Tag:

Crypto

Betting against James Wynn. (Lookonchain)
NFT Gaming

Crypto May Now Have Its Own ‘Inverse Cramer’ and Profits Are in Millions

by admin



Meet James Wynn, the pseudonymous trader on Hyperliquid who became famous for his $1 billion bitcoin short bet, could now be gaining a new kind of fame: as crypto’s own “Inverse Cramer.”

For those unfamiliar with the Cramer lore: he’s the high-octane, loud-money mascot of CNBC’s Mad Money, a former hedge fund manager turned stock picker with a hit-or-miss track record that turned into a meme. Many retail traders started doing the exact opposite of his recommendations, and the idea became so famous that an “Inverse Cramer ETF” was launched (it was later shut down, but the meme lives on).

Now, crypto traders might have found their new “Inverse Jim Cramer” in James Wynn’s trading wallet.

“The winning strategy lately? Do the opposite of James Wynn,” said blockchain sleuth Lookonchain in an X post, pointing to a trader who has been making millions by doing exactly the opposite of James Wynn’s trades.

Betting against James Wynn. (Lookonchain)

“0x2258 has been counter-trading James Wynn—shorting when James Wynn goes long, and going long when James Wynn shorts. In the past week, 0x2258 has made ~$17M, while James Wynn has lost ~$98M,” Lookonchain said in the post.

Seventeen million dollars in a week just by inverse-betting on one trader is not a bad payday. However, this might be a short-term trade, and one should be very cautious as things can change lightning fast in the trading world, leaving punters millions in losses if not hedged properly.

Even James Wynn said, “I’ll run it back, I always do. And I’ll enjoy doing it. I like playing the game,” after the trader got fully liquidated over the weekend.

So, maybe this Reddit gem: “How much money would you have made if you did the exact opposite of Jim Cramer?” would never translate to include James Wynn. But the sentiments, though, are loud and clear: in a market where perception is half the trade, even your PnL can get memed!

A bonus read: Jim Cramer Doesn’t Know Bitcoin”



Source link

0 comments
0 FacebookTwitterPinterestEmail
May’s crypto hacks total $244m; Sui, Cetus claw back $157m
Crypto Trends

May’s crypto hacks total $244m; Sui, Cetus claw back $157m

by admin



Crypto hacks resulted in approximately $244.1 million in losses during May 2025.

According to blockchain security firm PeckShield, this marks a 39.29% decrease from April’s figures. The month recorded roughly 20 major incidents, with coordinated recovery efforts successfully freezing some stolen assets.

The most notable development involved the collaborative response between Sui (SUI) validators and Cetus Protocol following a massive $220 million exploit. Network participants managed to freeze $157 million of the stolen funds, a 71% recovery rate from the total theft amount.

Cetus exploit dominates monthly losses

The Cetus Protocol incident was the largest single hack of the month and accounted for the majority of losses. According to blockchain security firm Dedaub, attackers exploited a vulnerability in the most significant bits check mechanism.

This allowed them to manipulate liquidity parameters by substantial margins and establish disproportionately large positions with minimal effort.

While hackers successfully looted $220 million from the protocol, approximately $63 million remains in the exploiter’s wallet, with the remainder frozen through validator coordination.

The remaining top exploits of the month included Cork Protocol losing $12 million. A purported North Korean-affiliated strike that caused losses of $5.2 million came next.

The MBU token suffered a $2.2 million exploit, while MapleStory Universe experienced a $1.2 million breach and rounded out the top five incidents.

Despite the major absolute losses, May’s figures are an improvement over previous months in the context of 2025’s overall security losses.

More than $1.63 billion worth of cryptocurrencies was stolen in the first quarter of this year. Additionally, PeckShield said that almost 92% of all losses at that time were caused by the Bybit vulnerability.

January’s security incidents resulted in over $87 million in stolen cryptocurrency, while February experienced a surge to $1.53 billion. This was primarily driven by the massive Bybit attack that ranks among the largest crypto thefts in history.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
NFT Gaming

Does Crypto Have a KYC Problem? Coinbase Hack, Solana Founder Doxxing Reopen Debate

by admin



For privacy-minded crypto users, there may be no three letters more dreaded than “KYC.”

The acronym, shorthand for “know your customer,” refers to the process of providing personally identifiable information, such as your name and address, to certain service providers, namely cryptocurrency exchanges. In many jurisdictions, including the U.S., it’s required by law. And while it may be important, perhaps even crucial, in guarding against illegal activity, KYC comes with risks—both for the companies that collect the data and the individuals who provide it.

