing legal action from the Securities and Exchange Commission, visited the United Arab Emirates in May to explore the region as a potential strategic hub.
In conclusion, Moody’s report underscores the need for bipartisan support and cooperation among lawmakers in order to create a favorable regulatory environment for digital assets in the United States.
Without such support, the country risks losing its appeal to investors and companies, who may seek more crypto-friendly jurisdictions elsewhere.
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Polygon co-founder Mihailo Bjelic has put forward a proposal to enhance the security of the Polygon proof-of-stake (PoS) network by upgrading it to a “zkEVM validium” version.
The suggested upgrade, as outlined in a forum post on June 20, involves leveraging zero-knowledge proofs to bolster security measures.
Polygon PoS, an Ethereum scaling solution introduced in 2019, currently handles over 2 million transactions daily and has more than $900 million locked within its contracts.
In March, the Polygon team launched another network called Polygon zkEVM, utilizing zero-knowledge proof rollups to scale Ethereum.
In Bjelic’s proposal, he suggests upgrading the existing PoS network to a zero-knowledge Ethereum Virtual Machine (zkEVM) version, aligning both networks with zero-knowledge proofs.
However, unlike the recently launched network, the updated Polygon PoS will not function as a rollup. Instead, it will be a “validium” that stores only validation proofs on layer 1, while the transaction data will reside on a separate chain.
This compromise will result in lower transaction fees for Polygon PoS compared to Polygon zkEVM. Moreover, it will enhance the security of Polygon PoS by allowing it to inherit the security features of Ethereum, Bjelic explained.
Following the implementation of this upgrade, Polygon zkEVM could be utilized for high-value transactions requiring heightened security, while Polygon PoS may become the preferred network for gaming and social media enthusiasts.
Bjelic emphasized that the upgraded Polygon PoS (zkEVM validium) would provide high scalability and low fees, making it suitable for applications with high transaction volumes and the need for affordable transactions, such as Web3 gaming and social platforms.
Bjelic proposed a timeline for the implementation, suggesting that his informal proposal could be transformed into a formal Polygon Improvement Proposal by November. Subsequently, the upgrade could be deployed on the mainnet between February and March 2024.
The introduction of Polygon zkEVM and the upgrade of Polygon PoS are part of the team’s broader vision to establish a “Supernet” that unifies diverse application-specific chains.
This initiative, referred to as “Polygon 2.0,” aims to enhance the overall capabilities and offerings of the Polygon ecosystem.
On a separate note, it’s worth mentioning that eToro delisted Polygon on June 13 due to concerns raised by the United States Securities and Exchange Commission regarding the security’s registration status. However, the Polygon team has refuted any violation of U.S. laws in its fundraising activities.
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Bitcoin Surpasses 50% Market Dominance For First Time in 2 Years
Despite recent uncertainties surrounding the crypto industry due to regulatory concerns and a lingering market downturn, Martin El-Khouri, a Senior Director at Bertelsmann Investments, views investment in Web3 as a strategic move for the firm. Speaking at the Proof of Talk conference, El-Khouri articulated the continued interest from venture capital (VC) investors, with European decentralized finance startups observing almost a 120% rise in VC funding in 2022.
Web3, the next generation of the internet integrating blockchain technologies and decentralized systems, remains an attractive prospect for major investment firms like Bertelsmann. With approximately 1.7 billion euros invested across over 400 companies worldwide, Bertelsmann started venturing into Web3 as early as 2016. El-Khouri stressed that the current market state is advantageous to discern between the value-creating and hype-driven projects in the sector.
El-Khouri views investments in Web3 as a “hedge against disruption”. Convincing top-tier leadership in global corporations about the viability of Web3 can be challenging due to the industry’s volatile image. However, he emphasizes that regulatory clarity helps investors evaluate business risks better, facilitating informed decisions.
The spotlight is also shifting towards AI startups and generative artificial intelligence, with the AI market projected to reach $407 billion by 2027, a significant leap from $86.9 billion in 2022. Despite the growing interest in AI, El-Khouri maintains that the importance of blockchain and crypto will continue to rise.
