Lưu trữ hàng tháng: Tháng sáu 2024

NFT

Best NFT Marketplaces in 2024

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The market for non-fungible tokens (NFTs) has cooled off a lot in the last two years, dropping 90% in 2022. Despite the bearish decline, NFTs remain a multi-billion dollar market. So what are the best NFT marketplaces in 2024?

What is an NFT marketplace?

An NFT marketplace is an online platform where users can buy and sell NFTs, a type of digital asset with multiple use cases. NFTs can represent digital artwork, allowing users to sell a unique token that can signify ownership of the art.

They also have a major application in the skins market for gaming, allowing users to buy and sell in-game assets like clothing, weapons, and other items. Most NFT sales have been art-related, although music, collectibles, and real estate have also been traded as NFTs.

NFT marketplaces also facilitate the actual creation of NFTs in a process known as minting NFTs.

How do NFT marketplaces work?

NFT marketplaces typically work by charging a fee for any NFTs sold, and some of them allow the original artist to collect royalties on future sales of their work. Users can mint NFTs on blockchain networks, most commonly the Ethereum network. To join a marketplace, you need to register an account and connect a digital wallet like MetaMask.

From there, you can upload artwork and mint an NFT by following the directions on your platform of choice or simply browse NFTs that you’d like to buy. You can also research the market by doing this in preparation for the sale of any NFTs you own, and list an NFT for sale.

To buy an NFT, you’ll need cryptocurrency in your wallet, and the most common crypto to use for buying NFTs is ETH.

Best NFT platforms: top 7 marketplaces in 2024

Let’s take a look at the best and most popular NFT marketplaces in 2024.

OpenSea

OpenSea is the world’s first NFT marketplace, launching in 2017. It remains one of the biggest NFT marketplaces, retaining its first-to-market advantage and offering the widest selection of assets for trade. However, Magic Eden and Blur have overtaken OpenSea in popularity this year.

OpenSea has had over one million active users since launch, and 140,000 accounts still trade NFTs each month on the platform. It offers a wide range of features for users to choose from.

The platform is non-custodial, meaning users don’t have to give over control of their assets to OpenSea when listing them for sale.

Fees: 0% – 2.5%

Minting Fees: 0% – 2.5%

Liquidity: High

Royalties: Optional fees from 0% to 10%

Rarible

Rarible is a major NFT marketplace founded in 2020. The platform offers competitively low fees for trading NFTs, and focuses on trading rare digital assets. Another key feature of the platform is the high royalties available to creators.

While setting the royalty feature too high can discourage users from buying NFTs in an effort to flip, artists with in-demand assets can find high royalties to be very profitable and can choose what amount they want to set for royalties.

Fees: 7.5% – 0.5%, depending on the asset’s value. 0% available when staking native token.

Minting Fees: 0%

Liquidity: Medium

Royalties: Up to 50%

Magic Eden

Magic Eden is an NFT marketplace that offers NFTs minted on the Solana blockchain rather than Ethereum. Solana is a competitor to Ethereum aimed at becoming a faster and more scalable way to create decentralized applications.

However, Magic Eden has expanded to include the trade of Ethereum NFTs and Bitcoin Ordinals, or Bitcoin NFTs.

Trading Fees: 2%

Minting Fees: Around 0.02 to 0.04 SOL

Liquidity: High

Royalties: Choose between 0%, 50%, or 100%

Blur

Blur is an NFT platform catering more towards professional NFT traders seeking profit on their trades. it recently overtook Magic Eden and OpenSea to become the biggest NFT marketplace in the world by trading volume.

Where earlier NFT marketplaces had a more casual approach towards the market, Blur sought to make trading cheaper for end-users and does not charge any transaction fees. The platform launched with very low royalty fees, contributing to OpenSea’s to scrap mandatory royalties altogether.

Blur is a decentralized app running on the Ethereum network and users can vote on platform governance using the native BLUR token. It offers collateralized lending and allows users to search OpenSea listings from Blur. The transparent bidding feature also allows users to view the bidding history on an NFT, granting more insight into the market value of their NFTs.

Trading Fees: 0%

Minting Fees: Dependent on current Ethereum gas fees

Liquidity: High

Royalties: 0.5% fixed rate

LooksRare

LooksRare is a decentralized app that allows for NFT trading and is governed by its own community. 100% of this NFT marketplace’s fees were initially earned by users who stake the native LOOKS token, an attractive incentive scheme that puts the community first. This scheme has been discontinued, and the platform now offers rewards through a more complex series of DeFi-inspired incentive programs.

