RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, rising 4.90% to $31,188.36 as of 8:00 a.m. Riyadh time.
Ethereum, the second most traded cryptocurrency, was priced at $1,880.47 up 4.01%, according to data from Coindesk.
Crypto Scam Losses Surpass $1 Billion Since 2021
More than 46,000 people reported losing more than $1 billion in crypto to scams since the start of 2021, according to the latest FTC Consumer Protection Data Spotlight.
Data Spotlight reported a 60x increase in crypto scam losses reported in 2021 compared to 2018, with a median individual loss of $2,600.
Since there is no bank or other entity to flag suspicious transactions before they happen, people are always confused about how cryptocurrency works, and since crypto transfers cannot be Conversely, certain characteristics of cryptocurrency may explain why it is popular with criminals and scammers, according to the FTC.
Yuga Labs confirms Discord server hack
Yuga Labs reported that the Bored Ape Yacht Club Discord server was hacked on Saturday, with the attacker fleeing with 200 Ethereum from NFT. The 200 Ethereum is worth $360,000.
The project’s community manager, Boris Vagner, was tricked when his Discord account was compromised, and the attacker posted phishing links in the BAYC and another related metaverse project, Otherside’s Discord channels.
The hack was first revealed by Twitter user NFtherder, who also estimated that 145 Ethereum, or around $260,000, was stolen with NFTs, tracing back to four different wallets, Coindesk reported.
Yuga Labs has been spoofed three times in the past few months to steal user funds, Coindesk said.
The first happened on April 1 when Mutant Ape Yacht Club #8662 was stolen via a phishing link posted on the project’s Discord. The second happened on April 25 when Bored Ape Yacht Club accounts posted fake links to an Otherside strike, Coindesk added.