In El-Khouri’s perspective, the major selling points of Web3 are being amplified by advancements in generative AI. As AI content creation gains traction, blockchain technology will be critical in addressing the double-spending problem, acting as an intermediary-free solution while providing provenance to digital assets. His comments underscore the continued faith in Web3 among investment firms, despite the recent turbulence in the crypto market.
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According to new research by analytics firm Glassnode, Bitcoin investors may face a period of “sideways boredom” that could last up to 18 months.
Despite a 70% gain in the first quarter of 2023, Bitcoin has struggled to maintain its momentum, leaving investors uncertain about its future price action.
Glassnode suggests that a classic pre-bull market phase is currently unfolding, but long-term holders will need to exercise patience.
The research examines the “liveliness” of the Bitcoin supply, which refers to the tendency of holders to spend or hold their coins. It reveals a trend of mass accumulation as coins gradually migrate into cold storage, effectively reducing the available supply.
The study estimates that this steady and gradual accumulation began over two years ago and predicts that it may continue for another 6 to 12 months.
Meanwhile, short-term holders, who have held their coins for a maximum of 155 days, form the more speculative end of the investor base and are being closely monitored.
While whales, the largest-volume holders, are currently net distributors, Glassnode suggests that there is an undercurrent of demand despite recent regulatory pressures on major exchanges.
The research concludes that digital asset markets are currently displaying low volatility, volumes, and realized value, indicating a period of investor apathy.
Nevertheless, the pattern of wealth transfer to the price-insensitive hodler cohort remains intact, suggesting that a phase of sideways boredom may lie ahead, potentially lasting between 8 to 18 months, based on historical cycles.
In summary, Glassnode’s research suggests that Bitcoin investors should prepare for a potentially long and uneventful period before significant price movements occur.
While the market is currently characterized by accumulation and decreasing liquidity, the research indicates that the underlying demand for Bitcoin remains, despite the regulatory challenges faced by the industry.
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Bitcoin’s value surged to a two-week high of $28,103 on June 20, providing a glimmer of hope to bullish traders that the digital currency could finally snap its ten-week downturn. This bounce came in spite of recent headwinds caused by the SEC’s enforcement actions against Binance and Coinbase.
The recent rally is largely attributable to escalating institutional interest in Bitcoin, particularly from financial giants such as BlackRock and Fidelity Investments, both of which are reportedly gearing up to submit applications for Bitcoin ETFs.
The uptick in Bitcoin’s value kicked off after BlackRock, the world’s biggest asset manager with over $8.5 trillion in managed assets, announced on June 15 that it had filed an application with the SEC to establish a Bitcoin ETF in the US. Despite not being the first applicant, BlackRock’s sheer scale sets it apart from its predecessors.
Thus far, the SEC has consistently declined Bitcoin ETF proposals, with past hopefuls including Cathie Wood’s ARK, 21Shares (which has submitted three applications), and Grayscale. The latter challenged the SEC’s denial in an appeals court, contending the legitimacy of Bitcoin futures.
According to BlackRock’s SEC filing, the firm plans to enlist Coinbase for holding the Bitcoin associated with its ETF. This move has also indirectly propelled Grayscale’s ETF, which is inching towards 2023 highs with a discount of less than 37%.
A further boost to Bitcoin’s value is the receding U.S. Dollar Index (DXY). As a rule of thumb, when the DXY pulls back, investors typically show greater inclination towards riskier assets, Bitcoin included.
In conclusion, Bitcoin’s price hike today seems to be fuelled by multiple factors: institutional interest from behemoths like BlackRock, the positive impact on Grayscale’s ETF, and the ebbing DXY, creating a promising environment for the cryptocurrency to break its prolonged losing streak.
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Binance’s BNB Chain has introduced a new layer-2 chain called opBNB, aimed at addressing the scalability challenge faced by the blockchain.