Trading Fees: 2%

Minting Fees: Dependent on current Ethereum gas fees

Liquidity: Low

Royalties: 0% option, with higher options available

Binance NFT Marketplace

The world’s largest crypto exchange by trading volume, Binance, also offers an NFT marketplace. In true Binance fashion, the marketplace offers a wide selection with low fees. Binance NFT Marketplace offers Ethereum and Binance Smart Chain NFTs.

Users should be advised that Binance has been subject to multiple lawsuits and legal actions over the last year, potentially placing the exchange in a vulnerable position when it comes to regulatory enforcement.

Trading Fees: 1% (seller only)

Minting Fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB

Liquidity: Medium

Royalties: 1%

Nifty Gateway

Nifty Gateway is an early entry to the NFT markplace sector, founded in 2018 and becoming known for exclusive artist listings of NFTs. Despite not having the high volumes it boasted in 2021, it remains a reliable nft marketplace.

Trading Fees: 2.5% (non-custodial) – 5% (custodial)

Minting Fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB

Liquidity: Medium

Royalties: 1%

What’s the best NFT marketplace in 2024?

The NFT marketplace with the biggest market share in 2024 is Blur, and by quite a large margin. At the time of writing, Blur’s 7-day trading volume amounts to million. Magic Eden comes in second place at million, followed by OpenSea with million.

Blur’s decentralized approach and decision to charge no transaction fees have made it the clear outlier when it comes to choosing one winner from our NFT marketplace list.

Frequently asked questions

What is the best NFT marketplace for beginners?

OpenSea, Blur, and Magic Eden are all frequently praised for their ease of use for beginners to start trading NFTs.

What is the best place to buy NFTs?

There’s no definitive answer as to the best place to buy NFTs, as this will depend on your priorities when it comes to fees, royalties, and liquidity among other factors. Blur is currently the most popular NFT trading platform.

What is the best place to sell NFTs?

Blur has the highest trading volume, offering high liquidity, However, if you’re the original creator of the NFT, Blur offers lower royalties than some other platforms.

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Bitcoin

Thailand approves first spot BTC ETF for ultra high net-worth individuals

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The Thailand Securities and Exchange Commission (SEC) approved the first spot Bitcoin (BTC) exchange-traded fund (ETF) in the country, making it available only to ultra high net-worth individuals.

According to the Thailand-based daily newspaper Bangkok Post, the country’s SEC gave the green light to the local asset management company, One Asset Management (ONEAM), to launch its spot BTC ETF. The investment product is called the “ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI).”

However, the report says that the ETF will not be available for small individual investors, and only the Ultra High Net Worth Individuals (UHNWI) and institutional investors can benefit from the BTC investment product.

Per the Bangkok Post, the Thailand-based spot BTC ETF is given a risk score of eight — putting the product in the high-risk zone. This is usually due to the high price volatility of crypto assets.

Moreover, One Asset Management would have to invest in 11 global funds to ensure the BTC ETF has the required liquidity and security for investors. The U.S. and Hong Kong have already reviewed the Thai policy for the spot BTC investment product.

Another Thailand-based investment company, MFC Asset Management is still waiting for the SEC’s green light to launch its spot BTC ETFs. Per the report, MFC’s investment product will also be available for institutions and rich investors.

The Thai SEC’s approval of spot BTC ETFs comes as the investment products have recorded impressive success in the U.S. In March, the regulator adjusted its rules and gave the price asset management companies the green light to explore the crypto industry.

On March 13, Thailand approved the tax exemption bill on cryptocurrency gains to bolster its digital economy. 

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Bitcoin

Sophisticated deepfake AI hack nets over $2m in stolen funds from OKX user

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Scammers have stolen million worth of cryptocurrency assets from a customer of the crypto exchange OKX.

According to WuBlock, the attackers “purchased” the identity information of Lai Japanese Fang Chang. The information was allegedly leaked in a Telegram data breach.

Using these sensitive details, the scammers accessed Chang’s OKX account. They then proceeded to take the account under their control using the “forgotten password” option.

By assuming Chang’s identity, the bad actors proceeded to change all his security settings, even going so far as to employ a deepfake video of the victim that managed to alter his email ID, phone number, and even his Google authenticator settings.

