Binance, the world’s largest cryptocurrency exchange, has appointed Richard Teng, a seasoned former regulator, as its new CEO. This strategic decision follows a turbulent period for Binance, which recently settled a $4.3 billion lawsuit with US authorities concerning anti-money laundering and sanctions violations. The change at the helm, with Changpeng Zhao stepping down, signals Binance’s commitment to regulatory compliance as it expands its operations globally. Gulf Binance Co. A major milestone in Thai market entry Despite facing scrutiny from Thai regulators, Binance’s Thai venture, Gulf Binance Co., has successfully obtained Digital Asset Operator Licenses from Thailand’s Ministry of Finance. This achievement, coupled with the Thai Securities and Exchange Commission’s recent approval, marks a significant regulatory victory for the company. Gulf Binance Co. is a joint venture with Gulf Energy Development, steered by Thai billionaire Sarath Ratanavadi, demonstrating a strong local partnership and strategic foresight. New Era of Cryptocurrency in Thailand With these developments, Binance is gearing up to launch its cryptocurrency exchange services in Thailand early next year. This expansion signifies a major step in Binance’s global strategy, tapping into the burgeoning interest in digital assets within Thailand. The entry into the Thai market, under the guidance of Richard Teng and with the support of influential local figures like Ratanavadi, showcases Binance’s adaptability and resilience in the dynamic global crypto landscape. Commitment to compliance and security In the face of previous legal issues and a demanding regulatory environment, Binance’s unwavering commitment to compliance and security is evident. The company’s proactive approach in appointing a leader with regulatory expertise and securing necessary licenses reflects a strategic alignment with global compliance demands. This approach enhances Binance’s credibility and positions it strongly in the Thai digital asset market. Binance’s venture into Thailand is emblematic of the complexities and opportunities in the global expansion of the cryptocurrency industry. By balancing regulatory compliance with strategic partnerships, the company is poised to significantly impact Thailand’s digital asset space and reinforce its position as a global crypto giant. The post Binance navigates regulatory hurdles in Thailand move first appeared on Coinfea.

The troubled cryptocurrency exchange Zipmex has proposed repaying its creditors 3.35 cents per dollar for their initial claims as part of its restructuring efforts. People familiar with the matter told Bloomberg that the figure could rise to as much as 29.35 cents per dollar depending on recoveries made from the exchange’s amended restructuring plan as it seeks to settle a debt of more than $97 million. Zipmex to Pay 3.35 Cents Per Dollar As expected, Zipmex’s major creditors are against the exchange’s proposal and have requested an independent review of its assets and liabilities. They intend to vote on the current restructuring plan by early December. Zipmex’s co-founder and CEO Marcus Lim said the number reported by journalists was inaccurate but refused to disclose the details of the proposed scheme. The latest development comes a few days after Zipmex temporarily suspended all crypto trading and deposits in Thailand to comply with regulatory requirements from the Securities and Exchange Commission (SEC). Customers have been asked to contact customer support for withdrawals if their assets remain on the platform after January 31, 2024. Zipmex got stuck in troubled waters in July 2022 and has been looking for a way out. The exchange froze withdrawals after it was caught up in the contagion triggered by the Terra ecosystem’s implosion. Its case was worsened by a $53 million exposure to the failure of crypto lenders Babel Finance and Celsius Network. The distressed exchange has repeatedly asked the court to extend the period for its creditor protection to enable it to develop a suitable restructuring plan. Zipmex’s Deal With V Ventures In December 2022, Thailand-based venture capital firm V Ventures signed a deal with Zipmex to acquire 90% of the company for $100 million in cash and crypto assets. The agreement entailed the cryptocurrencies being used to gradually unlock users’ frozen assets by April 2023. Unfortunately, V Ventures did not complete the fourth tranche of the payment, which was due on March 23. The delay in payment was followed by a fresh proposal to pay Zipmex’s creditors about 10% to 20% of their claims, a far cry from the original buyout proposal for a full payment. V Ventures said its new offer was a result of Zipmex’s failure to meet the terms stated in the initial proposal. The post Zipmex Wants to Pay Creditors 3.35 Cents Per Dollar for Their Claims: Report appeared first on CryptoPotato.