Earlier this week, Solana co-founder Raj Gokal and his wife were both doxxed by malicious actors demanding he pay 40 BTC (worth $4.3 million). Gokal says that the photos of his documentation came from a know-your-customer process, but didn’t provide details.

Getting doxxed refers to having personal information published online, and in the worst of cases this can include home addresses or bank details. In the world of crypto, with a high number of anonymous and pseudonymous users, the doxxing bar can be as low as just someone’s real name or face. In Gokal’s case, it was photos of his government-issued ID, which included his home address.

This comes two weeks after the biggest centralized crypto exchange in the U.S., Coinbase, revealed it suffered a data breach, resulting in sensitive customer information falling into the hands of hackers. TechCrunch and Arrington Capital founder Michael Arrington predicted this would “lead to people dying,” as a wave of kidnapping attempts sweeps the industry.

Many have speculated that Gokal’s doxxing came as a result of the Coinbase breach, although it hasn’t been confirmed. The incident, nevertheless, has made crypto users wary of being forced to identify themselves to exchanges.

always remember to dress up smart for your KYC photos.

you never know what kind of reach they might get on social media

— raj 🖤 (@rajgokal) May 27, 2025

After all, KYC processes can often involve requiring users to provide photos of their passport, proof of address, and a photo of themselves holding an ID. And with crypto kidnappings on the rise—following a number of high-profile cases in France, the U.S., and elsewhere—users are fearful that hackers could steal their KYC information and lead attackers to their front doors.

“When a platform collects too much KYC , it becomes a target,” Nick Vaiman, co-founder and CEO of Bubblemaps, told Decrypt. “Once attackers get access to that data, they can launch highly targeted phishing attacks, or worse, use your personal info to find you in real life and rob you directly,” he said. “KYC data creates risk. The more data you hold, the bigger the target you become.”

But a future without KYC simply isn’t realistic, said Bubblemaps co-founder and COO Arnaud Droz. As such, it’s like to continue as perhaps a “necessary evil” to prevent on-chain criminal activity.

“KYC is a crucial tool not just for regulatory compliance, but for crime prevention,” Slava Demchuk, CEO of compliance firm AMLBot, told Decrypt. “While sophisticated criminals may still find ways around it, KYC introduces friction that makes their operations harder—and when paired with other [anti-money laundering] measures like transaction monitoring and screening, it becomes a powerful defense.”

Due to this important function, KYC is required by law in most jurisdictions. That includes the U.S., which requires it under the USA Patriot Act of 2001. 

Despite its virtues, there has been an increase of industry leaders vocally pushing back against KYC requirements following the Coinbase hack. Erik Voorhees, founder of cryptocurrency exchange ShapeShift, called state-enforced KYC a crime on social media. Coinbase CEO Brian Armstrong agreed with him.

“The core issue is that if you’re a scammer, it’s not hard to bypass the system,” Vaiman added. “You can simply buy fake KYC or use someone else’s. And with the rise of AI, generating fake identities is becoming even easier, making the entire system weak. KYC doesn’t stop bad actors and creates friction for honest users,” he said.

But if the system, though necessary, is flawed, then what can be done about it?

“We’re seeing innovative solutions like zero-knowledge privacy and theoretical zero-knowledge-KYC implementations,” Jeff Feng, co-founder of layer-1 blockchain developer Sei Labs, told Decrypt. “But we have to be realistic—financial systems need safeguards against illicit activity.”

Zero-knowledge proofs, often called ZK-proofs, are a type of cryptography that allows a user to prove something, such as proving they don’t live within a sanctioned country, without revealing the information directly to the receiver. 

Demchuk of AMLBot believes ZK-KYC is a great privacy-preserving feature but would be very hard to implement, since it would require significant regulatory changes in the E.U., for instance. That’s because GDPR regulations require data controllers, an exchange in this case, to store data related to the KYC process for five years. ZK-KYC would prevent the exchange from ever touching the data, let alone storing it for five years.

Regardless of how the industry evolves on KYC, some users believe that the issue is emblematic of a more existential problem.

“The ability to transact anonymously is bedrock to cryptocurrency as a revolutionary technology resisting the invasive state,” Charlotte Fang, the pseudonymous founder of Remilia Corporation, told Decrypt. “Crypto as an industry has strayed from the basic premises of the cypherpunk movement, not just in KYCs by exchanges in their pursuit for adoption, but as a culture.”