Within 24 hours following the user being alerted of the change, his account lost over million worth of various crypto assets.

According to Wu, OKX has responded by acknowledging that the user’s account has been stolen. The platform is currently helping the victim recover his account. 

Reportedly, the firm has also taken legal action against the attackers.

Amidst this backdrop, an X user recalled an earlier attack on an OKX  wallet, with the victim losing 50,000 Trc-20 USDT.

These attacks were preceded by a 0,000 exploit on OKX Dex. Back then, security firm SlowMist had reported that the OKX DEX proxy admin owner’s private key had allegedly leaked.

The leak resulted in hackers gaining control of the protocol and allowed them to alter it with malicious functions. This allowed them to steal funds from users who had given the protocol permission to interact with their wallets.

OKX had to revoke contract permissions to prevent further damage.

Centralized cryptocurrency exchanges have been a common target for attackers. 

Last week, Japanese crypto exchange DMM Bitcoin was hacked for 5 million. Prior to that, Estonia-based crypto exchange CoinsPaid was hacked for over million.

With the onset of AI-powered tools, hackers now have a powerful weapon in their arsenal. Deepfake videos are being employed to dupe market participants.

As such, there have been industry-wide concerns over the ethical implications of AI use. 

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Phân tích

DOG enters the leading 100 cryptos list, emerges as top gainer

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In a tumultuous day for the cryptocurrency market, meme coin “Dog Go to the Moon” (DOG) has stood out as the top performer, securing its position among the leading 100 cryptocurrencies. 

According to data provided by CoinMarketCap, DOG has experienced a remarkable surge of 20% in the past 24 hours, contrasting with the broader market, which has suffered a significant 38.74% decline during the same period. Amid this spike, the token has emerged as the largest gainer among the top 100 crypto assets. 

DOG price – June 4 | Source: CoinMarketCap

Its rise saw the asset reach an all-time high of .00956 on June 3, triggering a surge in its market capitalization, which now stands at over 8 million. This allowed it to secure a spot among the top 100 assets. DOG is currently ranked 98th and is trading at .00875.

The asset’s volume has also experienced a substantial increase, soaring by 131% to reach million. In addition, over the past seven days, DOG has demonstrated impressive resilience, also recording a remarkable surge of 114% within this period.

The cryptocurrency is now ranked seventh among meme coins. Notably, it achieved this feat by overtaking Book of Meme (BOME), a recently launched Solana meme coin sensation.

Following the impressive price run, Crypto pundit and founder of Crypto Capital Venture Dan Gambardello predicted that the meme coin would be a top performer. He boldly asserted that DOG could go on to flip Dogecoin (DOGE), a feat that would see its market cap surge past .7 billion.

According to data from CoinCodex the Relative Strength Index (RSI) for DOG is currently at 65.90 despite the recent spike, suggesting more room for growth. This further indicates that the asset is neither overbought nor oversold, but rather in a neutral zone, signaling a balanced market sentiment.

Meanwhile, despite the market turmoil, Bitcoin (BTC) briefly experienced a surge in value, peaking at ,000 before declining to ,000 at the time of reporting. Ethereum (ETH), mirroring Bitcoin’s trajectory, has witnessed a modest decline of 1.20% over the past 24 hours.

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DeFi

Kaspa (KAS) surges 20%, eyeing all-time high

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KAS, the native token of the proof-of-work cryptocurrency Kaspa, has soared 20% as its price nears a potential all-time high.

At the time of writing, Kaspa (KAS) has experienced a 200% increase in trading volume and an 18% increase in price during the previous 24 hours. The cryptocurrency asset has risen 25% in the previous seven days and 61% in the last 30 days, indicating an optimistic prognosis for the altcoin this month.

KAS 24-hour price chart | Source: CoinMarketCap

According to CoinMarketCap, the token now ranks 26th in the global cryptocurrency list, with a trade price of .176, a circulating supply of around 23,828 million KAS tokens, and a market capitalization of .09 billion.

Kaspa is a cryptocurrency designed to provide a high-performance, scalable, and secure blockchain platform. Kaspa’s distinguishing feature is its usage of the GhostDAG protocol, which enables faster block times and higher transaction throughput than typical blockchains. GhostDAG, unlike standard blockchains, does not create orphan blocks in parallel. Instead, GhostDAG lets them to cohabit while enforcing consensus.

