Coinbase users hit by $46M in suspected phishing scams — ZachXBT
Coinbase users may have lost as much as $46 million to suspected phishing scams over the past two weeks as rising crypto prices continue to attract bad actors to the industry.Scams such as address poisoning and wallet spoofing involve tricking victims into sending assets to fraudulent wallet addresses that closely resemble legitimate ones.According to blockchain investigator ZachXBT, multiple Coinbase-linked wallets have been targeted this month. A screenshot from blockchain explorer Blockchair shows a suspected 400 Bitcoin (BTC) theft from a single wallet address.“It is suspected a Coinbase user was scammed yesterday for $34.9M (400.099 BTC),” the investigator wrote in a March 28 Telegram post. “After uncovering this theft I noticed multiple other suspected thefts from Coinbase users in the past two weeks bringing the total stolen this month to $46M+,” he added.Suspected 400 BTC phishing theft victim. Source: Blockchair“We are aware of ZachXTB’s claims and are investigating,” Jaclyn Sales, director of communications at Coinbase, told Cointelegraph, adding:“Coinbase will never call you or ask for your login credentials, API key or two-factor authentication codes. We will also never ask you to transfer funds.”“If someone contacts you claiming to be from Coinbase and requests this information or asks you to transfer assets, do not do it. It is a scam,” she said.Related: Security concerns slow crypto payment adoption worldwide — SurveyScammers continue to impersonate top brandsScammers often impersonate large global brands to create a false sense of trust with victims.US brands are often impersonated by scammers. Source: MailsuiteIn the crypto industry, Coinbase was the most impersonated brand by scammers, but Meta was targeted by over 25 times as many scammers as the cryptocurrency exchange, Cointelegraph reported in June 2024.Coinbase is the world’s third-largest centralized cryptocurrency exchange (CEX), with over $1.6 billion of daily crypto trading volume, according to CoinMarketCap.To protect themselves, Coinbase users are advised to use a dedicated email account, enable two-factor authentication, set up an address allowlist, and use Coinbase Vault for additional security, the exchange said in a February blog post.Related: Sophisticated crypto address poisoning scams drain $1.2M in MarchHistory of phishing losses at CoinbaseOver $65 million may have been stolen from Coinbase users between December 2024 and January 2025 in “high confidence thefts,” ZachXBT said in a Feb. 3 X post. He added:“Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered on-chain which does not account for Coinbase support tickets and police reports we do not have access to.”Source: ZachXBTPig butchering scams are another type of phishing scheme involving prolonged and complex manipulation tactics to trick investors into willingly sending their assets to fraudulent crypto addresses.Pig butchering schemes on the Ethereum network cost the industry over $5.5 billion across 200,000 identified cases in 2024, according to Cyvers.Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express
Android malware ‘Crocodilus’ can take over phones to steal crypto
Cybersecurity firm Threat Fabric says it has found a new family of mobile-device malware that can launch a fake overlay for certain apps to trick Android users into providing their crypto seed phrases as it takes over the device. Threat Fabric analysts said in a March 28 report that the Crocodilus malware uses a screen overlay warning users to back up their crypto wallet key by a specific deadline or risk losing access.“Once a victim provides a password from the application, the overlay will display a message: Back up your wallet key in the settings within 12 hours. Otherwise, the app will be reset, and you may lose access to your wallet,” Threat Fabric said. “This social engineering trick guides the victim to navigate to their seed phrase wallet key, allowing Crocodilus to harvest the text using its accessibility logger.” Source: Threat FabricOnce the threat actors have the seed phrase, they can seize complete control of the wallet and “drain it completely.” Threat Fabric says despite it being a new malware, Crocodilus has all the features of modern banking malware, with overlay attacks, advanced data harvesting through screen capture of sensitive information such as passwords and remote access to take control of the infected device. Initial infection occurs by inadvertently downloading the malware in other software that bypasses Android 13 and security protections, according to Threat Fabric. Once installed, Crocodilus requests accessibility service to be enabled, which enables the hackers to gain access to the device. “Once granted, the malware connects to the command-and-control (C2) server to receive instructions, including the list of target applications and the overlays to be used,” Threat Fabric said. Once installed, Crocodilus requests accessibility service to be enabled, granting hackers access to the device. Source: Threat FabricIt runs continuously, monitoring app launches and displaying overlays to intercept