DOF X Account Hacked to Promote Crypto Scheme | Key Points | Aug. 13, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s feature story: The Department of Finance’s X account is posting fraudulent crypto schemes that are still not deleted.
Here are the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $59,745.55 up 2.1% over the last 24 hours.
- Ethereum (ETH): $2,722.57 up 7.0% over the last 24 hours.
- Solana (SOL): $146.86, up 2.5% vs the previous day.
Trending Coins Update
- Friend.tech: $0.1972, up 74.4% vs the previous day.
- Sui: $1.01, up 12.5% over the last 24 hours.
- Reef: $0.0008, down 18.8% vs the previous day.
- Reef is one of the coins announced to delisted by Binance.
For the daily price update, check out our post on Facebook.
Feature News: Scammers Hacked Dept. of Finance’s X Account to Promote Crypto Trading Bot
Several users reported encountering a tweet from the verified government account of the Department of Finance (DOF) promoting a “reliable way to multiply crypto.”
The tweet from the DOF account stated, “A reliable way to multiply crypto. Love it.”
Unlike typical scams that post separate tweets, the DOF account was observed replying to other users, embedding these fraudulent messages within the “Replies” section of the account. As a result, the deceptive tweets are not immediately visible on the main feed, only accessible when someone clicks on the “Replies” tab:
The quoted tweet is no longer available, but BitPinas was able to take a screenshot before it was deleted:
This is not the first time that a government account was hacked to promote fraudulent crypto schemes. The most famous instance of this was when the Department of Health (DOH) Twitter account got compromised to promote a fake Uniswap airdrop.
At the time this is written, the fraudulent tweets are still viewable on the DOF Twitter account.
Read more:
- YouTube Accounts of Ben&Ben, Multiple Artists Hacked To Promote XRP-Related Crypto Scam
- Personal Responsibilities: How to Avoid Crypto Scams
Philippine Crypto News 🇵🇭
- BitPinas Article: SEC Advisory vs Modesto Cardano, Glass Coin, and Pionex
- BitPinas Article: Philippine Stock Exchange warns of a fraudulent crypto scheme using its name and logo.
- YGG Co-founder Beryl Li will speak at the Innoblock 2024 in September.
- Coins.ph will give away ₱10,000 in crypto in its Coinmunity Wednesdays online event.
Educational Corner 🎓
Aside from crypto, there are other digital assets to invest in. Learn about tokenized bonds on PDAX here.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- Thailand launched a regulatory sandbox for testing and developing crypto innovations.
- OSL’s Gary Tiu stated that Hong Kong’s crypto ETFs face significant market challenges due to a structure favoring unlisted products and a lack of dealer participation.
- The IRS updated Form 1099-DA for reporting digital asset transactions by removing fields for wallet addresses and transaction IDs.
- The U.S SEC subpoenaed three crypto venture capital firms as part of its expanding crackdown on the industry.
Community Spotlight 🔦
Meet Patrik Ferrer: He is actively involved in fostering Web3 community growth through various initiatives, including in-person events and educational courses
He is the Chief Operating Officer (COO) at The Round Table (TRT), a community focused on web3 innovation.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Canto, a Cosmos-based Layer-1 blockchain, faced a 28-hour outage due to a consensus issue following a software upgrade.
- Ripple began testing its stablecoin, Ripple USD (RLUSD), on both Ethereum and the XRP Ledger.
- Sompo Japan Insurance and Ginco have partnered to advance web3 technologies.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Notcoin is launching a new web3 game on Telegram, partnering with the NFT collection Lost Dogs and TON-based marketplace Getgems.
- Samsung and Illuvium collaborated to integrate Illuvium’s NFTs into Samsung’s Web3 TVs.
- Pentagon Games secured $6 million in funding to advance the gaming industry through AR, VR, and AI-powered Web3 experiences.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
Happening today:
- Bitget Crypto Experience Day Philippines: August 17, 2024
- CoinsGG feat. CRETA: August 28, 2024
- Solana Radar Global Hackathon: September 2, 2024
Upcoming events:
- Hedera Davao Meetup: August 10, 2024
- Bitget Crypto Experience Day Philippines: August 17, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Bitcoin mining firm Bitfarms reported a $27 million net loss for Q2 2024.
- Animoca Brands and Lamborghini partnered to explore web3 innovations.
- OKX Wallet integrated with DeBank.
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