Monkey, Pink, Pussy, Venom, Inferno 🤷 🫢
Drainers coming for a crypto wallet near you. BTC to $120K before 2025? Salvador's teenage Bitcoin teacher. ETF impact - $500M poured into BTC funds in 3 weeks. Your BTC private key as colours now.
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ZachXBT v Blue: $1.5 million
Crypto sleuth ZachXBT has unleashed a bombshell investigation revealing that popular YouTuber "Blue" might be knee-deep in some shady crypto schemes that have stolen over $1.5 million.
🔍 The Unveiling: ZachXBT has uncovered damning evidence against YouTuber Blue or Jack, exposing their alleged participation in phishing scams to siphon off funds using NFT drainer tech Monkey and other similar services. Blue, initially known for gaming and trolling videos, apparently made a dubious transition into the world of crypto scams in 2021.
💣 The Leaked Trail: ZachXBT stumbled upon a leaked post from Blue's Snapchat that linked him to the Ethereum ENS address cool-breeze.eth. Apparently, Blue used this address to purchase a fancy Bored Ape Yacht Club (BAYC) 8668 NFT back in October 2022.
But here's the twist: Zach's investigation revealed that a significant chunk of the stolen funds, around 85 ETH, found their way into this address from accounts tied to Monkey Drainer phishing scams.
🐒 Monkey Drainer Scams: Monkey Drainer, a notorious crypto drainer service, has a notorious history of theft amounting to $24 million. It ceased operations in February this year, with its developer advising aspiring cyber criminals to avoid the allure of easy money.
Blue allegedly found success by using Monkey Drainer and even boasted about his scams and BAYC purchase on Discord servers.
💸 Lavish Lifestyle: After a falling-out with Monkey, Blue didn't shy away from continuing his fraudulent escapades. He switched to new ENS addresses and explored other drainer services to keep the cash flowing.
ZachXBT uncovered evidence of Blue indulging in luxurious purchases, ranging from watches to cars and even Roblox items, all funded by the stolen assets.
🐦 Twitter Spamming: Blue's primary method of operation involved spamming on Twitter using verified accounts. One victim, user @g13m, fell victim to a phishing scam in July, losing around $213,000 worth of ETH and USDT to a fake Doodles NFT site.
Blue reportedly pocketed a substantial sum of 49 ETH and $74,000 in USDT after paying the drainer fee. Another victim, @ystrickler, lost 12 ETH worth of Milady and Squiggle NFTs, with Blue receiving 10.3 ETH as part of the scheme.
🛡️ Seeking Justice: ZachXBT has shared additional information about Blue with multiple victims, aiming to support potential legal action against the alleged scammer. The crypto community stands united against such unethical actions, and justice must prevail.
The four new drainers: $66.4 million
The emergence of four major crypto drainers that have stepped up to fill the void left by Monkey Drainer:
Pink Drainer
Inferno Drainer
Pussy Drainer
Venom Drainer
Wreaking havoc on thousands of victims and stealing millions of dollars in crypto this year. According to Dune dashboards compiled by Web3 anti-scam platform Scam Sniffer, the total amount stolen by these drainers since the beginning of 2023 is a staggering $66.4 million.
🦹♂️ Venom Dominates: Among the four, Venom Drainer has claimed the lion's share, stealing nearly $27.5 million since February. Inferno Drainer follows closely behind with over $21.2 million stolen since January but has victimized nearly 45,800 individuals, three times the number of Venom Drainer's victims. Together, Pussy Drainer and Pink Drainer have targeted over 6,000 victims and pilfered $17.5 million in funds. Monkey Drainer, during its reign, managed to snatch approximately $13 million worth of digital assets.
💔 How Crypto Drainers Operate: Crypto drainers work by tricking victims into unknowingly authorising a malicious transaction in their wallets, enabling a smart contract to transfer a portion or even the entirety of their assets.
They employ social engineering tactics like phishing emails and fake websites to deceive users.
Once a victim authorises a transaction, the drainer's smart contract transfers their crypto assets to the scammer's addresses.
Drainers may target weak passwords, unsecured keys, or improper account configurations.
Scammers often rent out drainers to other criminals, receiving a cut of the stolen funds.
Some drainers charge access fees or commissions on stolen assets. (such as Inferno's 20% commission or Venom's initial $1,000 fee for first-time users.)
They may mimic popular platforms or services to trick users into approving fraudulent transactions.