Privacy advocates believe in complete anonymity when transacting on blockchain networks, while regulators continue to fight against this. Then again, with the U.S. Treasury lifting sanctions on the privacy-preserving Ethereum coin mixer Tornado Cash earlier this year, it’s possible that the tides—at least in D.C.—could be turning.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.





Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
Crypto Trends

SEC Says Crypto Staking Not Subject to Securities Laws

by admin



In brief

  • The SEC has clarified staking rules, excluding self-staking and custodial staking.
  • Its corporate finance division emphasized the importance of retaining ownership of assets.
  • Commissioner Caroline Crenshaw criticized the SEC guidance, calling the agency’s approach a “‘fake it ’till we make it'” outcome.

The SEC issued new guidance on crypto staking, confirming Thursday that most of the common staking activities aren’t subject to federal securities regulations, as long as specific conditions are met.

Protocol staking involves locking crypto assets that are “intrinsically linked to the programmatic functioning of a public, permissionless network,” the regulator wrote in its latest guidance on Thursday.

The same crypto assets could also be used “to participate in and/or earned for participating in such network’s consensus mechanism,” it added.

Consensus mechanisms are rules that help participants agree on the network’s state and verify transactions.

Staking on specific protocols does “not involve the offer and sale of securities” as defined under the Securities Act of 1933. The non-security status and definition of “Protocol Staking Activities” also extend to the Securities Exchange Act of 1934.

The guidance effectively ends uncertainty following a tumultuous period under former SEC Chair Gary Gensler during the Biden era, who previously labeled most crypto as securities.

“The SEC’s decision-making process is more open and transparent than most regulators, which is a real strength of the U.S. system,” Michael Bacina, an executive in residence from the global policy think tank Global Digital Finance, told Decrypt.

“Given securities laws are designed to protect people from situations where others can mismanage (or steal) their assets, it’s hard to see the policy reasons why non-custodial staking services should be pulled into a regulatory net,” he added.

Under federal laws, a security is any financial instrument, like stocks, bonds, investment contracts, and derivatives, through which people invest money expecting profits derived from the efforts of others.

The SEC’s latest statements come less than a month after major crypto firms urged the agency to provide clear rules on staking, defining it as one “technical function necessary to secure” proof-of-stake networks, not a securities offering or investment scheme.



Types of staking covered

The guidance covers staking crypto on proof-of-stake networks and third-party operators, such as validators and custodians, for earning rewards.

The coverage includes three types of staking: self-staking, where participants stake their own assets; self-custodial staking, where owners delegate staking to node operators but keep ownership; and custodial staking, where custodians stake assets for customers.

However, the guidance does not cover practices like liquid staking and restaking, where providers have control over staking decisions that may still be subject to securities laws.

The staff guidance later claimed in a footnote that this was because the statement addresses protocol staking “generally rather than all of its variations.”

It’s worth noting that the guidance only reflects the views of SEC staff, which means it’s non-binding and does not carry the force of law.

Commissioner disagrees

SEC Commissioner Caroline Crenshaw issued a sharp rebuke on Thursday, declaring crypto staking activities exempt from securities regulation run counter to applicable laws. 

The dissenting commissioner also said the new guidance contradicts court precedent, citing two cases involving U.S. crypto exchanges Kraken and Coinbase. She also cited a separate dismissal for Binance, released on the same day.

As a result, Crenshaw said the agency was undergoing a “‘fake it ’till we make it’ approach to crypto.”

“Rather than promote clarity, this approach continues to sow uncertainty around what the law is and what parts of it the Commission is willing to enforce,” she wrote.

Edited by Sebastian Sinclair

Editor’s note: Adds comments from Michael Bacina

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Bitcoin
GameFi Guides

Crypto Analyst Calls Massive Bitcoin Crash To $50,000

by admin


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto analyst Altcoin Sherpa recently raised the possibility of a Bitcoin price crash to $50,000. He also commented on the current price action and revealed the price level at which he expects a bounce, with BTC already witnessing a significant decline from its current all-time high (ATH). 

Analyst Predicts Bitcoin Price Crash To $50,000

In an X post, Altcoin Sherpa indicated that the Bitcoin price could still crash to as low as $50,000 by year-end. His accompanying chart showed that BTC will touch the $105,900 resistance level again and then begin its massive decline from there. In another X post, he revealed that his $50,000 prediction was just a joke and that he doesn’t think that will happen.  

However, the analyst is cautious about the current market conditions, stating that he is not rushing into any positions. He alluded to how the Bitcoin price had crashed following Donald Trump’s recent post, although he believes that a bounce should happen “relatively soon.” His accompanying chart showed that a bounce should happen between the $102,000 and $104,000 range. 