The layer-2 scaling solution is built on the Optimism OP Stack, providing enhanced security and scalability to the Binance blockchain network. opBNB is an Ethereum Virtual Machine (EVM) compatible layer-2 chain, ensuring compatibility with Ethereum-based smart contracts, networks, and ERC-20 token standards.
One of the common issues faced by blockchains is network congestion and high fees during periods of increased demand. Currently, BNB Chain claims to support approximately 2,000 transactions per second with transaction costs around $0.10.
With opBNB, it can reportedly handle over 4,000 transfer transactions per second at an average transaction cost below $0.005.
opBNB offers various optimizations, including improved data accessibility, caching layer, and an adjusted submission process algorithm that allows simultaneous operations. It can increase the gas limit per block to 100 million, surpassing Optimism’s limit of 30 million.
Binance referred to opBNB as their solution to the scalability challenge that has hindered widespread adoption of blockchain technology.
Optimism’s use of Optimistic Rollups enables transaction scaling by presuming the validity of transaction data processed off the root chain until proven otherwise.
The RPC service layer simplifies integration through a user-friendly interface, allowing developers to focus on building applications without being concerned about the complexities of Layer 2 scaling.
However, some individuals, including Cinneamhain Ventures partner Adam Cochran, expressed skepticism about BNB Chain’s approach. Cochran mentioned that BNB Chain encountered scaling issues by centralizing an Ethereum fork and raising the gas limit to an unsafe level.
He proposed alternatives, such as joining Optimism as a “superchain,” becoming a layer-2 directly on Ethereum, or even a layer-3 on Optimism or Arbitrum.
Despite the debate surrounding opBNB, BNB Chain holds a prominent position in the blockchain space.
According to DefiLlama, it is the third-largest blockchain in terms of DeFi total value locked, trailing behind Ethereum and Tron. BNB Chain boasts a TVL of $3.38 billion, a 24-hour volume of $264 million, and approximately one million active daily users.
In summary, Binance’s BNB Chain has introduced opBNB, a layer-2 chain based on Optimism, to tackle scalability issues.
While there are differing opinions on the chosen approach, BNB Chain remains a significant player in the blockchain industry, attracting a substantial number of users and demonstrating considerable value in the DeFi space.
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Grayscale Bitcoin Trust (GBTC) is approaching its highest levels of 2023 following the filing of a Bitcoin spot price exchange-traded fund (ETF) by BlackRock, the world’s largest asset manager.
The news has generated institutional buying interest in GBTC, the original institutional BTC investment vehicle.
According to data from CoinGlass, on June 17, GBTC came close to reaching new 2023 highs.
This rally comes as Bitcoin market sentiment experienced a modest improvement with the anticipation that BlackRock’s ETF filing could potentially overcome the legal obstacles that have hindered similar ETFs in the United States.
Meanwhile, there are signs of optimism beyond sentiment as GBTC’s long-standing discount to BTC spot prices narrows.
The discount, often referred to as a negative “premium,” is currently at -36.6%, a significant improvement compared to the discount of around -44% observed on June 13. While still discounted, GBTC is trading closer to zero than it has been at almost any other time this year.
Many observers believe that if BlackRock’s ETF is approved, GBTC will be the primary beneficiary. Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, expressed optimism about the prospects of BlackRock’s offering gaining regulatory approval and its potential to resolve GBTC’s discount alongside industry growth.
The BlackRock move has sparked debates as to whether it can be classified as an ETF. Some argue that it will resemble a trust similar to GBTC, while others, including Cochran, believe it qualifies as an ETF under the Securities Act of 1933. Regardless of the classification, investor interest in GBTC is rising in response to BlackRock’s filing.
Hedge fund North Rock Digital announced that it has been consistently accumulating more shares of Grayscale trusts in recent weeks.
It expects significant upside potential if Grayscale wins and minimal downside risk if they lose. Another major holder, ARK Invest, has not yet increased its exposure to GBTC, and data from Cathie’s ARK confirms a gradual decline in their holdings throughout 2023.