Drainers may temporarily shut down or announce their exit to avoid law enforcement.
New drainers emerge to continue the cycle of exploitation.
Users should exercise caution, implement strong security measures, and stay informed to protect against crypto drainers and scams.
🚫 Crafty Techniques: Scam Sniffer revealed that some drainers offer "add-ons" that include malicious signature requests mimicking popular non-fungible token (NFT) marketplaces like Blur and X2Y2. By using these unreadable signatures, the drainers can exploit victims who have assets on Blur, executing specific malicious signatures to pilfer NFTs approved for trading on Blur.
⚠️ The Ever-Changing Landscape: Crypto drainers don't last forever. Once a drainer accumulates a substantial amount of stolen funds, the operators may announce their exit as an attempt to evade law enforcement. However, as one drainer fades away, another quickly takes its place because of its profitability. So far, no arrests have been made, allowing the cycle to continue.
TTD Bitcoin 🪙
Standard Chartered Bank predicts Bitcoin will reach $120,000 by the end of 2024, a mind-boggling 300% leap.
Not for nothing - The best asset of H1 2023? Bitcoin 🚀
What's driving this surge? Miners are expected to hoard their coins, reducing market supply. With limited availability, Bitcoin's value is set to skyrocket.
Bitcoin has already surged 82% this year, reversing the downward trend of 2022. Miners have experienced increased revenue, thanks to the bullish price momentum.
In 2022, falling BTC prices forced major miners to sell, contributing to a market crash. But fear not! The tides have turned, and Bitcoin is now on an early upswing.
Long-term holders are accumulating Bitcoin, a clear indicator of prior bull markets. Their strong hands imply a belief in Bitcoin's long-term value.
🦐 Even the "Shrimps" (small entities with less than 1 BTC) are stacking sats harder than ever, outpacing miners' production. The demand for Bitcoin is soaring!
As Bitcoin's price rises, miners may reduce coin sales to cover costs. This creates a bullish feedback loop, further limiting circulating supply.
Here's more reasons
Institutional investors are increasingly interested in Bitcoin as a store of value. Its decentralised nature and scarcity make it an attractive hedge against inflation.
BlackRock, a major player, has filed for a Bitcoin spot ETF. An approved Bitcoin spot ETF in the US. If granted, it could send Bitcoin's price soaring even higher.
Bitcoin's potential to revolutionize financial systems worldwide is gaining recognition. Its adoption for online payments and remittances is growing, marking a paradigm shift.
Bitcoin has become a mainstream investment option, attracting retail investors seeking exposure to this digital asset class.
Global economic uncertainties are driving the demand for alternative assets like Bitcoin. People are looking for stability and a hedge against volatile markets.
Hash rate high
The hash rate of Bitcoin, which measures the network's computational power and security, reached a new all-time high over the weekend. This makes it increasingly difficult for any individual or group to control more than 50% of the network's power. A higher hash rate strengthens the network's resilience against attacks and makes it more secure.
However, it also comes with trade-offs for miners, such as increased competition and the need for more powerful hardware and energy consumption. The surge in hash rate may be due to Texas-based miners resuming operations after recent heatwaves, as well as anticipation of the upcoming halving and the increase in Bitcoin's price. This is expected to result in a growth in mining difficulty.
Now is it weather?
Bitcoin mining company Marathon Digital attributed a 21% decrease in Bitcoin mined in June to weather conditions in Texas and a drop in transaction fees.
“The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees.”
The company experienced a decline in production due to weather-related curtailment in Texas and a significant decrease in transaction fees. The average temperature in Texas increased by almost 8.4 degrees Fahrenheit between May and June.
TTD ETF 🥩
Bitcoin ETF Prospects
Former SEC Chairman Jay Clayton has ignited hopes for a spot Bitcoin ETF approval. Clayton expressed that if the spot market can demonstrate efficiency comparable to the futures market, regulators would find it challenging to resist green lighting a Bitcoin ETF.
Clayton was very sceptical of Bitcoin trading when he was the SEC boss, but now, he now finds it “pretty remarkable” that major players want to put their name on spot ETF applications.
“If they’re [applicants] right—that the spot market has similar efficacy to the futures market—it would be hard to resist approving a Bitcoin ETF.”
Grayscale's Criticism
Crypto asset manager Grayscale has taken aim at the SEC, criticizing the agency's approval of a leveraged Bitcoin futures ETF while rejecting its spot market ETF application. Grayscale argues that the SEC's inconsistent treatment of spot Bitcoin ETFs demonstrates unfairness. The company has been embroiled in a lawsuit against the SEC, accusing the agency of arbitrariness in the approval process.