The post Binance’s Fresh Start in Thailand Faces Scrutiny as Regulatory Compliance Takes Center Stage appeared first on Coinpedia Fintech News Binance, one of the largest crypto exchanges, is teaming up with Gulf Energy Development Pcl, owned by billionaire Sarath Ratanavadi, to launch a new digital asset platform in Thailand. The joint venture has received the necessary licenses, but Binance’s recent guilty plea and $4.3 billion in penalties for violating US anti-money laundering and sanctions laws have raised concerns. Regulatory Scrutiny Binance’s regulatory woes have intensified in recent months, with the company pleading guilty to violating US anti-money laundering and sanctions laws. The move resulted in a $4.3 billion fine and a commitment to improve compliance and transparency. The news has cast a shadow over the planned Thai digital asset platform, which will compete with other licensed operators in the country. Partnership with Gulf Energy Development PCL Sarath Ratanavadi’s Gulf Energy Development Pcl is one of Thailand’s richest men, with an estimated net worth of $11 billion. The partnership between Binance and Gulf Energy Development Pcl will see the latter own a 51% stake in the joint venture, while Binance will hold the remaining 49%. The new platform is expected to launch in January 2023. Tighter Regulatory Oversight Despite the decline in demand, some Thai businesses are backing a revival of cryptocurrencies. Kasikornbank Pcl, one of the country’s largest lenders, acquired a licensed crypto exchange operator last month. Sarath Ratanavadi also highlighted the need for tighter regulatory oversight to restore investor confidence following last year’s digital asset rout and bankruptcies such as FTX’s debacle. “Crypto grew at a pace that was hard for regulations to keep up with. Officials have since tightened rules and corrected business practices, and all market participants have to follow the new regulations.” Sarath Ratanavadi

The Securities and Exchange Commission (SEC) of the Philippines has issued a stern warning to its citizens regarding the use of Binance, the world’s largest cryptocurrency exchange. This move comes amid a broader regulatory crackdown on the platform, which has been facing legal challenges in several countries. The Philippine SEC has clearly stated that Binance does not possess the necessary licenses to operate or offer services within the nation. In a detailed advisory, the agency highlighted that Binance has been using various social media campaigns to attract Filipino investors, urging the public to be cautious with unregistered entities. The notice also mentioned potential criminal liabilities for those promoting or recruiting on behalf of Binance in the Philippines, even through online channels. This development adds to the mounting pressure on the crypto exchange, which recently saw its CEO, Changpeng Zhao, stepping down following legal issues in the United States. Binance’s legal troubles Binance has been under intense scrutiny worldwide, particularly following a series of legal confrontations in the United States. Just days before the Philippine SEC’s advisory, the US Department of Treasury announced a significant settlement with Binance totaling $4.3 billion. The US government accused the exchange and its CEO of breaching anti-money laundering and sanctions laws. Zhao has pleaded guilty and agreed to pay $50 million in fines, resigning from his CEO position and the board of directors. He currently awaits sentencing in the US, scheduled for February 2024, facing a possible decade in prison. These developments have significantly impacted Binance’s operations and its global expansion plans, particularly in Southeast Asia. The exchange’s recent launch in Thailand marked its first significant move in the region amid these challenges. The path ahead for Binance and cryptocurrency regulation In light of the recent events, the Philippine SEC is taking proactive steps to safeguard investors from unregistered investment products. The agency is moving to block access to Binance, aiming to prevent users in the Philippines from accessing the website and its applications. This ban, expected to take effect within three months, allows current investors a grace period to exit their positions. Furthermore, the SEC has requested major tech companies like Google and Facebook’s parent company Meta to block Binance advertisements in the Philippines. These steps reflect a growing trend among regulators worldwide to tighten oversight on cryptocurrency platforms and ensure investor protection. Binance has acknowledged the SEC’s statements and expressed its commitment to complying with local regulations. Following Zhao’s legal entanglements, the company has shown a willingness to adapt to the evolving regulatory landscape. This approach may be crucial as the company navigates through its current challenges and looks to consolidate its position in the global cryptocurrency market. Despite these hurdles, Binance continues to operate in other regions, seeking regulatory approvals and complying with local laws. The company’s experience in the Philippines and the US could serve as a learning curve, potentially guiding its future strategies in regulatory compliance and operational transparency.

