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Binance Alerts Users To Malware Risks in Crypto Withdrawals

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Binance crypto exchange has issued a warning about an ongoing malware threat that manipulates cryptocurrency withdrawal addresses, posing significant financial risks to users. The exchange has observed an increase in such malicious activities, prompting a robust response to safeguard user transactions.

Binance Issues Alert on Malware Threats to Crypto Wallets

In a recent blog post, Binance detailed how the malware known as “Clipper” is affecting the crypto community. This malware intercepts and alters clipboard data to change cryptocurrency addresses copied by users during transactions. 

As a result, funds intended for legitimate recipients are misdirected to addresses controlled by attackers. The security team at Binance has enhanced monitoring to detect and prevent these alterations.

BinanceBinance
Binance

Furthermore, the company has committed to educating its users about recognizing and mitigating such threats. The exchange emphasizes the importance of verifying the authenticity of wallet addresses before executing transactions. It advises double-checking addresses manually and avoiding the use of clipboard for transactions when possible.

Enhanced Security Measures and User Guidance

In addition, Binance has implemented several security measures in response to the rising threat from malicious software. One primary strategy is the blacklisting of suspicious addresses identified as part of the scam. This preventive measure has thwarted numerous transactions that would have resulted in unauthorized withdrawals.

The cryptocurrency exchange is also actively engaging with its user base, issuing notifications to those potentially affected by such malware. The exchange platform encourages users to report any suspicious activity immediately, enabling the security team to take swift action. 

Moreover, the exchange recommends that users install and maintain reputable security software, which can provide an additional layer of defense by detecting and removing malware.

Preventative Strategies to Combat Crypto Scams

To combat the threat of this crypto scam, Binance advocates a proactive approach to online security. Users are urged to verify the sources of any downloadable apps or plugins, sticking to official and reputable outlets. Regular updates to security software can also help protect against the latest threats.

More so, this week, the American division of the crypto exchange, BinanceUS, partnered with digital asset custody firm Fireblocks. This collaboration aims to improve the security of customer assets against crypto scams using sophisticated wallet technologies. 

Similarly, to combat crypto scams, the Commodity Futures Trading Commission (CFTC) launched educational collaborations with both federal and private entities to inform the public about prevalent scams, such as “pig butchering” and other deceptive schemes. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US Fed Cuts Interest Rate By 0.50%, Will It Spark A Crypto Rally?

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2 hours ago

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September 18, 2024

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The US Fed interest rate cut decision of 0.50%, in line with the market expectations, marks the first policy rate trim in four years. The event was eagerly awaited by the market participants, with traders now awaiting the upcoming Fed Chair Jerome Powell’s speech. Although the market was already expecting a 0.50% rate cut by the US central bank, it appears to boost the market sentiment, potentially paving the way for a crypto market rally.

US Fed Interest Rate Cut At 0.50%

According to the latest FOMC announcement, the US Fed interest rate cut comes in at 0.50%, while a percentage was anticipating a smaller policy rate trimming of 0.25%. However, the latest decision, which comes after four long years, appears to have boosted the market sentiment.

Usually, the lower policy rates aid in bolstering the market sentiment, potentially inducing borrowing and spending that helps stimulate the economy. Having said that, the latest decision appears to have been lauded by many, while raising the risk-bet appetite of the investors. Meanwhile, the lower rates also tend to boost market confidence towards riskier assets like crypto as well as stocks.

However, it’s worth noting that there are several other factors in play, that might influence the market sentiment. For instance, if Fed Chair Jerome Powell speech reveals a hawkish stance ahead, it could potentially dampen the momentum set after the dovish decision by the US Federal Reserve.

A Crypto Market Rally Ahead?

The US stock market has already responded positively to the decision, with all three indices trading in the green today. Besides, it has also fueled speculations over a potential crypto market rally, as the US central bank opted for the bigger rate cut plan.

Meanwhile, the broader crypto market has wiped off its latest losses post the US Fed interest rate cut decision. Simultaneously, BTC price moved up over 1.5% in the last hour to $60,350, after falling to as low as $59,218.25 recently. On the other hand, top altcoins like XRP, BNB, and others, have also noted significant gains following the US FOMC interest rate cut decision.

Now, the market eagerly awaits the Jerome Powell speech, which would provide further cues on the Fed’s potential stance going forward. If the Fed chair leans towards a dovish plan, it could hold the positive momentum ahead, potentially keeping the crypto market rally intact.

However, any hawkish comments, as the Fed hints towards another 50 bps rate cut in the remaining two Fed meetings, could dampen the investors’ sentiment. Despite that, some market experts anticipate a volatile market post the rate cut decision, based on historical trends. Considering that, the investors are advised to exercise due diligence while putting their bets on the assets.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Terra Luna Classic Upgrade Goes Live, Binance Announces Support

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6 hours ago

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September 18, 2024

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LUNC News: Terra Luna Classic successfully completed the v3.1.5 upgrade offering improvements including a critical security fix for wasmd, improved transaction efficiency, and preparedness for Tax2Gas implementation. The world’s largest crypto exchange Binance expressed support for the Terra Luna Classic security upgrade.

