X verification leads to most successful Crypto Phishing Scam's in history - take caution!

The crypto currency community faces a new threat as fraudsters are making USD 50,000 a day by spoofing crypto researchers on X (formerly Twitter).

Multiple fake accounts impersonating crypto currency scam investigators and blockchain security companies are promoting phishing pages to drain wallets.

The scammers exploit breaches on major crypto currency exchange platforms urging users to take swift action to protect their digital assets.

The scale of this phishing campaign is large and being left unchecked with bot accounts promoting hashtags like #UniswapExploit reaching top trending topics on X. The scammers focus on impersonation of well known figures in the crypto community creating false CertiK, ZachXBT, and Scam Sniffer accounts.

This adds an element of credibility to the scam leading to legitimate users unknowingly promoting fraudulent information.

With X’s latest feature enabling anyone to purchase a blue tick, it has created confusion amongst X users who are not across the updates and perceive the information they are reading to be from a confirmed and verified account. This gives the hackers an advantage over their victims who are falling pray to these attacks.

The crypto sector is urged to exercise caution and verify information from trusted sources to avoid falling victim to these sophisticated phishing attacks. The incident highlights the need for increased vigilance and awareness within the crypto space as malicious actors continue to evolve their tactics

Dubai Emerges as Crypto Central

Regulatory approval in the Middle East has taken steps forward with Crypto.com's Dubai entity being granted a Virtual Assets Service Provider (VASP) license by the city's regulator pending operational approval.

Once approved by Dubai's Virtual Assets Regulatory Authority (VARA), Crypto.com's local business, CRO DAX Middle East FZE will be able to offer a range of services to both retail and institutional investors, including exchange, broker-dealer, and lending and borrowing services.

The CEO of Crypto.com, Kris Marszalek expressed excitement about working with regulators to contribute to Dubai's growing crypto industry. He emphasized Dubai's role as a "leading market when designing effective regulation." This move comes as many crypto businesses seek legal clarity with Dubai emerging as a sought after destination due to its clear regulatory framework. In contrast to the regulatory uncertainties faced by crypto firms in the United States and other parts of the globe.

Binance Dubai General Manager, Alex Chehad, highlighted the clear regulatory framework in Dubai and the United Arab Emirates making it easier for large companies like Binance to establish permanent headquarters in the region. Dubai's crypto friendly jurisdiction positions it as an emerging digital assets hub in the Middle East.

Australia Causes More Crypto Confusion as ATO takes position on WRAPPED tokens.

The Australian Taxation Office (ATO) has issued guidance on the capital gains tax (CGT) treatment of decentralised finance (De-Fi) and wrapping crypto tokens for individuals.

The ATO clarified its intent to continue taxing Australians on capital gains when wrapping and unwrapping tokens. The ATO outlined the transfer of crypto assets to an address that the sender does not control as a taxable CGT event. This includes staking tokens in pools Additionally, wrapping and unwrapping tokens regardless of their price at the time, will be subject to capital gains tax.

This move by the ATO reflects the increasing attention of tax authorities on the rapidly evolving crypto space. The clarification is expected to provide individuals with a better understanding of their tax obligations related to De-Fi activities and token wrapping.

The ATO has previously provided guidance that purchasing tokens to stake and earn an income can be considered a tax deduction if your purchase is going towards earning you an income and is part of your business. You will need to confirm this with your tax accountant.

USD 50,000 Bitcoin a possibility

On the Bitcoin market front prominent crypto analyst predicts that Bitcoin is on track to hit a USD 50,000 target. The analyst points to the possibility of the US Securities and Exchange Commission (SEC) approving Bitcoin spot ETF applications by November 17. Which could fuel a rally in BTC prices.

The approval of spot Bitcoin ETFs is seen as a potential catalyst for widespread institutional interest in Bitcoin, driving demand and potentially pushing prices higher.

However, a recent report from JPMorgan provides a contrasting view suggesting that the excitement around potential ETF approval has led to an overdone rally in crypto currencies.

The report argues that instead of attracting new capital, existing demand for products like Grayscale Bitcoin Trust may shift to newly approved spot ETFs.
The bullish sentiment in the market is supported by technical analyses from crypto analysts, including Faibik who foresee a potential rally to the USD 50,000 range in the coming months.
Faibik suggests that if Bitcoin maintains a price range between USD 34,000 and USD 38,000 for two months.

it could initiate a halving rally by mid February and reach USD 50,000 by late March 2024.

Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.

Posted Using InLeo Alpha