Web3 has been gaining momentum. However, with general understanding remaining low, the burning question becomes—is the adoption of web3 a reality or merely hype? The internet has become ubiquitous in people’s everyday lives, molding their reading choices, shopping preferences, entertainment options, and communication methods.  A Sandvine global internet report from earlier in the year revealed that the average person spends as much as eight hours on online apps. However, there has been growing unease about the access and control of people’s intimate information. Large tech firms have increasingly come under the cosh for their handling and potential misuse of personal data and their substantial influence over the internet due to their market supremacy. Per the Sandvine report, nearly half (48%) of the total internet traffic was directed through titans like Microsoft, Alphabet (Google), Meta (formerly Facebook), Amazon, and Apple, a group commonly referred to by the acronym MAMAA. For this reason, there has been a conscious push to reclaim power from big tech, giving birth to the idea of web3. This is the latest evolution of the internet, which, if its proponents are to be believed, is poised to democratize online spaces. Web3 traces its origins back to 2014 when Ethereum (ETH) co-founder Gavin Wood first coined it. The idea builds upon previous iterations of the internet, namely Web 1.0 and Web 2.0. Web 1.0 offered users static, read-only webpages, while Web 2.0 ushered in more interactivity.  While web3 has been a topic of discussion for several years, it gathered significant momentum in 2021, fueled by the rise of blockchain technologies, the expansion of non-fungible token (NFT) markets, and the influx of venture capital investments. Current state of web3 adoption Recently, Consensys released a report on the state of web3 adoption, which looked at use cases, popular mechanics, results, and barriers to entry.  According to the report, while cryptocurrency has made its mark worldwide, with a notable percentage of the global population acknowledging their familiarity with it, the understanding of web3 remains startlingly low, with only 8% of respondents to the study expressing a solid grasp of the concept. Interestingly, despite the limited knowledge, web3’s fundamental principles still resonate with many. Half of the respondents on the Consensys survey believe these principles enrich the internet’s value, while 67% firmly believe in the right to own what they create online. Privacy concerns were also a dominant issue, with 83% of respondents prioritizing data privacy. Furthermore, 70% believed they should receive a portion of the profits from their data, and a similar percentage desired enhanced control over their online identities. Another study carried out by Coinbase revealed that most people’s awareness of web3 use cases revolved around crypto payments for goods and services. According to the data, 30.8% of participants had used at least one web3 service in the past, with usage being more widespread in emerging markets.  Further, 45.8% of respondents from emerging markets had used at least one web3 service, compared to 22% in developed markets. The disparity might stem from the versatility of digital currencies, especially in contexts where access to stable traditional currencies is restricted. Interestingly, per the Coinbase study, high awareness of web3 services did not guarantee high adoption. Despite being third and fifth on the awareness scale, trading on centralized exchanges (CEXs) and blockchain gaming were the most used services. Conversely, staking for returns, a lesser-known service, secured the third spot on the adoption chart. CEXs remain the preferred choice in developed markets, offering a familiar touchpoint for those accustomed to traditional financial systems. The data also revealed that web3 gaming has seen a surge in popularity in emerging markets, given the minimal initial investment and potential for crypto rewards. For instance, crypto gaming and metaverse participation in Thailand are prevalent, whereas, in France, no web3 use case exceeded a 4% adoption rate. The Coinbase study showed about 40% of crypto users engaged with multiple web3 services in the last year, reflecting the interconnected nature of these platforms.  Services cluster into three categories: payments, trading, and other web3 services, reflecting their interdependence. For example, gaming and NFTs correlate highly because many gaming tools are stored as NFTs on the blockchain.  Similarly, staking for returns requires interaction with a centralized or decentralized exchange, explaining the high correlation between these service categories.    The current state of web3 adoption indicates a dynamic, evolving landscape, differing significantly across markets and use cases.  However, as awareness and understanding of crypto services continue to grow, the adoption patterns may shift, further molding the future of the web3 world. For instance, 46% of respondents in the Coinbase survey plan to adopt at least one form of web3 services in the future.  Indeed, companies like ivendPay, which have been integrating cryptocurrencies into banking terminals across Europe, have shed light on the changing consumer behavior toward using cryptocurrencies for purchases.  