Overall, the prospect of BlackRock’s involvement in the cryptocurrency market has stimulated the demand for GBTC and boosted market sentiment.
The narrowing of GBTC’s discount suggests growing confidence among investors, while the debate surrounding the classification of BlackRock’s product highlights the evolving regulatory landscape surrounding cryptocurrency ETFs.
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The International Monetary Fund (IMF) has unveiled plans for an innovative cross-border payment system, using a unified ledger for recording transactions involving central bank digital currencies (CBDCs).
The proposed system, announced during a CBDC policy roundtable co-organized with the central bank of Morocco, promises enhanced programmability and information management.
Named the XC (cross-border payment and contracting) platform, this system could facilitate both individual and institutional users with its potential to reduce fees and expedite transaction times.
According to Tobias Adrian, the IMF’s Director of the Monetary and Capital Markets Department, the platform could help central banks perform functions such as intervening in foreign exchange markets, aggregating capital flow data, and resolving disputes. Additionally, it could be adapted for domestic retail and wholesale CBDCs.
The platform’s blueprint, detailed in an IMF Fintech Note, emphasizes a “trusted single ledger” for exchanging standardized digital representations of central bank reserves in any currency.
The XC platform is built on the CBDC infrastructure model, incorporating a settlement layer with a single ledger whose accessibility is to be expanded.
Unlike the current system where institutions need a reserve account with a central bank for cross-border operations, the XC platform would facilitate trading of tokenized domestic central bank reserves, with liquidity still sourced from institutions with reserve accounts.
The platform will feature a programming layer allowing for service innovation and customization, and an information layer containing anti-money laundering (AML) details crucial for trust and privacy protection.
Notably, it would not necessitate the use of CBDCs, offering interoperability among assets and money tokenized by the private sector.
By programming financial contracts within a safe environment, the platform could instill standards and promote trust, with settlements executed in central bank money.
The idea parallels a concept proposed by Bank for International Settlements General Manager, Agustín Carstens, in his speech delivered in February. The IMF believes that these efforts could redirect some of the $45 billion spent on remittance providers each year back to the individuals in need.
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Binance, one of the world’s largest cryptocurrency exchanges, has taken action against a fraudulent Nigerian entity known as Binance Nigeria Limited. Changpeng Zhao, the CEO of Binance, announced on Twitter that the company has officially issued a cease and desist notice to the fraudulent entity.
This move comes after the Nigerian Securities and Exchange Commission (SEC) released a circular declaring the illegality of Binance Nigeria Limited operating within the country.
Binance responded to the SEC’s circular by stating that the entity mentioned in the document is not affiliated with the company.
A Binance spokesperson expressed their intention to seek clarity from the Nigerian SEC and reiterated the company’s commitment to cooperating with the commission in determining the next steps.
However, it is worth noting that Binance is currently facing legal challenges from the United States Securities Exchange Commission (SEC).
The U.S. SEC has filed 13 charges against Binance entities and Changpeng Zhao, accusing them of operating as an unregistered exchange, broker-dealer, and clearing agency, as well as misrepresenting trading controls.
The U.S. SEC claims that despite earning $11.6 billion from U.S. customers, Binance and Zhao failed to register as required.
In a recent development, U.S. Judge Amy Berman Jackson approved an agreement between Binance.US, Binance’s U.S.-based subsidiary, and the U.S. SEC. This agreement resulted in the dismissal of a previous temporary restraining order that sought to freeze all Binance.US assets.
Binance, which operates in approximately 100 countries, established its headquarters in the Cayman Islands in 2017.
It also registered a subsidiary in Seychelles in 2019. Despite these legal challenges, Binance continues to provide its services to users around the world, and the company’s spokesperson emphasized their commitment to regulatory compliance and cooperation with relevant authorities.
The situation involving Binance Nigeria Limited highlights the importance of regulatory oversight in the cryptocurrency industry.
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