Institutional investment Surge
Institutional investors are making a bold move as they inject a staggering $500 million into Bitcoin funds in just three weeks. This trend marks a reversal from the downward trajectory witnessed since April. A CoinShares report also highlights that exchange inflows are at a cycle low, indicating that it is predominantly institutional players who are embracing a bullish stance. Bitcoin remains the preferred choice for institutional investments, comprising 98% of the allocated funds, while Ethereum and other altcoins experience lesser activity. Germany-based funds lead in terms of inflows, closely followed by the United States, Canada, and Switzerland. Although volumes remain low for the season, the recent surge paints an optimistic picture.
TTD NFT 🐝
Starbucks and Aku NFT
Starbucks, the beloved coffee chain, has joined forces with Micah Johnson's Aku NFT project to create an enchanting digital collectible experience. The Aku collection, famous for inspiring young kids to dream big, has caught the attention of big names like Trevor Noah and Tyra Banks. Now, Starbucks is bringing the magic of Aku to its loyal customers through a new digital collectible Stamp called "Aku Adventure." From July 17 to August 13, 2023, Odyssey members will embark on a whimsical journey filled with surprises and inspiration. Starbucks will also make a generous donation of $100,000 to Blessings in a Backpack, a non-profit organisation that fights childhood hunger.
Home run with Candy Digital and MLB
Step up to the plate, baseball fans! Candy Digital, the digital collectible platform, has teamed up with Major League Baseball (MLB) to offer an incredible opportunity. Attendees of the 2023 MLB All-Star Game will receive exclusive commemorative digital tickets created by Candy Digital. And that's not all! Mastercard users who have purchased tickets to the game can redeem a special digital ticket too.
All MLB fans can mint their very own 3D MLB All-Star collectible baseball for free and enter a sweepstakes for a chance to win tickets to the World Series! The partnership extends to the National Baseball Hall of Fame and Museum, where fans can grab their own piece of history with commemorative digital tickets.
Fashion meets blockchain
Calling all fashion-forward Apple Watch enthusiasts! La Maison Steel has unveiled a stunning collection of luxury connected cuffs called SmrtKuffs. From elegant entry-level leathers to a jaw-dropping high jewellery version embellished with over 400 diamonds, these cuffs are here to elevate your style game. But what makes them truly special? Each SmrtKuff is authenticated by an NFT, giving it a unique digital identity and ensuring its authenticity. Equipped with an integrated NFC chip, these fashionable cuffs allow you to access a digital ID and dive into the product's provenance through an NFT on the Polygon network.
The digital passports also include CITES certification for exotic leathers, promoting sustainability and traceability.
TTD Colour 🎨
Bitcoin developer Entero Positivo introduces a game-changing tool: BIP39Colors.
Convert your BIP39 mnemonic phrase into a series of colors and vice versa.
Protect your key by hiding it within a rainbow spectrum. 🌈
BIP39 standardises seed phrases for Bitcoin wallets, making recovery easier. But storing 12 words on paper is too obvious to hackers or thieves.
Colours to the rescue
Colours can be hidden in plain sight, fooling thieves.
A colour palette labeled as "wall colours" or in a website's styles.css can safeguard your crypto.
How does it work?
Convert your seed phrase to 8 colours (or 24 words to 16 colours).
Hex colour codes represent the colours.
Colours can be stored across various files like HTML, CSS, or a PNG colour palette.
No need to remember the order
As long as all colours are present, you can recover your seed.
Store colours in different places: share with your mother, embed in your website, or note in a design book.
Governments will find it harder to seize your Bitcoin hidden in colours.
BIP39Colours offers flexibility and protection for your precious crypto.
Instructions included
Decode your BIP39 colours back into a mnemonic phrase with a calculator.
No external tools required—making it accessible for everyone!
TTD Surfer 🏄
Vanguard Group, a $7.2 trillion asset manager, has increased its investment in Bitcoin mining companies - $560 million worth of Riot Blockchain and Marathon Digital shares.
The Commodity Futures Trading Commission (CFTC) has ordered two Florida men to pay $5.4 million in a Bitcoin fraud case.
Korea's third-largest wireless carrier, LG Uplus, has entered the fashion metaverse business by partnering with Ation Fashion and Z-Emotion.
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