Today in crypto, an unfortunate investor fell victim to a phishing scam, costing them $3 million in a single click, Indonesia is exploring the idea of a Bitcoin reserve, and the US Securities and Exchange Commission (SEC) issued new guidance on liquid staking.
Crypto investor falls victim to phishing scam, loses $3 million with single click
A cryptocurrency investor lost $3 million in a phishing scam after signing a malicious blockchain transaction without verifying the contract address, highlighting the risk posed by digital asset scams.
A single wrong click was all it took to drain $3 million worth of USDt (USDT) from an investor who failed to verify the contract address before signing the blockchain transaction.
“Someone fell victim to a phishing attack, signed a malicious transfer, and lost 3.05M $USDT,” according to a Wednesday X post from blockchain analytics platform Lookonchain. “Stay alert, stay safe. One wrong click can drain your wallet. Never sign a transaction you don’t fully understand.”
Crypto phishing attacks are social engineering schemes in which attackers share fraudulent links to steal victims’ sensitive information, such as private keys to cryptocurrency wallets.
Like most investors, the victim probably validated the wallet address by only matching the first and last few characters before transferring the $3 million to the malicious actor. The difference would have been noticeable in the middle characters, often hidden on platforms to improve visual appeal.
Highlighting the need for more investor due diligence, another victim lost over $900,000 worth of digital assets to a sophisticated phishing attack on Sunday, 458 days after unknowingly signing a malicious approval transaction to a wallet-draining scam, Cointelegraph reported.
Indonesia is exploring a national Bitcoin reserve, says local group
The Indonesian government has been exploring Bitcoin as a reserve asset, according to Bitcoin Indonesia, which recently met with officials to discuss how the strategy could drive economic growth in the country.
“We were invited to the Vice President’s office to present how Bitcoin could benefit the country,” Bitcoin Indonesia said in an X post on Monday.
“We explored a bold idea: Using Bitcoin mining as a national reserve strategy.”
“Yes, seriously. [Indonesia] is looking into how Bitcoin could fuel long-term economic strength,” the Bitcoin community wrote on X. Other focus areas included Bitcoin mining and education initiatives, they added.
Indonesia is the fourth-most-populous country in the world with over 280 million people. It has an estimated Gross Domestic Product (GDP) of $1.4 trillion, making it the 16th largest economy.
US SEC says certain liquid staking activities fall outside of securities laws
The US Securities and Exchange Commission (SEC) has clarified that certain cryptocurrency liquid staking activities do not constitute securities offerings, a notable step in the agency’s ongoing effort to provide clearer guidance on digital asset regulation.
“The statement clarifies the division’s view that, depending on the facts and circumstances, the liquid staking activities covered in the statement do not involve the offer and sale of securities,” the regulator said Tuesday, referring to key sections of the Securities Act of 1933 and the Securities Exchange Act of 1934.
In its Staff Statement, the SEC defined liquid staking as the process of staking digital assets through a protocol and receiving a “liquid staking receipt token,” which serves as evidence of the staker’s ownership.
“Today’s staff statement on liquid staking is a significant step forward in clarifying the staff’s view about crypto asset activities that do not fall within the SEC’s jurisdiction,” SEC Chair Paul Atkins said in a statement.