Source: Altcoin Sherpa on X

In a Truth Social post, Donald Trump stated that China had violated the trade agreement with the US, a statement that sparked concerns that the trade war between the countries could escalate again. Since Trump’s statement, the Bitcoin price has dropped from around $106,000 to as low as $103,100.  

Following this Bitcoin price crash, Altcoin Sherpa highlighted the point of control for BTC, which is around $104,000. He remarked that a bounce should happen from here. However, tensions between the US and China threaten to lead to lower prices. According to a Reuters report, Defense Secretary Pete Hegseth warned about an imminent threat from China and declared that they are ready to fight back.  

BTC Could Still Drop To As Low As $102,700

In an X post, crypto analyst Titan of Crypto suggested that the Bitcoin price could drop to as low as $102,700. He revealed that BTC is pulling back toward the daily Kijun at around $102,700, an area which had previously held and one which the analyst claimed could act as a solid base for the next move. 

In an earlier analysis, the crypto analyst had stated that the Bitcoin price could be on its way to retest previous resistance, which had turned support before it pushes higher. Amid this restest, Titan of Crypto warned that BTC cannot witness a reintegration below the current market structure as this could lead to lower prices. 

At the time of writing, the Bitcoin price is trading at around $103,700, down over 2% in the last 24 hours, according to data from CoinMarketCap.

BTC trading at $103,701 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
NFT Gaming

Here’s What’s at Stake for Crypto in South Korea’s Upcoming Election

by admin



In brief

  • Nearly one-third of South Koreans own crypto, making digital assets a pivotal campaign topic.
  • Both parties support crypto ETFs, but diverge on stablecoin strategy and banking reforms.
  • New regulations from June will allow exchanges and non-profits to sell digital assets, signaling a potential policy shift.

South Korea is gearing up to elect a new president on June 3. And while the election may be more dominated by other issues in Korean politics, such as the recent impeachment of the previous president, candidates have positioned digital assets as a key campaign issue in a nation where nearly one-third of citizens own crypto.

Dr. Sangmin Seo, a South Korean technologist who leads the Kaia DLT Foundation, views crypto as becoming increasingly politically instrumental.

“This election, Korean politics sees crypto as a narrative to gain voters’ favors, positioning it as another national growth engine besides AI and semiconductors,” Seo told Decrypt. 

“There is widespread support for the idea that the Korean crypto industry cannot lose its competitiveness on the global stage. Both sides of politics feel the urgency to catch up with regulatory advancements in other countries.”

Democratic Party candidate Lee Jae-myung and People Power Party nominee Kim Moon-soo have found rare common ground supporting crypto ETFs.

Yet the two candidates diverge sharply on stablecoin policy.

Lee supports won-backed stablecoins to curb capital flight, or money leaving its shores, citing roughly $40.8 billion in outflows from Korean exchanges in Q1.

The country needs “to prevent national wealth from leaking overseas,” he said during policy discussions earlier this month.

As the front-runner, Lee plans to create a monitoring system and reduce transaction costs, providing investors with regulated access to crypto.

Kim, meanwhile, seeks to dismantle the one-exchange-one-bank rule to ease banking restrictions on crypto firms. He plans to slash taxes for the country’s growing middle class, enabling a transparent crypto market, and allowing crypto-linked funds to operate.

But for those crypto ETFs to come in, regulators would need to work with the parties and their positions on digital assets.



Last week, the country’s Financial Services Commission (FSC) released details of a May 1 discussion that would allow non-profit organizations and crypto exchanges to sell digital assets starting in June.

In the same week, South Korea’s Democratic Party launched a Digital Asset Committee to establish comprehensive regulations.

Decrypt reached out to both parties for comments on their respective crypto policy positions.

Learning from the past

The consensus between the two major parties suggests that crypto and digital asset regulation in the country could soon relax, even with concerns of repeating what happened with Do Kwon and the collapse of Terra, an algorithmic stablecoin.

In addition to the impact on consumers, the collapse of Terra has led to South Korea’s crypto industry being “reviled as one of the darkest markets, with some calling it gambling,” according to Seo. 

Coupled with several other high-profile scandals, including one involving a politician’s trading activities, reigning in the industry is a priority. 

“Now, lawmakers are communicating with industry experts who have studied the first movers, such as the EU, Singapore, the US, and the UAE, to create the most applicable regulatory framework for the Korean market, and this includes the consumer protection measures,” Seo added.