Speaking to crypto.news, ivendPay chief business development officer (CBDO), Eugene Tkachevsky, revealed that the company initially catered mostly to crypto enthusiasts. However, they have noticed an expansion in their consumer base that now shows more interest in using crypto as a payment method. Tkachevksy credited this change to their instant crypto-to-fiat conversion system which enables merchants to reach a wider, technology-driven audience ready to spend their crypto assets, effectively attracting new customers and presenting more opportunities for consumers to utilize their cryptocurrency. You might also like: Staying safe in web3: your guide to dapps security Factors influencing web3 adoption People’s fascination with web3 stems from growing concerns over data privacy and the desire for power democratization. There’s also a greater appreciation of decentralized systems, which promise fair power distribution. However, the transition from Web 2.0 to web3 is a significant shift that requires understanding and adapting to new concepts, technologies, and ways of interaction.  Several factors have influenced web3 adoption, including utility, ease of use, compatibility, reliability, cost, regulation, and marketing and promotion. Utility: For web3 to grow, it must provide a noticeable benefit for users. For example, crypto drew people because of the promise of making money; however, this motive is fading as speculation decreases.  Like the dot-com bubble, web3’s value would not last without solid use cases and improvements beyond the existing systems. Therefore, the technology must identify new ways to add value, create markets, and enhance digital ownership and peer-to-peer exchanges. Ease of use: Buying crypto from a centralized exchange like Binance may be simple; however, understanding the intricacies of blockchain technology, including the different chains, layers, and consensus mechanisms, is more challenging.  For web3 adoption to continue, ease of use is crucial. It’s essential to strike a balance between usability and depth of understanding. Compatibility: Web3 must be compatible with existing technologies to allow easy integration into pre-existing processes.  Accessibility and integration with other technologies without significant hurdles are also vital. Builders of web3 systems should ensure they are compatible with wallets and IoT devices and make the transition between fiat and crypto more efficient. Reliability: Web3 technology must be robust, have minimal downtime, and be secure against hacks and scams. While protocol-level security seems adequate, the technologies built on top need significant improvements. Affordability: This also plays a significant role in web3 adoption. Proponents claim web3 is not only openly accessible but has few entry barriers since it’s built on top of legacy systems. They also claim it has the potential to bring down costs and fees for services and ensure cost efficiency outperforms existing mechanisms. Regulation and marketing: Effective marketing and regulation can popularize web3 and clear any regulatory obstacles in its adoption. However, the marketing strategy should focus on the technology’s potential and use cases rather than price fluctuations and market cycles.  As for regulation, collaboration with regulatory bodies is necessary for web3’s widespread adoption, especially on the money crypto side. Future prospects of web3 Web3 is reshaping the landscape of the digital era, with features like NFTs and decentralized finance (defi) leading the way. While NFTs are primarily famous as quirky JPEGs, they are finding new uses, paving the way for unique digital asset ownership in several fields, including social media, gaming, and metaverses. Similarly, defi is revolutionizing the financial sector, with its potential to provide services to more than 1.7 billion unbanked people worldwide.  Meanwhile, web3 gaming stands to be boosted by play-to-earn models and blockchain incorporation. Statistics show about 20% of NFT sales and 49% of crypto activity came from games. Further to that, decentralized autonomous organizations (DAOs) are showing promise in revolutionizing management systems. DAOs operate autonomously through smart contracts, and some proponents of the system have suggested they have the potential to go beyond cryptocurrencies to replace traditional banking and judicial systems. Looking further ahead, there are expectations that web3 infrastructure will improve due to competing blockchains, that developers will increasingly adopt NFTs, and that significant publishers will incorporate web3 into their games. Additionally, industry watchers believe new web3 users will save tokens in defi protocols as an alternative to traditional banking, while DAOs are likely to see more experimentation. The observable shift in consumer behavior suggests a growing acceptance of web3 technologies, according to ivendPay CBDO Eugene Tkachevsky. “With the rise of web3, we’re seeing blockchain slowly becoming a part of our daily lives. This process is being sped up as governments are getting involved and working on rules for regulation. This shows that web3 and blockchain aren’t just passing trends; they’re becoming integral parts of our future, impacting everything from gaming and NFTs to local finance and international payments.” Eugene Tkachevsky, CBDO ivendPay While some critics suggest the excitement about web3 is technologically motivated rather than user-driven, Tkachevsky offered a contrasting perspective.  He believes users are at the heart of everything. Without them and their faith, technologies like the internet, NFC payments, or Bitcoin (BTC) would not exist as we know them.  He also noted the significant rise of non-tech-savvy individuals joining the industry, suggesting that the power of web3 should not be underestimated, even as observers remain cautious about its future. Read more: Ready for changes? Anticipating the web3 revolution in 2024 | Opinion