The current price increase follows a June 3 X post by trader Christian Ludwig, who pointed out the potential catalysts that are likely to drive the price of Kaspa to as high as in the coming months. Among them is the introduction of Kaspa KRC20 smart contracts, the Kaspa network’s potential to rise as the next best stablecoin transfer network.

Other potential drivers cited by Ludwig to reach the price target were the Ethereum Virtual machine bringing the ETH network to Kaspa and an upcoming Blockdag upgrade that will boost its network speed by up to 10 times.

Earlier on May 30, Kaspa’s hashrate had grown to approximately 300 PH/s, which remains a fraction of Bitcoin’s hashrate. However, the rate remains approximately 20 times higher than Ethereum Classic’s, making it more difficult to attack. 

Kaspa’s network is based on one of Satoshi Nakamoto’s previous concepts. Bitcoin’s creation schedule was expected to be substantially shorter. This idea prompted Kaspa to provide rapid currency production, with halving occurring more frequently. 

Kaspa will, at max, contain a total of 28.7 billion coins, with a halving occurring every year. At the current hashrate, more than 23 billion coins have already been produced, accounting for more than 82% of the total supply. The competition to mine the remaining coins will intensify, and miners will be forced to cover their costs through fees. 

The majority of KAS trading takes place through ByBit, Gate.IO, and KuCoin, while the crypto community hopes for a Binance listing. As Kaspa’s popularity grows, miners may try to amass coins in the hopes of seeing positive price action.

Because of its huge supply, KAS is relatively noticeable, nearly cracking the top 25 assets by market capitalization. 

Kaspa has been distributed to approximately 500K addresses, holding more than a “dust” amount. However, People are adopting Kaspa at a slow pace in 2024 because they are more interested in meme tokens, which are easier to acquire. 

The Kaspa community anticipates a price increase of from present levels. However, KAS can only rise up if L1 narratives return to the forefront. Kaspa’s blockchain leverages its DAG structure, speed, and mining to boost its influence. The network is still behind in token creation and value-generating projects. 

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Bitcoin

Bitcoin miner Core Scientific signs 12-year deal to deliver 200MW for machine learning

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Crypto mining firm Core Scientific has signed a 12-year deal with cloud provider CoreWeave to provide resources for training artificial intelligence.

Bitcoin miners are now diversifying their portfolios by branching into areas tied to artificial intelligence (AI), with Core Scientific, a crypto mining giant that recently emerged from bankruptcy, now intensifying its focus on machine learning.

In a press release on Jun. 3, the Texas-based company said it signed a series of 12-year contracts with CoreWeave, a former crypto mining company which now specializes on cloud services for AI.

According to the agreement, Core Scientific will provide approximately 200 megawatts of infrastructure to support CoreWeave’s NVIDIA GPU operations for AI training. The infrastructure modifications are slated to begin in the second half of 2024 and become fully operational in the first half of 2025. Core Scientific projects the deal will generate over .5 billion in revenue.

“Our new contracts with CoreWeave position us to transform our hosting business and our earnings power by capturing exciting growth opportunities in AI compute, one of today’s most dynamic technology segments, while also maintaining our strong bitcoin mining franchise.”

Core Scientific CEO Adam Sullivan

The firm disclosed that about 0 million of capital investments in its infrastructure will be credited against hosting payments, capped at 50% of monthly fees until fully repaid. Additionally, the agreements offer options for further expansion, potentially making Core Scientific “one of the largest data center operators in the United States.”

Founded in 2017 by Mike Levitt and Darin Feinstein, Core Scientific quickly rose to prominence in the crypto mining industry, raising over million in equity funding from investors. However, the volatile nature of the crypto market led to financial difficulties, pushing the firm to the brink of bankruptcy in late 2022 due to a series of bankruptcies, including FTX, Celsius Network, and Three Arrows Capital. In early 2024, the company emerged from bankruptcy proceedings.

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Bitcoin

Spot BTC ETFs start 4th consecutive week with positive inflows

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Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have started their fourth consecutive week with positive gains while BTC consolidates.

According to data provided by Farside Investors, spot BTC ETF products in the U.S. recorded 5.1 million in inflows on June 3 — making a positive entrance into the fourth straight week. 

The majority of the inflows came from Fidelity Wise Origin Bitcoin Fund (FBTC), worth million. Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF(ARKB) registered .3 million and .7 million inflows, respectively.