credentials. When a targeted banking or cryptocurrency app is opened, the fake overlay launches over the top and mutes the sound while the hackers take control of the device. “With stolen PII and credentials, threat actors can take full control of a victim’s device using built-in remote access, completing fraudulent transactions without detection,” Threat Fabric said. Threat Fabrix’s Mobile Threat Intelligence team has found the malware targets users in Turkey and Spain but said the scope of use will likely broaden over time. Related: Beware of ‘cracked’ TradingView — it’s a crypto-stealing trojanThey also speculate the developers could speak Turkish, based on the notes in the code, and added that a threat actor known as Sybra or another hacker testing out new software could be behind the malware. “The emergence of the Crocodilus mobile banking Trojan marks a significant escalation in the sophistication and threat level posed by modern malware.” “With its advanced Device-Takeover capabilities, remote control features, and the deployment of black overlay attacks from its earliest iterations, Crocodilus demonstrates a level of maturity uncommon in newly discovered threats,” Threat Fabric added. Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express
Bitcoin falls to $81.5K as US stock futures sell-off in advance of Trump’s ‘Liberation Day’ tariffs
Bitcoin looks set for a bearish open to mark the last trading day of March and possibly the weakest Q1 performance since 2018. Crypto and stock traders’ anxiety over US President Donald Trump’s fresh wave of 25% tariffs on cars imported to the US, the threat of tariffs on the pharmaceutical industry is clearly reflected in BTC’s current downside. Trump’s frequent references to April 2 being “Liberation Day” (the day when an apparent number for “reciprocal tariffs” will be assigned to various countries) also has shaken traders’ confidence. At the time of publishing, stock futures have already slipped into the red, with the DOW futures shedding 206 points and the S&P futures down 0.56%. As expected, Bitcoin’s (BTC) price moved in tandem with equities markets, slipping to $81,656 on March 30 and locking in a 7th consecutive day of lower lows. US futures markets performance on March 30. Source: X / Spencer HakimianAfter a tumultuous month, equities markets look set to close down for the month, with the S&P 500 down 6.3% for the month and the Nasdaq and DOW each registering 8.1% and 5.2% respective losses. Bitcoin’s steady decline is a combination of weak demand in spot markets and clear derisking from traders who are reluctant to open fresh positions in BTC’s futures markets. Last week’s core Personal Consumption Expenditures (PCE) data showed a higher-than-anticipated uptick in inflation, and March consumer confidence data from the Conference Board showed the monthly confidence index, which reflects respondents’ expectation for income, business and job prospects at a 12-year low. Consumer confidence present situation and future expectations data. Source: The Conference BoardRelated: Bitcoin bottom ‘likely’ at $80K, opening door for TON, CRO, MNT and RENDER to rallyRecession odds also continue to rise, with a recent report from Goldman Sachs raising the 12-month recession probability from their previous 20% to 35%. In the report, Goldman Sachs’ analysts said, “The upgrade from our previous 20% estimate reflects our lower growth beeline, the sharp recent deterioration in household and business confidence and statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies.” US recession odds raised by Goldman Sachs. Source: X / Peter BerezinDoes Bitcoin’s downside have a silver lining? While many crypto analysts have publicly revised their bullish six-figure-plus BTC price estimates and now forecast a revisit to Bitcoin’s swing lows in the mid $70,000 range, institutional investors continue to buy, and net inflows to the spot ETFs remain positive. On March 30, Strategy CEO Michael Saylor took to X and posted his famous orange dots Bitcoin chart, saying, “Needs even more Orange.” Strategy Bitcoin purchases. Source: X / Michael Saylor Data from CryptoQuant also shows Bitcoin inflows to accumulation addresses continuing to rise throughout the month. BTC: Inflows to accumulation addresses. Source: CryptoQuant This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Coinbase’s Ethereum staking dominance risks overcentralization: Execs