The Bank for International Settlements (BIS) Innovation Hub has presented the final report on its “private CBDC” initiative, Project Tourbillon. The prototypes, built in the project’s framework, could allow payment anonymity for central bank digital currency transactions. The 46-page report, published on Nov. 29, explores the notions of privacy, security and scalability on the material of two prototypes based on the designs of one of the pioneers of cryptography, David Chaum. The prototypes were called eCash 1.0 and eCash 2.0. While the former provides “unconditional payer anonymity,” the latter has “more resilient” security features. According to the report authors, “it is feasible to implement a CBDC that provides payer anonymity while combating illicit transactions.” Project Tourbillon achieves it with the complete anonymity of the consumer during the transaction with the merchant: “A consumer paying a merchant with CBDCs is anonymous to all parties, including the merchant, banks and the central bank.” The merchant’s identity in this scheme is known to the payer and is only disclosed to the merchant’s bank as part of the payment. The central bank doesn’t see any personal payment data but can monitor CBDC circulation at an aggregate level. Related: The ‘godfather of crypto’ wants to create a privacy-focused CBDC. Here’s how However, in the first stage, all users must undergo a Know Your Customer (KYC) procedure at a commercial bank to use the CBDC. The merchant’s bank remains responsible, as in a current financial system, for ensuring that transactions comply with regulatory requirements such as AML, CFT and combating tax evasion. The report concludes that Tourbillon’s payment process is easy to integrate into today’s payment landscape as it uses existing technologies such as QR codes, proof-of-stake (PoS) protocols and account relationships between customers, merchants, banks and central banks. The BIS is spearheading global CBDC adoption, assisting the Swiss National Bank in wholesale CBDC development and collaborating on joint platforms with central banks of China, Hong Kong, Thailand, and the UAE. It is also working on a transaction tracker proof-of-concept with the European Central Bank and other projects. Magazine: Real AI use cases in crypto, No. 2: AIs can run DAOs

Troubled cryptocurrency exchange Zipmex has proposed paying creditors 3.35 cents on the dollar in its latest restructuring plan, according to Bloomberg, which cites people familiar with the matter. The figure could rise to as high as 29.35 cents on the dollar depending on recoveries in relation to its debt restructuring plan. The proposals have been pushed back by major creditors, who have requested a review of Zipmex's assets and liabilities, Bloomberg reported. The Singapore-based exchange has $97.1 million of debt, the report said. Zipmex CEO Marcus Lim told Bloomberg the information contained inaccuracies. He did not immediately respond to CoinDesk's request for comment. Zipmex froze withdrawals in July 2022 after it was struck by market-wide contagion following the collapse of the Terra ecosystem and subsequent crypto lenders. Zipmex lost $48 million after lending it to Babel Finance with an additional $5 million in exposure to bankrupt Celsius Network. It was one of several crypto firms that applied for creditor protection as it sought to raise external capital to fill the void left by its losses. Zipmex reportedly agreed to a $100 million deal with V Ventures, a Thailand-based venture capital firm, only for that deal to stall after V Ventures missed one of its scheduled payments in March.

Embattled Thai crypto exchange Zipmex is offering its creditors 3.35 cents per dollar for initial claims, with further payouts in a recovery scenario. The proposal came as a part of the restructuring offer from the company, which owes its customers $97 million.  According to a Nov. 29 Bloomberg report, Zipmex could raise the sum from 3.35 cents per dollar to 29.35 cents per dollar “contingent on the recovery.” However, major creditors are reportedly against the proposed scheme and demand an independent review of the company’s liabilities. Zipmex CEO Marcus Lim refused to confirm the cited details of a restructuring scheme but mentioned the “inaccuracies” in numbers cited by journalists, the report said. Zipmex got into trouble in the summer of 2022 when the crypto exchange, operating in Southeast Asia, filed for bankruptcy protection in Singapore. The company demanded time to work out how to address its $53 million exposure to crypto lenders Babel Finance and Celsius. Zipmex has repeatedly asked the Singaporean court to extend the moratorium on its debt. According to Bloomberg, the creditors’ vote on the current restructuring plan will happen in early December. In November, the exchange announced that all digital asset trading in Thailand would be suspended by Jan. 31, 2024. The company has been under investigation by Thailand’s Securities and Exchange Commission since early 2023. Magazine: Real AI use cases in crypto, No. 2: AIs can run DAOs