Moreover, VanEck Bitcoin Trust ETF (HODL) and WisdomTree Bitcoin Fund (BTCW) had a smaller share of the inflows, recording million and .1 million in net inflows, respectively. 

The largest BTC ETF, iShares Bitcoin Trust (IBIT), with over .65 billion in net inflows since the launch of the investment products in the U.S., remained neutral on June 3. Grayscale Bitcoin Trust (GBTC) also had net flows.

Notably, Bitcoin ETFs have been consistently recording positive net flows since May 10 with only one day of cumulative flows on May 27. 

This is the second-longest positive run, 16 days, for the BTC ETFs in the U.S. — the products witnessed 18 days of consistent inflows between Jan. 26 and Feb 20.

Bitcoin’s reaction

Bitcoin has been mostly consolidating between ,800 and ,300 over the past day. The flagship cryptocurrency briefly touched a seven-day high of ,230 at around 13:50 UTC on June 3.

BTC price – June 3 | Source: Trading View

The BTC price declined by 0.11% in the past 24 hours and is trading at ,020 at the time of writing. The asset’s market cap is sitting at .36 trillion, with a 50.4% dominance over the whole cryptocurrency market.

Data shows that Bitcoin’s daily trading volume surged by 30%, reaching .5 billion. 

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Pháp Lý

Crypto and the Kafkaesque | Opinion

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In this week’s #hearsay column, Dorian Batycka marks the 100-year anniversary of the Bohemian writer Franz Kafka’s death on June 3, 1924, taking you on a literary journey through the most “Kafkaesque” moments in all of crypto.

Imagine a world where you are ensnared in a web of bewildering and illogical situations, powerless against faceless bureaucracies that wield omnipotent and indifferent authority. This nightmarish distortion of reality is the essence of the term “Kafkaesque,” derived from the German-speaking Bohemian writer Franz Kafka. Through seminal works like The Trial (1914), The Castle (1922), and The Metamorphosis (1912), Kafka’s narratives have become foundational texts in modern literature, depicting protagonists trapped in existential anxiety and futility. Strikingly, these Kafkaesque themes find resonance in the chaotic and often dystopian world of cryptocurrency, where the promise of financial liberation is fortuitously often overshadowed by paradox and disillusionment.

Wojak, crypto, and the Kafkaesque

Franz Kafka wrote A Hunger Artist in 1922 and published it in 1924, the same year he passed away from a brutal condition that made him die of starvation due to complications from laryngeal tuberculosis. Kafka’s final story centers on a professional hunger artist who fasts for extended periods as a form of art, attracting audiences fascinated by his self-imposed suffering. Despite such dedication, the hunger artist becomes increasingly marginalized and forgotten as public interest wanes, leading to his eventual demise.

It’s a situation that mirrors the experience of crypto’s most titular figure: the wojak. The proverbial McDonald’s night manager whose incessant pursuit of quick wealth becomes an unhealthy obsession, akin to gambling. With wojak consumed by the volatile and often isolating and crippling failure of crypto trading and investment, he finds himself constantly in profound loss and disillusionment. What hunger was to Kafka’s artist, cheap packets of ramen noodles are to the toiling wage cuck hoping to get rich on a Solana meme coin. What could be more utterly Kafkaesque?

Satoshi Nakamoto as Joseph K.

Self-revelations aside, let’s shift gears to conjure the term “Kafkaesque” not with the wojak loser, but with the OG of crypto himself, Satoshi Nakamoto. In Kafka’s The Castle (1922), the protagonist K. struggles against an opaque and inaccessible bureaucratic authority; similar to Satoshi himself, Kafka speculates on the often duplicitous nature of governments, remarking: “You mustn’t believe everything that officials say,” adding, “I have my rights, and I shall get them.”

In The Trial, Kafka describes the arrest of the main character. “Someone must have been telling lies about Joseph K., he knew he had done nothing wrong but, one morning, he was arrested.” Again, one is here confronted with the brutal reality of a system bearing consequences on someone born to change it, i.e., Satoshi, or even CZ, for that matter. The lack of current regulatory clarity in crypto, from legislation being proposed in the EU, MiCA, has only created widespread confusion on the continent, through to the befuddling situation around legislation in the United States, where things have not fared much better, with both Joe Biden and Donald Trump also recently U-turning on the crypto bandwagon.