ETFs

Candidates are also showing interest in launching crypto ETFs in Korea, although the topic has been floated multiple times by politicians since the U.S. launched its spot Bitcoin ETFs and little concrete progress on their introduction has been made. 

“[The] first step should start from judging which party can operate spot ETF, including custody,” Ryan Yoon, senior analyst at Tiger Research, a Web3 market analytics firm with expertise in Asian markets, told Decrypt.

“Investor classification depends on their risk tolerance, but I think an ETF will open to all,” Yoon noted.

KP Jang, chief strategy officer at Seoul-based data intelligence platform Xangle, told Decrypt this is likely to happen, but with certain conditions.

“Won-backed stablecoins are likely to circulate primarily within Korea,” Jang said.

Those would be “relatively less prone to triggering global market shocks like the Terra-Luna incident,” given how the Korean won (KRW) isn’t used “as a settlement currency” elsewhere.

The proposed won-backed stablecoin would also be issued as a “fully-collateralized model,” Jang noted, adding that “actual Korean won reserves” would be “held in full against the issued amount.”

Such clarity in collaterals would greatly enhance stability and reduce “the likelihood of a collapse like that of past crypto-algorithmic models,” he said.

Tiger Research’s Yoon echoed this, saying that a repeat of that kind of failure is unlikely.

Still, South Korea lacks “official discussions or regulations to protect stablecoin users,” Yoon said, citing the U.S.’s GENIUS Act could serve as a “potential reference.”

Edited by Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
Crypto Trends

Crypto Game Crashouts: The Biggest Shutdowns So Far in 2025

by admin



In brief

  • Crypto gaming has experienced a growing trend of games and studios shutting down.
  • Game creators are struggling to find funding to complete development, among other commonly cited issues.
  • Once-promising blockchain games like Deadrop, Nyan Heroes, and Ember Sword top the list.

While crypto gaming has long been seen as a key use for blockchain, letting gamers really own and freely trade their unique items and perhaps profit from a game’s success, developers are struggling to sustain their games and digital economies.

Some games, like Gunzilla Games’ Off the Grid, have punched through to a broader audience, gaining adoption from top streamers and gamers alike—albeit ahead of full blockchain integration. But many other games and studios building with tokens are struggling to find players and maintain funding. 

In 2025, a number of once-promising crypto games have already closed up shop, and the list has been growing recently with each new week. Here’s a look at some of the biggest games to go offline or shut down entirely.

Deadrop

Deadrop game developer Midnight Society announced that it was closing shop in January. The studio, which had previously removed co-founder Dr. Disrespect in 2024 after alleged misconduct, gave employees just two days notice, according to an employee post on X.

The extraction shooter game spent around two years in early access, selling players NFT access passes on Ethereum scaling network Polygon, as well as other non-NFT items that ultimately became useless. In March, players started rallying around the abandoned community Discord, helping each other secure refunds via credit card chargebacks and bank reversals by claiming the product was never fully delivered.

Ember Sword

Ethereum game Ember Sword at one point received more than $200 million in pledges for an NFT land sale, conveying the level of hype around metaverse gaming land NFTs in 2021. But the final sale brought in much less than that, and in May, the game was ultimately shut down.

Developer Bright Star Studios cited a lack of funding in its closing announcement—a common theme among crypto games ceasing development of late. The MMORPG entered closed beta last July and early access later in the year, but drew criticism from players. After moving chains multiple times in search of a permanent home, it’s since gone offline. 

“We explored every possible way forward. But in today’s market—where even some of the most promising projects are shutting down—we couldn’t find a path to keep building,” the project said.

Nyan Heroes

The Solana cat-mech shooter game Nyan Heroes ended its run in May, as well. 

The game, which had racked up more than 250,000 wishlist additions across PC gaming platforms, was unable to secure the necessary funding to complete development and push ahead with its planned full launch next winter.

Its closure rendered its NYAN Solana token useless, plummeting its value to more than 99% off its all-time high established in 2024. 

“It’s been a difficult last few months,” 9 Lives CEO and Creative Director Max Fu told Decrypt following the announcement. “Currently, we are exploring acquisition of the studio and/or the IP. Some discussions are underway, but I suspect it may take some time to finalize a decision.”

Realms of Alurya

A funding issue also signaled the apparent end of the line—at least for now—for Realms of Alurya. The game, which was initially expected to launch on Treasure’s blockchain, was forced to migrate to the Ethereum gaming-focused sidechain Ronin as Treasure pivoted to focus on AI initiatives.