LUNC News: Terra Luna Classic Completes v3.1.5 Upgrade

Terra Luna Classic developers successfully applied the wasmd security patch included in the v3.1.5 upgrade on September 18. The chain was halted at block height 19850000 for applying the terrad client release pull request. The upgrade was started at 11:26:59 UTC, with the block proposed by validator Interstellar Lounge. This was the quickest upgrade of the chain.

The Terra Classic upgrade bumps wasmd to 0.46 and wasmvm to 1.5.4. This update also includes the changes from v3.1.4. The previous version v3.1.4 containing a fix for gas estimation of taxable transactions was only released to endpoint providers as it did not contain consensus-relevant changes.

Binance announced support for the Terra Luna Classic upgrade. The exchange suspended the deposits and withdrawals of Terra Classic ecosystem tokens to support its network upgrade and ensure the best user experience. Notably, Binance burns billions of LUNC tokens monthly to support the community’s campaign to revive LUNC.

Binance, one of the best crypto exchanges, has burned 64.47 billion LUNC tokens in the last two years. This accounts for 48.5% of the total tokens burned by the community.

LUNC and USTC Prices Fell On Wider Market Sentiment

Despite the positive news, LUNC price lost most of today’s gains, with the price now down 1.74% in the last 24 hours. The 24-hour low and high are $0.00007942 and $0.00008332, respectively. The LUNC trading volume saw a 25% increase in the last 24 hours, indicating interest among traders.

Meanwhile, USTC price is trading at $0.01645, down 1% in the last 24 hours and 8% in a week. The 24-hour low and high are $0.01633 and $0.01711, respectively. The USTC futures open interests are down 3.35% in the past 24 hours and 0.84% in the past hour.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Anthony Scaramucci Predicts When Bitcoin Can Hit $100K

Published

11 hours ago

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September 18, 2024

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Skybridge Capital co-founder Anthony Scaramucci has once again caused a stir within the crypto community with his bullish remarks on Bitcoin (BTC). The hedge fund manager on Wednesday anticipated a record-high $100K price target for the flagship crypto ahead. This bullish projection is primarily in light of the looming U.S. Fed rate cuts and ongoing presidential elections.

Meanwhile, BTC price topped $60K today, further solidifying market watchers’ optimism in tandem with Scaramucci’s recent statements.

Anthony Scaramucci Bullish On Bitcoin’s Run To $100K

According to a recent Bloomberg report dated September 18, the Skybridge Capital founder has taken a bullish stance on BTC in the wake of the Fed’s looming interest rate cuts and a clear crypto regulatory purview with the upcoming November presidential elections in the U.S.

“We are going to get pro-cryptocurrency, Bitcoin, and stablecoin legislation in the first part of the next congressional term in the U.S.,” Scaramucci stated. Further, he added, “At the same time, you’re intersecting with rate cuts from the Federal Reserve.”

These statements, against the backdrop of the current nationwide scenario, have echoed a significant buzz. The U.S. Fed rate cut results remain due for later today with high likelihood of rate cuts. CME FedWatch Tool data shows considerably high chances of a 50bp interest rate cut ahead. Nonetheless, market watchers eagerly await Fed Jerome Powell’s official announcement.

Meanwhile, long after Republican Trump dismissed the Skybridge Capital founder from his role as communications director in 2017, Scaramucci now appears to have sided with the Democratic Party. As per the report, Scaramucci remains optimistic about crypto rules under the Harris administration despite their unclear nature and Trump’s clear public stance on digital asset regulation. However, it’s also worth mentioning that the Harris administration has given hints that it plans to support crypto nationwide without any actions yet.

Simultaneously, it’s noteworthy that Polymarket data today indicated Harris’ winning odds at 50%, whereas Trump’s stood at 48%. Altogether, in line with the abovementioned aspects, the hedge fund manager stated, “That’s going to be really good for asset prices in the U.S. and globally,” supplementing that BTC could reach $100K by year-end. As CoinGape Media reported, Anthony Scaramucci predicted BTC to reach $100K earlier this year as well.

BTC Price Touches $61K

Meanwhile, Anthony Scaramucci’s remarks gained additional traction today in light of the BTC price action. BTC price today topped $60K, gaining nearly 3% in the past 24 hours to $60,432. The coin’s intraday low and high were recorded as $58,640.59 and $61,316.09, respectively.

This rising movement falls in line with a massive $186.76 million inflow in Bitcoin ETFs as of September 17, per Soso Value data. The upsurging inflows saga has underscored rising institutional demand for the asset.

Meanwhile, a recent X post by CryptoQuant revealed that new whales and Binance traders are heavily bagging Bitcoin. Simultaneously, old whales continue to HODL. Altogether, this data has sparked market optimism for the coin’s future price movements despite the recent turbulence.

Furthermore, Coinglass data today illustrated a 4.5% uptick in BTC futures OI to $32.33 billion. The derivatives volume rocketed 53.5% to $73.05 billion. Coupled with today’s price upswing, market stats underscore an uptrend for the crypto.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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