KafkaCrypto: towards a new theory of technology and doomer

Lastly, think about the idea of paradox itself, perhaps the pinnacle of all Kafkaesque situations. It’s based on a supposition that two seemingly different realities can be true at once. While cryptocurrency was designed to circumvent traditional financial systems and their regulatory frameworks, as the market has grown, so too has the demand for regulation to prevent fraud, protect consumers, and ensure market stability, often under the guise of anti-money laundering (AML) initiatives that exist in stark contrast to privacy-focused tools like Monero or Tornado Cash.

Yet, on top of this reality, a paradoxical situation has emerged: where the decentralized crypto world ethos has increasingly brushed up against the centralized systems that crypto purported to disrupt. Look no further than China’s or Russia’s recently stated that they would embrace central bank digital currencies (CBDCs). Together with omnipresent state surveillance and control, the paradoxical reality of having crypto in the hands of a tyrannical government, while at the same time allowing for encrypted financial freedom, is indeed peak Kafkaesque.

“It’s only because of their stupidity that they’re able to be so sure of themselves,” Kafka concluded in The Trial, perhaps his most seminal work on the illusory nature of justice. It is perhaps in some ways related to the notion of effective altruism prevalent in modern echelons of crypto theory, and famously core to the convinced fraudster Sam Bankman Fried’s worldview, i.e., scamming for the greater good theory of crypto capitalism.

At its heart, cryptocurrency advocates for financial autonomy and individual control over one’s economic identity. Yet, as we mark the centennial since Kafka’s death, it’s clear that the crypto industry has taken on many Kafkaesque qualities. From the mysterious figure of Satoshi Nakamoto to the lowly wojak, through to the unsettling reality of crypto scams and the paradox of decentralization and regulation, the illusory sense of autonomy stands as a remarkable bellweather to how deeply problematic crypto has and continues to be. As Kafka once wrote:

“Every revolution evaporates and leaves behind only the slime of a new bureaucracy.”

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Bitcoin

Analysts: Google ‘asleep at the wheel’ on crypto deepfake scams

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A cybersecurity expert called out Google over inadequate preventive measures against crypto-targeted deepfakes involving Bitcoin and figures like Elon Musk. 

Recently, scammers leveraged a fabricated video of billionaire and Tesla CEO Elon Musk on YouTube to fleece unsuspecting users of cryptocurrencies, including Bitcoin (BTC). 

Bad actors used artificial intelligence and real video clips to create YouTube Live sessions directing crypto users to deposit BTC on multiple websites. The campaign amassed hundreds of thousands of views, and the possible losses are yet unknown. 

National Cybersecurity Center (NCC) founder Michael Marcotte, said in a press release sent to crypto.news scammers are initiating a “personal attack on Elon Musk as well as its ability to kneecap consumer confidence in Bitcoin.”

Additionally, hackers used Russian domain name registrars for the crypto depository platforms, promising to double user funds. Per Marcotte, the culprits may have deployed this tactic to misdirect law enforcement. “This unusual attack fingerprint raises serious questions about underlying intent and source”, the expert stated.

Marcotte: Google must do more

As the NCC veteran highlighted, the scammer used an account with nearly one million followers and 250 million views. Marcotte opined that the case calls Google’s policies into question since malicious users assumed legitimacy by mimicking a verified Tesla YouTube account.

“The real indictment was that scammers were able to perpetrate this scam on YouTube for hours over the weekend without it being shut down. It is clear in this particular case that Google’s cybersecurity team was asleep at the wheel,” said Marcotte via email. 

The expert said Google’s team deserves the benefit of the doubt but stressed that a breach of this magnitude should have been quickly flagged, and addressed.

Recurring concerns

Users have complained of attack vectors left unchecked by Google, which have led to crypto losses in the past. Last month, crypto.news reported a fake Aggr Chrome extension used to bypass Binance security. On June 3, multiple reports of million in losses linked to the same extension emerged. In April, scammers employed paid ads on the mammoth search engine to promote a harmful OTC crypto platform. 

The Alphabet subsidiary has sometimes fought back and sued scammers for masterminding criminal campaigns. However, users and experts alike agree that the company should do more to tackle these incidents. 

“It is now starkly obvious that we’re moving into a world where the line between real and fake is increasingly unclear. This weekend’s scam needs to be a radical wake-up call for the rest of the industry.” Marcotte noted. 

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