The developers claimed in a message to its community that Treasure unexpectedly cut grant funding that was expected along developmental milestones. Without that funding, the studio is no longer able to complete its roadmap, and has yet to secure additional backing.

While the team explores future solutions, the game is offline until further notice.



Symbiogenesis

Final Fantasy creator Square Enix will bring its Ethereum-based blockchain game Symbiogenesis to an end this July. 

The browser-based narrative game, which has links to multiple Ethereum scaling chains, like Arbitrum and Polygon, was first announced by Square Enix in 2022 and billed as a “digital collectible art project,” offering multiple chapters and quests to players in a new continent set in the sky. Just recently, the game did a crossover promotion with a couple games on Sony’s new Ethereum layer-2 network, Soneium, but the end is still nigh.

Unlike other games which have been forced to fold due to a lack of product market fit or funding, the Symbiogenesis roadmap has been intentionally designed to end in July 2025 as the storyline comes to its conclusion. And to be clear, Square Enix has ample resources to keep a game like this live, making this an anomaly on this list; maybe the game just ran its course.

The Mystery Society

The Mystery Society, an Ethereum game that blended vibes of the casual Among Us game with murder mystery, suspended operations in February. 

The game’s developer, Great Big Beautiful Tomorrow, was unable to find the funding necessary to complete the game, despite having previously raised $3 million.

The game first launched on Polygon before migrating to gaming-centric scaling chain Immutable in late 2024. 

After the announcement, the game developer’s CEO Chris Heatherly told Decrypt that “greed and stupidity from just about all players is killing the space before it can prove itself.”

The Walking Dead: Empires

Gala Games’ zombie-themed MMORPG The Walking Dead: Empires will find its way to the graveyard this year. The Ethereum game, which was officially licensed from the AMC show The Walking Dead, will only be playable through the end of July.

“After careful consideration, we have made the difficult decision to sunset The Walking Dead: Empires, with the last playable date set for July 31, 2025,” wrote Gala Games in early May.

The game challenged players to craft weapons and build bases to protect themselves from the undead, at one point commanding major price tags for its NFTs on the secondary market. As compensation for the game’s shutdown, players will get mystery boxes filled with NFTs from other games published by Gala.

MetalCore

Mech shooter MetalCore closed its game servers and Discord community in March, ending communications with its community as developer Studio 369 makes “important changes to the game.” The official X post on the matter even restricted replies to only those that the MetalCore account follows.

Thank you to all the mercs who joined us for the Battlegrounds event! 🫡

MetalCore servers and Discord channels will be down as we make important changes to the game. Thanks for your dedication and support—stay sharp, we will return soon!

— METALCORE | Let’s #PlayMetalCore! (@playmetalcore) March 25, 2025

The game, which is still listed as available in the Epic Games Store, started on Ethereum layer-2 network Immutable zkEVM, but began a migration to Solana last October. But no updates have come since that March 25 announcement, despite a mention in the post that the team will “return soon.”

Blast Royale

The developer of mobile game Blast Royale signaled its discontinuation in mid-May “after exploring every path and possibility,” it said. 

The creators of the battle royale-style game, which had a collection of Ethereum NFTs, will open its source code on June 1, allowing anyone in the community to pick up where they left off and further develop and modify the game. But otherwise, the game will close to players on June 30.

With a heavy heart, we confirm the news about Blast Royale’s closure. Thank you to our amazing community for being part of this journey. Please see the attached community statement shared by @Renny0x last week. pic.twitter.com/2iAv0VSGZg

— Blast Royale (@blastroyale) May 16, 2025

The game’s NOOB token will still be distributed and trade freely on Base, the Ethereum layer-2 built by Coinbase, but it has plummeted more than 99% from its all-time high price.

Mojo Melee

And the latest addition to the list, coming on Friday, is Mojo Melee—the NFT-fueled auto-battler game in the vein of Teamfight Tactics. We went hands-on with Mojo Melee back in 2023 and enjoyed it, and the game subsequently held a promotion with Amazon to give out free in-game assets to Prime subscribers.

But now developer Planet Mojo is closing up shop, making a pivot to AI with plans to launch a movie-making platform. Mojo Melee and the studio’s WWA platform for AI gaming agents will shut down on July 1.