Coinspeaker Changpeng Zhao Steps Down as Chairman of Binance.US In a significant development on Tuesday, November 28, Changpeng Zhao (CZ), the founder and former CEO of Binance, has decided to step down as chairman of the board for Binance’s US affiliate. Binance.US made this announcement through a tweet, clarifying that the US affiliate was not part of the recent substantial multibillion-dollar settlement between Binance and various US regulators and law enforcement entities. As part of this move, Zhao will transfer his voting rights to a proxy. In their announcement, Binance.US stated that it remains fully operational. The official tweet announcement reads: “Binance.US is not a party to the settlements announced last week, nor do we have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC. Binance.US continues to be led by Norman Reed and our existing, experienced management team. We are well capitalized to continue to build and grow our platform and to do so with renewed clarity and momentum, while maintaining the same customer first commitment.” Last week, Changpeng Zhao entered a guilty plea in a Seattle court, acknowledging the violation of the Bank Secrecy Act and causing a financial institution to do the same. As part of this legal resolution, he agreed to a $50 million fine and subsequently stepped down from his role as CEO of Binance. Court Sentencing for CZ A US District Court judge, Richard Jones, has ruled that Changpeng Zhao, the founder of Binance, must remain in the United States until a further review, ahead of his sentencing in February. The initial condition that would have permitted Zhao to return to his residence in the United Arab Emirates has been stayed pending the court’s resolution of the government’s motion for review. The legal action against Binance included accusations of operating in the US without proper registration, enabling transactions with US crypto investors in sanctioned regions. In the $4.3 billion settlement, Binance agreed to a “complete exit” from the US, and Zhao stepped down as CEO. Binance, the world’s largest cryptocurrency exchange, is encountering obstacles in its plans to collaborate with Sarath Ratanavadi’s Gulf Energy Development for the launch of operations in Thailand. The recent $4.3 billion settlement with US authorities, coupled with Changpeng Zhao stepping down as CEO due to anti-money laundering and sanctions violations, has cast uncertainty on Binance’s expansion strategy. Despite these challenges, Gulf Energy retains a 51% stake in the proposed crypto exchange, with Binance holding a minority stake. Experts remain divided on the impact of Binance’s settlement on the overall plan. next Changpeng Zhao Steps Down as Chairman of Binance.US

A Bored Ape Yacht Club (BAYC) enthusiast recently narrowly escaped a potential disaster when confronted by a scammer posing as a Forbes journalist. On November 27, “Crumz,” a nonfungible token (NFT) collector, recounted his encounter with this fraudulent individual. Crumz received a direct message from someone impersonating a real Forbes editor, Robert LaFanco. The imposter offered an interview opportunity for a new article about BAYC. Despite noticing some red flags, such as the use of a non-premium Zoom account and a request to use a separate recording bot, Crumz proceeded with the interview. During the conversation, the scammer asked Crumz to grant access for recording purposes. Initially, Crumz complied, not suspecting anything amiss. However, towards the end of the interview, the imposter made an unusual request for Crumz to mention something related to his Bored Ape. Specifically, the scammer suggested mentioning a banana. Crumz soon realized that this was an attempt to distract him from his computer while the scammer took control of his system to steal his valuable assets. Instead of following the distraction, Crumz stayed vigilant by his computer. As expected, the scammers attempted to manipulate his screen. Quick thinking saved the day as Crumz muted his screen, preventing any video feed and thwarting the scammers when they tried to access delegate.cash. READ MORE: Zipmex Halts Digital Asset Trading in Thailand to Comply with Regulatory Requirements Crypto casino Rollbit partner borowik.eth raised the alarm to his 140,000 followers on X (formerly Twitter) on the same day. He identified a fake account posing as Robert LaFranco, claiming to be a Forbes assistant managing editor. Borowik.eth warned that the imposter’s intentions were to deceive and gain access to users’ PCs to steal their valuable NFTs. Additionally, BAYC community member Laura Rod also reported being contacted by the same bogus Forbes editor. This incident is not isolated, as blockchain security firm Slowmist recently exposed a series of scams in which victims lost their cryptocurrency assets to fake journalists. The attackers typically scheduled interviews, guided victims to join Telegram interviews, provided interview outlines, conducted lengthy interviews, and then shared malicious links for publication consent. In a similar case in October, a user on Friend.tech fell victim to a fake Bloomberg journalist who lured them into clicking a link for a supposed “consent form,” which ultimately resulted in their Friend.tech account being drained. To stay safe in the cryptocurrency and NFT space, industry observers advise being cautious of scammers using BAYC profile pictures on platforms like X. Vigilance and skepticism are essential tools in guarding against such fraudulent attempts. Discover the Crypto Intelligence Blockchain Council