Coinbase’s emergence as the Ethereum network’s largest node operator raises concerns about network centralization that could worsen as institutional adoption accelerates, industry executives told Cointelegraph. On March 19, Coinbase published a report disclosing that the US cryptocurrency exchange controlled more than 11% of staked Ether (ETH), more than any other Ethereum node operator. According to Karan Sirdesai, CEO of Web3 startup Mira Network, Coinbase’s growing dominance highlights “a systemic issue in Ethereum’s staking architecture.”“We’re creating a system where a handful of major players control an outsized portion of network security, undermining the core promise of decentralization,” Sirdesai told Cointelegraph. According to the report, Coinbase controlled 3.84 million ETH staked to 120,000 validators, representing 11.42% of staked Ether as of March 4. Liquid staking protocol Lido controls a larger share of staked Ether overall — approximately 9.4 million ETH, according to Lido’s website.However, Lido’s staked Ether is distributed across dozens of independent node operators, Anthony Sassano, host of The Daily Gwei, said in a March 19 post on the X platform.To limit risks, Coinbase spreads staking operations across five countries and employs multiple cloud providers, Ethereum clients, and relays, according to its report. “Diversification at the network level and the overall health of the network is always a priority for us. That’s why we periodically check network distribution,” the exchange said. Coinbase is the largest Ethereum node operator. Source: CoinbaseRelated: Ether ETFs poised to surge in 2025, analysts sayImpending centralization risksEthereum’s network concentration could worsen if US exchange-traded funds (ETFs) are permitted to begin staking — a priority for asset managers such as BlackRock.Coinbase is the largest custodian for US crypto ETFs and holds ETH on behalf of eight of the nine US spot Ether funds, the exchange said in January. “This type of network consolidation brings with it increased risk of censorship and reduced network resilience,” Temujin Louie, CEO of Wanchain, a blockchain interoperability protocol, told Cointelegraph. For instance, high staking concentrations “represent potential points of regulatory pressure… [and] these large staking entities will likely prioritize regulatory adherence over network censorship resistance when faced with difficult choices,” Sirdesai said.Meanwhile, new US regulatory guidance allowing banks to act as validators for blockchain networks adds to centralization risks, several crypto executives said.“If too much stake consolidates under regulated entities like Coinbase and US banks, Ethereum will become more like traditional financial systems,” Louie said. Conversely, more institutional validators could actually improve staking concentrations. Cryptocurrency exchange Robinhood is especially well positioned to check Coinbase’s staking dominance, according to Sirdesai.Robinhood already has “the crypto infrastructure, user base, and technical capabilities to move into staking rapidly. They could realistically challenge Coinbase’s position faster than any traditional bank,” Sirdesai said.Magazine: Ethereum L2s will be interoperable ‘within months’ — Complete guide
Privacy will unlock blockchain’s business potential
Opinion by: Eran Barak, CEO at Midnight It’s been almost 16 years since blockchain emerged from its esoteric fringes to enter global discourse, evidenced most recently by continued backing from Wall Street incumbents. Despite this remarkable ascendancy, the unfortunate truth is that this technology has yet to realize its true business potential. A core challenge persists: Too much sensitive data remains publicly unshielded.The crux of the issue is that companies must keep business data confidential, and people strive to safeguard their personal information as best they can. Once data is put on a public blockchain, however, it becomes irreversibly and indefinitely exposed.Even if a business takes every possible precaution to conceal data, mistakes made by others or vulnerabilities in the system can expose sensitive onchain data or metadata, including participants’ identities. This can lead to privacy breaches, compliance violations or both, undermining the foundational assumption that blockchain is trusted and underscoring the importance of robust measures to protect sensitive data.On the other side of that coin, concealing activity on a blockchain can open the door to money laundering, triggering negative government responses. Instances in which this has occurred have led to a false impression that governments oppose Web3 privacy, a criterion businesses fundamentally need for them to adopt the technology. From whichever angle we look at it, maintaining privacy onchain is a real and complex issue for Web3. Until we solve it, businesses will not and should not be expected to cross the chasm. The belief that governments oppose privacy on the blockchain is wrongWeb3 entrepreneurs have grown to fear that building decentralized applications and businesses that provide financial anonymity could land them in regulatory trouble. Just look at Samourai Wallet, whose co-founders were charged with money laundering, or Tornado Cash, whose developer was sentenced to 64 months in prison for similar reasons. These responses have led to a consensus that governments are opposed to privacy altogether when it comes to blockchain. Recent: AI agents and blockchain are redefining the digital economyThis couldn’t be further from the truth. Governments don’t oppose privacy but mandate it across industries. Data protection laws, like the General Data Protection Regulation or the Health Insurance Portability and Accountability Act, are in place to ensure businesses protect our customer data from misuse and security threats.The real issue these high-profile cases reveal is that Web3 measures to