dTRINITY has launched its subsidized lending protocol on the Fraxtal layer-two network, aiming to reduce borrowing costs and enhance yields for stablecoin users. The protocol utilizes dUSD, a stablecoin backed by an on-chain reserve, to provide interest rebates for borrowers, potentially leading to negative interest rates. With strategic partnerships and plans for expansion to Ethereum and other blockchains, dTRINITY seeks to optimize liquidity and user incentives in the DeFi space.
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News from MMR
Generated 0 posts last week Nigeria Arrests Nearly 800 in Major Crypto Scam Operation Raid
Nigeria’s anti-corruption agency has arrested 792 individuals in Lagos, suspected of operating a large crypto romance scam known as “pig butchering.” The operation involved foreign crime groups, primarily from China and the Philippines, recruiting local accomplices to defraud victims, mainly from the U.S. and Europe, through social media. The scheme highlights the growing trend of organized crime expanding into regions with weaker cybersecurity enforcement.
read moreSingapore and Switzerland: A Comparative Analysis of Success and Innovation
Singapore and Switzerland share similarities as innovative, resource-scarce nations with stable political climates and a focus on education and research. Both countries thrive in multicultural environments, with Singapore celebrating its 60th anniversary soon, while maintaining strong ties as Switzerland’s key trading partner in Southeast Asia. The presence of Swiss institutions and a significant foreign workforce underscores Singapore’s strategic global outlook and commitment to development.
read moreCrypto Scammers Shift Tactics to Shorter, More Targeted Schemes in 2024
In 2024, crypto scammers have shifted to shorter, more lucrative schemes, reducing the average scam lifespan to just 42 days, a significant drop from previous years. A notable trend is the rise of newly created wallets, which now account for 43% of scam inflows, as criminals adapt by using seasoned social media accounts to enhance their deception. The report highlights the ongoing evolution of tactics, particularly among organized groups like KK Park, which has amassed over $100 million from various scams this year.
read moreEvolving Crypto Scams Target Centralized Exchanges and Shorten Lifespan
Crypto scams are evolving rapidly, with a shift towards shorter, more lucrative schemes, according to a Chainalysis report. The average lifespan of scams has dropped from 271 days in 2020 to just 42 days this year, as criminals increasingly target centralized exchanges, amassing over $1.5 billion in the first half of 2024. Notably, “pig butchering” scams remain the most profitable, with one operation generating over $101 million this year alone.
read morePig butchering scams emerge as top crypto fraud in 2024
“Pig butchering” scams have emerged as the most profitable crypto fraud in 2024, generating significant revenue, with one Myanmar-based operation netting over $101 million this year. The fraudulent Chinese investment firm Huione Guarantee has processed more than $49 billion in crypto transactions since 2021, primarily facilitating illicit activities. Scammers are increasingly adopting shorter, more efficient schemes to evade detection, as evidenced by recent DOJ charges against two Chinese nationals linked to a pig butchering scam involving $340 million in stolen assets.
read moreCrypto Scammers Shift to Emotionally Manipulative Tactics and Money Laundering
Crypto scammers are increasingly abandoning large Ponzi schemes in favor of emotionally manipulative tactics, such as pig butchering and work-from-home scams, according to Chainalysis. These scams involve building fake romantic relationships to lure victims into investing in fraudulent opportunities. A significant amount of illicit funds from these scams is laundered through Huione Guarantee, an online marketplace that has processed $49 billion in crypto transactions, with a notable portion linked to pig butchering activities.
read moreScammers Shift to Pig Butchering Tactics Amid Increased Law Enforcement Pressure
Scammers are increasingly shifting from elaborate Ponzi schemes to pig butchering scams, which involve building online relationships with victims before luring them into fraudulent investments. The average lifespan of these scams has plummeted from 271 days in 2020 to just 42 days in 2024, reflecting enhanced law enforcement efforts. Notably, 43% of scam inflows this year have gone to newly active wallets, with significant activity linked to notorious operations in Myanmar.
read moreCoinbase Seeks Gensler’s Correspondence in Narrowed SEC Subpoena
Coinbase has narrowed its subpoena of SEC Chair Gary Gensler to only request his personal correspondence during his tenure, following a judge’s reluctance to grant access to his private chats prior to his appointment. The SEC has until August 5 to respond, while Coinbase has until July 23 to submit its opening brief in support of its move to compel. The lawsuit against Coinbase alleges violations of federal securities laws, with the exchange contending that the tokens it offers are not securities and therefore exempt from SEC oversight.
read moreFilipino Musicians’ YouTube Accounts Hacked in XRP Scam
Filipino musicians’ YouTube accounts, including those of Rico Blanco, boyband SB19, and local band Ben&Ben, were hacked to promote an XRP scam. The hackers livestreamed a deepfake video of Ripple CEO Brad Garlinghouse, enticing viewers to deposit XRP with the promise of doubling their investment, a common tactic used by cryptocurrency scammers. The affected artists’ teams worked to regain control of their accounts, with some successfully restoring partial access, while YouTube disabled Rico Blanco’s account due to policy violations.
read moreCambodian Prime Minister’s Family Linked to $11 Billion Crypto Scam
A Cambodian online marketplace, Huione Guarantee, has been implicated in an $11 billion crypto scam operation, with evidence linking it to the country’s ruling family. The marketplace is reported to facilitate illicit activities such as money laundering and the sale of software for fraudulent schemes. The company’s director, Hun To, who is the cousin of the Cambodian prime minister, has been identified in connection with the operation.
read moreNavigating the Evolving Landscape of Blockchain Analytics and Crypto Regulation
The recent approval of Bitcoin ETFs in the US has sparked both excitement and challenges, with blockchain analytics firm Crystal experiencing increased demand for its products. The company’s COO, Marina Khaustova, emphasized the importance of regulatory coordination in the crypto space and highlighted the rise of romance scams powered by human trafficking operations in countries like Myanmar and Cambodia. Crystal offers a free version of their software for Bitcoin analysis and provides solutions to university researchers at no cost. For more insights, readers can follow Crystal’s Director of Blockchain Intelligence, Nick Smart, on LinkedIn.
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