It is with deep regret that we announce that Planet Mojo is officially sunsetting on July 1. Thank you to everyone who played, supported, and built with us. You can read our full message to the community here 👇 pic.twitter.com/2B0OGQzN57

— Mojo AI 🌱 (@WeArePlanetMojo) May 30, 2025

“While we’re incredibly proud of how far these projects came and and the passionate community that grew around them, shifting market realities have made it unsustainable to continue developing them at the level they deserve,” the studio said Friday in a Discord message cross-posted to X.

Edited by Andrew Hayward

GG Newsletter

Get the latest web3 gaming news, hear directly from gaming studios and influencers covering the space, and receive power-ups from our partners.





Source link

0 comments
0 FacebookTwitterPinterestEmail
Concept image of a person having their face scanned, indicating the risk of identity theft.
Gaming Gear

How AI-powered “repeaters” are quietly hacking banks and crypto platforms with deepfake identities

by admin



  • Security experts say traditional identity checks fail because they treat each verification as an isolated event
  • Deepfake variations let fraudsters bypass biometric and liveness detection systems with ease
  • Consortium validation shares data across organizations to detect subtle, repeated fraud attempts in real time

In a digital world increasingly shaped by artificial intelligence, identity fraud is evolving in scale and sophistication.

Experts from AU10TIX have flagged a new threat tactic known as “Repeaters” which is reshaping the way fraudsters infiltrate digital systems.

Unlike traditional attacks, these aren’t designed for instant damage – instead, Repeaters quietly test the defenses of banks, crypto platforms, and other services by using slightly varied synthetic identities.


You may like

Once weak points are identified, those same assets are redeployed across multiple platforms in large-scale, coordinated fraud campaigns.

At the heart of this strategy are deepfake-enhanced identities, slightly modified versions of a core digital asset.

These changes may include tweaks to facial features, background images, or document numbers.

When examined individually, each variation appears legitimate, often bypassing traditional Know Your Customer (KYC) processes and biometric checks.

AU10TIX’s CEO, Yair Tal, describes them as “the fingerprint of a new class of fraud: automated, AI-enhanced attacks that reuse synthetic identities and digital assets at scale.”

What makes Repeaters particularly dangerous is how they exploit gaps in current fraud detection systems.

Most traditional defenses rely on static validation, evaluating each identity as an isolated event. Techniques like biometric scans, liveness detection, and ID checks often miss the broader picture.

Because these synthetic identities are only submitted a few times per platform and appear unique, conventional tools struggle to detect the repetition.

To counter this threat, AU10TIX therefore introduces “consortium validation”. Unlike siloed systems, this method allows multiple organizations to share identity signals across a real-time network, just like the best endpoint protection platforms.

If an identity, or even a slightly modified version, appears at more than one member organization, the system flags it immediately.

It’s a collaborative defense strategy aimed at connecting the dots between otherwise isolated incidents.

“We’re proud to be at the forefront of detecting and blocking these attacks through advanced pattern recognition and real-time consortium validation,” Tal added

AU10TIX recommends organizations also audit for vulnerabilities to deepfakes and synthetic identities that can bypass traditional KYC defenses.

It also recommends the close monitoring of behaviors across devices, sessions and onboarding events because it can reveal coordinated activities before they scale.

The best chance at early detection of such fraudulent activity is a connected and behaviorally aware security infrastructure because no single solution can claim to be the best antivirus or the best malware protection against this new generation of fraud.

You might also like



Source link

0 comments
0 FacebookTwitterPinterestEmail
Insurers Race to Cover Crypto Kidnap and Ransom Risks
Crypto Trends

Insurers Race to Cover Crypto Kidnap and Ransom Risks

by admin



A wave of violent attacks on cryptocurrency holders is pushing insurers to develop new protections aimed at a growing physical threat: kidnapping for crypto.

At least three firms specializing in crypto insurance and security are now preparing tailored kidnap and ransom (K&R) policies for digital asset investors, according to a recent report from NBC News.

Rebecca Rubenfeld, chief operating officer of AnchorWatch, said fear of violence was a dominant topic at this week’s Bitcoin Conference in Las Vegas. “They’re tense,” Rubenfeld said. Her firm expects to launch K&R coverage by fall.

Physical attacks on crypto holders are not new, with cases documented for over a decade. But recent incidents, including the prolonged torture of an Italian tourist in Manhattan and kidnappings of crypto executives in France, have intensified concerns.

The decentralized nature of cryptocurrencies makes crypto executives attractive targets. Accounts are controlled by individuals, transactions are irreversible, and assets can be laundered if criminals extract access credentials.