protect data have created opportunities for misuse, enabling the facilitation of criminal activities that have understandably raised serious concerns on behalf of governments. Blockchain data protection capabilities should not undermine established cross-jurisdictional laws safeguarding the global community from terrorism, human trafficking, fraud and other criminal offenses. This begs the question: What does privacy, done right, look like?Selective disclosureWhen it comes to using blockchain, protecting sensitive data is typically accomplished by either keeping the data offchain, or encrypting data onchain. The latter is not durable privacy given quantum computing’s rapid advances in cracking encryption. The advent of zero-knowledge (ZK) technology, a complex cryptographic technique, allows users to ensure sensitive data remains offchain by sharing attestations about the validity of the data instead. In Web3, ZK has emerged as a transformative way to enhance privacy as it enables untrusted parties to validate that a transaction has occurred without sharing any information about the transaction. Decentralized applications can exercise selective disclosure by choosing between putting data onchain (full disclosure), putting it onchain with encryption (disclosure via viewing keys) or using ZK to only publish attestation about the data (offering utility without any disclosure). Selective data disclosure only solves half of the puzzle. It was not designed to account for metadata.The next privacy frontierMetadata, the information surrounding our data, is an under-discussed component of blockchain’s exposure of sensitive information; it can be used to make inferences, creating an added layer of vulnerability even when the data itself is concealed. For example, through transaction metadata, investment and trading strategies can be inferred in addition to other behavioral patterns. For businesses, the implications of this can be detrimental to their growth and ability to stay ahead of competitors. They can’t afford to have trade secrets and strategies, or even the identities of other parties they are transacting with, made public.The need to protect metadata and remove the ability to make inferences is paramount to security and can be addressed using a private token. Such capability can, however, be easily misused for money laundering.If using a private token is not the solution, and using a public token does not provide sufficient levels of confidentiality, then the way to solve this challenge is to rethink Web3’s approach to protecting metadata altogether. We need to combine the benefits of both approaches, effectively creating a dual-asset system in which a public and a private token are used. Each asset functions independently, meaning specific restrictions can be placed to prevent illicit activities such as money laundering while retaining all the benefits.A powerful frameworkThe dual-asset system enables confidentiality without the ailments shielding metadata usually brings, making compliance and business policy enforcement possible. By combining this tokenomics structure with selective disclosure, privacy and regulatory compliance can coexist on the blockchain, which will have resounding effects on adoption and innovation.Opinion by: Eran Barak, CEO at Midnight.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Avalanche, Gelato launch enterprise sovereign chains for institutions
Blockchain developer platform Gelato is launching a new blockchain-as-a-service solution on Avalanche to meet the growing demand for sovereign blockchain infrastructure during a crucial “tipping point” for institutional adoption.Gelato, which previously developed blockchain solutions for companies such as Kraken and Animoca Brands, unveiled the new upgrade that aims to let developers deploy fully sovereign chains faster and cheaper with full interoperability via Avalanche InterChain Messaging (ICM).Gelato emphasized that its service is ideal for advanced applications such as financial technology (fintech) requiring identity verification (KYC) and specialized gaming economies, according to a March 28 announcement shared exclusively with Cointelegraph.The service lets companies quickly deploy independent (“sovereign”) blockchains with fewer costs and faster launch times.Luis Schliesske, founder of Gelato, said previously launching a blockchain required extensive technical knowledge and significant engineering resources. Gelato’s new product reduces the complexity involved. He told Cointelegraph:“Gelato’s RaaS on Avalanche streamlines everything from deployment and upgrades to real-time monitoring and scaling. It’s a plug-and-play solution that slashes time-to-market and operational burden bringing AWS-level infrastructure to the rollup era.”“The future of enterprise blockchain is sovereign, interoperable, and invisible to the end-user,” he added.Related: BlackRock Bitcoin ETP ‘key’ for EU adoption despite low inflow expectationsThe new solution will enable one-click layer-1 (L1) network deployment on Avalanche and leverage key network advancements such as dynamic fees and the removal of the Avalanche (AVAX) token staking requirements.