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Here’s what happened in crypto today

  • September 5, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Stablecoin issuer Circle has officially deployed its native USDC on the Base and Optimism networks. MetaMask scammers take over official government websites from India, Nigeria, Egypt, Colombia, Brazil, Vietnam and other jurisdictions, where they have been found redirecting to fake MetaMask websites. Meanwhile, gambling site Stake confirmed it lost $41 million in an attack that targeted its Ether and Binance Smart Chain hot wallets.

USDC launches on Base and Optimism network

Stablecoin issuer Circle has officially deployed its USD Coin (USDC) on the Base and Optimism networks, opening the door to wider funding options and use cases for USDC holders.

According to the Sept. 5 announcement, users of both networks will be able to use USDC natively without having to rely on bridged versions of the stablecoin. Circle also indicated that it’s working with “ecosystem partners” to ensure that all bridged versions of its stablecoin can be swapped out for the native version.

USDC launched on the networks exactly seven days after Circle CEO Jeremy Allaire first announced the integration.

Base was launched by Coinbase on Aug. 9 to much fanfare. However, users of the network weren’t able to send USDC from their crypto exchange accounts before the integration was finalized.

Circle’s USDC is the second-largest stablecoin by market capitalization, but it has lost market share to Tether’s USDT in 2023.

MetaMask scammers take over government websites to target crypto investors

Crypto scams targeting MetaMask users are using government-owned website URLs to con victims and access their crypto wallet holdings.

Ethereum-based crypto wallet MetaMask has been a long-standing target for scammers — which involves redirecting unwary users to fabricated websites that request access to the MetaMask wallets. Cointelegraph’s investigation on the matter found numerous government-owned websites being used to perpetrate this exact scam.

Official government websites from India, Nigeria, Egypt, Colombia, Brazil, Vietnam and other jurisdictions have been found redirecting to fake MetaMask websites, as shown below.

Cointelegraph alerted MetaMask about the ongoing scams and received an immediate acknowledgment. According to the MetaMask security team, Web3’s incredible growth potential makes the ecosystem attractive for scammers and thieves.

Once a user clicks on any of the rogue links placed within the government website URLs, they are redirected to a fake URL instead of the original URL “MetaMask.io.” Once accessed, Microsoft’s built-in security — Microsoft Defender — warns users about a possible phishing attempt.

If users ignore the warning, they are greeted by a website resembling the official MetaMask website. The fake websites will eventually ask the users to link their MetaMask wallets to access various services on the platform.

The above screenshot shows the similarity between the real and fake MetaMask websites, which is one of the main reasons investors fall for the scam. Linking MetaMask wallets on such websites gives scammers complete control over the assets held on those particular MetaMask wallets.

With regard to the phishing websites uncovered by Cointelegraph, MetaMask security team stated:

“We are building in some heuristics (metadata, indicators, TTPs, etc.) from this current campaign into our detection engines to hopefully detect any more of these attacks as soon as they launch and take steps to take them down before they reach users — or at the very least minimize the exposure.“

Amid growing attacks on crypto investors, MetaMask encourages potential victims to report possible scams.

In case of a seed phrase compromise, MetaMask advises users to stop using the seed recovery phrase and create a new one from a device that has not been compromised. Readers are also advised that MetaMask does not collect Know Your Customer information from its users.

In April, MetaMask denied claims of an exploit that potentially drained over 5,000 Ether

The wallet provider said the 5,000 ETH was stolen “from various addresses across 11 blockchains,” reaffirming the claim that funds were hacked from MetaMask “is incorrect.”

Speaking to Cointelegraph, Wallet Guard co-founder Ohm Shah said the MetaMask team has been “researching tirelessly,” and there is “no solid answer to how this has happened.”

Crypto casino Stake reopens withdrawals just 5 hours after $41M hack

Crypto betting platform Stake has reopened deposits and withdrawals and resumed services for users only five hours after the platform was hacked to the tune of $41.3 million, blockchain security firms estimate.

Stake confirmed that all services resumed at 9:28 pm UTC time on Sept. 4 — a few hours after the platform confirmed that several unauthorized transactions were made on Stake’s ETH/ BSC hot wallets.

Analysis by blockchain security firm Beosin calculated the total loss to be $41.35 million, which included $15.7 million on Ethereum, $7.8 million on Polygon and another $17.8 million from the BNB Smart Chain.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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