Related: Crypto investor loses $2.6M in stablecoins in double phishing scam

Crypto wealth adopts K&R insurance

Crypto wealth is turning to traditional K&R insurance, which is common for corporate executives. Andrew Kurt, vice president of executive risk at Hylant Capital, noted that K&R has historically been highly profitable for insurers due to its low claim frequency but high severity.

“I think what has occurred is probably not going to be a large frequency issue, but more of a severity issue here and there,” Kurt said.

Relm Insurance CEO Joseph Ziolkowski said his firm is finalizing its K&R offering, but pricing is complex, requiring detailed assessments of a client’s physical and cyber defenses.

“If someone has 24/7 personal security detail traveling with them at all times, that obviously would be a credit and would affect premium,” he said.

Related: French minister to meet crypto firms after kidnapping attempt

Surge in crypto crime

On May 27, South Korean authorities revealed that they arrested one Russian national accused of an attempted robbery during a fake crypto deal in Seoul. The suspect allegedly lured Korean investors to a hotel, where they tried to steal 1 billion won (approximately $730,000) in cash.

The incident came amid a recent uptick in crypto-related violent crimes, including kidnapping and ransom cases.

On May 13, the family of Pierre Noizat, the co-founder and CEO of French crypto exchange Paymium, was targeted in an attempted kidnapping.

Source: Mario Nawfal

In response, executives and investors in the crypto industry are increasingly seeking personal security services. On May 18, private firm Infinite Risks International reported a rise in requests for bodyguards and protection contracts from high-profile figures in the crypto space.

Magazine: Coinbase hack shows the law probably won’t protect you: Here’s why



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
NFT Gaming

US Sanctions Filipino Tech Company for Aiding $200M in Crypto Scams

by admin



In brief

  • The Treasury’s Office of Foreign Assets Control sanctioned Funnull Technology Inc., and its administrator, Liu Lizhi.
  • The company is charged with supplying infrastructure to pig-butchering scams.
  • The scheme involved IP address resales, phishing, and code injection on legitimate sites.
    .

In a crackdown targeting the infrastructure behind so-called “pig butchering”, the U.S. Treasury has sanctioned a Philippine-based tech company and its administrator for aiding the cryptocurrency scams that defrauded Americans of more than $200 million.

Lawmakers on Thursday accused Funnull Technology Inc. of facilitating several of these schemes by providing cybercriminals with infrastructure to host fraudulent websites.

The Treasury Department also said Liu Lizhi, a Chinese national and administrator of Funnull Technology, kept records that tracked the performance and tasks of Funnull employees, including the assignment of domain names used in cryptocurrency fraud and phishing schemes.

“Today’s action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings,” Deputy Secretary of the Treasury Michael Faulkender said in a statement.



The scams did not stop at defrauding consumers. Cybercriminals allegedly also used Funnull’s technology to target legitimate websites by injecting malicious code that redirected unsuspecting users to fraudulent websites.

The company reportedly bought IP addresses from global cloud providers and resold them to scammers who would then start investment fraud, phishing, and online gambling websites.

“Funnull is linked to the majority of virtual currency investment scam websites reported to the FBI,” the Treasury Department said. “U.S.-based victims of these scam websites have reported over $200 million in losses, with average losses of over $150,000 per individual.”

Treasury officials said the amount of losses is likely higher, but noted that many victims of scams do not report the crime.

Pig-butchering scams—named for the practice of fattening a pig before slaughter—typically begin on social media or dating apps, where scammers build trust with a target over time before striking.

The scammers then coax the victim into either sending digital assets to a scammer’s account or connecting their crypto wallets to fake crypto platforms where the scammers drain their funds.

The sanctions freeze all U.S.-based assets belonging to Funnull Technology Inc. and Liu Lizhi. They also prohibit individuals and businesses based in the U.S. from doing any business with entities that Funnull or Lizhzi own 50 percent or more stake.

The Treasury Department and OFAC did not immediately respond to Decrypt’s requests for comment.

It’s the latest in a series of actions by the Treasury’s Office of Foreign Assets Control targeting the infrastructure behind financial cybercrimes.

In October, OFAC sanctioned the Russia-based cybercrime syndicate Evil Corp, accusing the organization of orchestrating financial thefts and ransomware attacks. In March, OFAC sanctioned Behrouz Parsarad, who operated the dark web platform Nemesis.

According to OFAC, Parsarad took a cut of each transaction on the platform, which was used to facilitate the sale of millions of dollars’ worth of narcotics. In April, the Treasury Department sanctioned Tron Wallets linked to Iran-backed Houthi rebels.

Edited by James Rubin and Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Close