“Avalanche L1s mark a paradigm shift in blockchain infrastructure, enabling a future where every application can run on its own sovereign chain, optimized for its unique needs,” according to Martin Eckardt, senior director of developer relations at Ava Labs.Total value locked, all chains. Source: DefiLlama Avalanche is the industry’s 10th largest blockchain network, with over $1.1 billion in total value locked (TVL) across its DeFi applications, DefiLlama data shows.Related: Fidelity plans stablecoin launch after SOL ETF ‘regulatory litmus test’Reliable infrastructure is a “prerequisite” for institutional crypto adoptionThe crypto industry is at the “tipping point” for institutional blockchain adoption, with increasingly more financial institutions looking to adopt the technology.However, financial institutions need more robust infrastructure to have the confidence to adopt blockchain and more crypto offerings, Schliesske said, adding:“Institutions will not build on crypto infrastructure that feels experimental or unreliable. […] That reliability is a prerequisite for onboarding financial institutions, governments, and large enterprises.”Fox News and eBay are some of the most prominent brands that have launched blockchain-based solutions on Gelato’s development platform.Magazine: Ex-Alameda hire on ‘pressure’ to not blow up Backpack exchange: Armani Ferrante, X Hall of Flame
Galaxy Digital to pay $200M over Terra promotion fallout
Michael Novogratz’s crypto investment firm Galaxy Digital agreed to pay $200 million in a settlement related to its alleged promotion of the now-collapsed cryptocurrency Terra (LUNA)According to New York Attorney General’s Office documents filed on March 24, Galaxy Digital acquired 18.5 million LUNA tokens at a 30% discount, then promoted them before selling them without abiding by disclosure rules. The filing states:“Ultimately, Galaxy helped a little-known token increase its market price from $0.31 in October 2020 to $119.18 in April 2022, while profiting in the hundreds of millions of dollars.“As part of the settlement agreement, Galaxy will pay $200 million in monetary relief over three years: $40 million within 15 days, another $40 million within one year, and two additional payments of $60 million due within the second and third years, respectively.Related: A beginner’s guide on algorithmic stablecoinsGalaxy Digital reportedly spread fake newsThe filing also accused Galaxy Digital and Novogratz of spreading false claims about Terra’s usage. In particular, the firm allegedly stated that the South Korean payments app Chai was built on the Terra blockchain, which was not accurate.This claim was also included in a press release sent to Bloomberg highlighting that the app “hosts over 2 million users and generates $1.2 billion in annualized transaction volume.” The release reads:“These statements were false. They were based on representations by Kwon and Terraform to Galaxy, but Galaxy failed to independently verify them.“Galaxy Digital’s Novogratz mentions Terra usage in Chai following Terra’s collapse. Source: Galaxy DigitalRelated: Terra’s Do Kwon’s US court hearing delayed as prosecutors review a swath of new evidenceTerra’s collapse and market falloutTerra and its algorithmic stablecoin, TerraUSD (UST), both experienced a dramatic collapse due to a breakdown in the mechanism designed to maintain UST’s peg to the US dollar back in May 2022. The event occurred when a large holder sold a substantial amount of UST.The large sell-off triggered market panic, causing UST to deviate from its expected value. The mechanism intended to stabilize UST involved minting new LUNA tokens to buy back UST, resulting in massive LUNA supply inflation and creating intense downward pressure on LUNA’s price.As Cointelegraph reported at the time, if the market cap of LUNA became lower than that of UST, there would not be enough funds to maintain the peg of the stablecoin. With the asset backing the stablecoin losing value as its supply continued to increase, the assets entered a self-reinforcing spiral, which caused both assets to lose nearly all their value within hours.This wiped out billions in market capitalization and triggered a broader cryptocurrency market downturn. The memory of the event is still fresh, with the Sonic blockchain’s recent unveiling of a high-yield algorithmic stablecoin being met with fears due to perceived similarities.Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express
UAE expects digital dirham rollout in Q4 2025
The United Arab Emirates expects its digital dirham central bank digital currency to roll out in the fourth quarter of 2025. According to a report in the Khaleej Times, Central Bank of the UAE Governor Khaled Mohamed Balama reportedly said that the blockchain-based currency could improve financial stability and help combat financial crime. According to the report, the retail sector could expect the issuance of a digital dirham in the last quarter of 2025. “It [digital dirham] will further enable the development of innovative digital products, services, and new business models while reducing cost and increasing access to international markets,” Balama reportedly said.The report also stated that the digital dirham and its physical counterpart will be accepted as a payment method in all payment channels. The news comes as the digital dirham received a rebrand. The first letter of the dirham will be its international symbol, along with two horizontal lines representing the currency’s stability, inspired by the UAE flag. The new symbol for UAE dirhams. Source: Khaleej TimesThe road to digital dirhams in the UAEIn June 2024, the CBUAE approved a licensing framework for regulating stablecoins. In a meeting with the CBUAE board of directors in Abu Dhabi, UAE officials discussed the government’s financial infrastructure program and approved the framework. The new rules clarified the issuance, licensing and supervision of payment tokens backed by the UAE dirham. Following the framework’s approval, stablecoin issuer Tether announced its plans to launch a dirham-backed stablecoin with local partners Phoenix Group and Green Acorn Investments. The collaboration aims to establish a fully-backed digital representation of the UAE dirham currency. After the framework approval, other players joined the race to create a dirham-backed stablecoin. On Oct. 18, 2024, a company called AED Stablecoin received in-principle approval for issuing a regulated dirham-pegged stablecoin in the UAE. On Nov. 1, The Open Network (TON) announced that Tether’s dirham-pegged stablecoin will be launched on its blockchain network. Related: Abu Dhabi’s financial free zone signs MoU with Chainlink for tokenization frameworksStablecoins in the UAEApart from dirham-backed stablecoins, US dollar and euro stablecoins have also gained traction in the country. On Feb. 24, the Dubai Financial Services Authority, the independent regulator for the Dubai International Financial Centre (DIFC), recognized Circle’s USDC and EURC as the first stablecoins under its crypto token regime. Meanwhile, a Ripple spokesperson previously told Cointelegraph that the company is working to understand the country’s stablecoin requirements. The spokesperson said they are monitoring the developments closely and that their RLUSD stablecoin is available in the UAE. Magazine: The 1 true sign an NFT bull market is back on: Wale, NFT Collector
Darkweb actors claim to have over 100K of Gemini, Binance user info
Darkweb threat actors claim to have hundreds of thousands of user records — including names, passwords and location data — of Gemini and Binance users, putting the apparent lists up for sale on the internet. The Dark Web Informer, a Darkweb cyber news site, said in a March 27 blog post that the latest sale is from a threat actor operating under the handle AKM69, who purportedly has an extensive list of private user information from users of crypto exchange Gemini. “The database for sale reportedly includes 100,000 records, each containing full names, emails, phone numbers, and location data of individuals from the United States and a few entries from Singapore and the UK,” the Dark Web Informer said.Source: Dark Web Informer“The threat actor categorized the listing as part of a broader campaign of selling consumer data for crypto-related marketing, fraud, or recovery targeting.”Gemini didn’t immediately respond to Cointelegraph’s request for comment. A day earlier, Dark Web Informer said another user, kiki88888, was offering to sell Binance emails and passwords, with the compromised data reportedly containing 132,744 lines of information.Source: Dark Web InformerBinance says leaked info came through phishing, not data leakSpeaking to Cointelegraph, Binance said the information on the dark web is not the result of a data leak from the exchange. Instead, it was a hacker who collected data by compromising browser sessions on infected computers using malware. In a follow-up post, the Dark Web Informer also alluded to the data theft being a result of user’s tech being comprised rather than a leak from Binance, saying, “Some of you really need to stop clicking random stuff.” Source: Dark Web InformerIn a similar situation last September, a hacker under the handle FireBear claimed to have a database with 12.8 million records stolen from Binance, with data including last names, first names, email addresses, phone numbers, birthdays and residential addresses, according to reports at the time. Binance denied the claims, dismissing the hacker’s claim to have sensitive user data as false after an internal investigation from their security team. Related: Binance claims code leak on GitHub is ‘outdated,’ poses minor riskThis isn’t the first cyber threat targeting users of major crypto exchanges this month. Australian federal police said on March 21 they had to alert 130 people of a message scam aimed at crypto users that spoofed the same “sender ID” as legitimate crypto exchanges, such as Binance. Another similar string of scam messages reported by X users on March 14 spoofed Coinbase and Gemini attempting to trick users into setting up a new wallet using pre-generated recovery phrases controlled by the fraudsters. Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis
$16.5B in Bitcoin options expire on Friday — Will BTC price soar above $90K?
Bitcoin (BTC) investors are preparing for the record-breaking $16.5 billion monthly options expiry on March 28. However, the actual market impact is expected to be more limited, as BTC’s drop below $90,000 caught investors off guard and invalidated many bullish positions. This shift gives Bitcoin bears a crucial opportunity to escape a potential $3 billion loss, a factor that could significantly influence market dynamics in the coming weeks.Bitcoin options open interest for March 28, USD. Source: Laevitas.chCurrently, the total open interest for call (buy) options stands at $10.5 billion, while put (sell) options lag at $6 billion. However, $7.6 billion of these calls are set at $92,000 or higher, meaning Bitcoin would need a 6.4% gain from its current price to make them viable by the March 28 expiry. As a result, the advantage for bullish bets has significantly weakened.Bitcoin bulls pray for a “decoupling” if QE restarts Some analysts attribute Bitcoin’s weak performance to the ongoing global tariff war and US government spending cuts, which increase the risk of an economic recession. Traders worry about slower growth, particularly in the artificial intelligence sector, which had driven the S&P 500 to a record high on Feb. 19 before falling 7%.S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / CointelegraphMeanwhile, Bitcoin bulls remain hopeful for a decoupling from the stock market, despite the 40-day correlation staying above 70% since early March. Their optimism stems from the expansion of the monetary base by central banks and increased Bitcoin adoption by companies such as GameStop (GME), Rumble (RUM), Metaplanet (TYO:3350), and Semler Scientific (SMLR).As the options expiry date nears, bulls and bears each have a strong incentive to influence Bitcoin’s spot price. However, while bullish investors aim for levels above $92,000, their optimism alone is not enough to ensure BTC surpasses this mark. Deribit leads the options market with a 74% share, followed by the Chicago Mercantile Exchange (CME) at 8.5% and Binance at 8%.Given the current market dynamics, Bitcoin bulls hold a strategic advantage heading into the monthly options expiry. For instance, if Bitcoin remains at $86,500 by 8:00 am UTC on March 28, only $2 billion worth of put (sell) options will be in play. This situation incentivizes bears to drive Bitcoin below $84,000, which would increase the value of active put options to $2.6 billion.Related: Would GameStop buying Bitcoin help BTC price hit $200K?Bitcoin bulls will have the edge if BTC price passes $90,000Below are five probable scenarios based on current price trends. These outcomes estimate theoretical profits based on open interest imbalances but exclude complex strategies, such as selling put options to gain upside price exposure.Between $81,000 and $85,000: $2.7 billion in calls (buy) vs. $2.6 billion in puts (sell). The net result favors the call instruments by $100 million.Between $85,000 and $88,000: $3.3 billion calls vs. $2 billion puts, favoring calls by $1.3 billion.Between $88,000 and $90,000: $3.4 billion calls vs. $1.8 billion puts. favoring calls by $1.6 billion.Between $90,000 and $92,000: $4.4 billion calls vs. $1.4 billion puts, favoring calls by $3 billion.To minimize losses, bears must push Bitcoin below $84,000—a 3% drop—before the March 28 expiry. This move would increase the value of put (sell) options, strengthening their position. Conversely, bulls can maximize their gains by driving BTC above $90,000, which could create enough momentum to establish a bullish trend for April, especially if inflows into spot Bitcoin exchange-traded funds (ETFs) resume at a strong pace.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.