GM. Welcome back to BitPina’s Key Points: easily digestible news in concise formats for easy reading. In today’s cover story: Treasury Department’s X-Account posts fraudulent crypto schemes that still haven’t been taken down.
Here is the latest crypto news from the last 24 hours.
Market analysis and updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $59,745.55, up 2.1% in the last 24 hours.
- Ethereum (ETH): $2,722.57, up 7.0% in the last 24 hours.
- Solana (SOL): $146.86, up 2.5% from the previous day.
Update on trend coins
- Friend.tech: $0.1972, up 74.4% from the previous day.
- Sui: $1.01, up 12.5% in the last 24 hours.
- reef: $0.0008, down 18.8% from the previous day.
- Reef is one of the coins announced to be delisted by Binance.
For daily price updates, see our post on Facebook.
Several users reported coming across a tweet from the verified government account of the Department of Finance (DOF) promoting a “reliable way to multiply cryptocurrencies.”
The DOF account tweeted: “A reliable way to multiply cryptocurrencies. I love it.”
Unlike typical scams that post separate tweets, the DOF account was observed replying to other users and embedding these fraudulent messages in the “Replies” section of the account. As a result, the fraudulent tweets are not immediately visible in the main feed, but are 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 a government account has been hacked to promote fraudulent crypto schemes, the most notorious case being when the Department of Health (DOH) Twitter account was compromised to promote a fake Uniswap airdrop.
At the time of writing, the fraudulent tweets are still visible on the DOF’s Twitter account.
Read more:
Philippine Crypto News 🇵🇭
- BitPina’s Article: SEC advisory to Modesto Cardano, Glass Coin and Pionex
- BitPina’s Article: The Philippine Stock Exchange warns of a fraudulent crypto scheme using its name and logo.
- YGG co-founder Beryl Li will speak at Innoblock 2024 in September.
- Coins.ph will be giving away ₱10,000 worth of cryptocurrency at its online event “Coinmunity Wednesdays.”
Education Corner 🎓
Besides cryptocurrencies, there are other digital assets you can invest in. Learn more about tokenized bonds on PDAX here.
Regulatory monitoring 📜
Stay informed about the latest regulatory changes and what they mean for you:
- Thailand introduced a regulatory sandbox for testing and developing crypto innovations.
- Gary Tiu from OSL stated that crypto ETFs in Hong Kong face significant market challenges due to a structure that favors unlisted products and a lack of dealer participation.
- The IRS Updated Form 1099-DA for reporting digital asset transactions by removing the wallet address and transaction ID fields.
- The US Securities and Exchange Commission (SEC) has subpoenaed three crypto venture capital firms as part of its increasing crackdown on the industry.
Get to know Patrik Ferrer: He is actively involved in growing the Web3 community through various initiatives, including personal events and educational courses.
He is Chief Operating Officer (COO) at The Round Table (TRT), a community focused on Web3 innovation.
More Web3 and AI news 💡
Discover the latest Web3 and AI innovations.
- Singing, a layer-1 blockchain based on Cosmos, was down for 28 hours 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 joined forces to advance Web3 technologies.
Web3 Gaming Area 🎮
The future of Web3 is gaming and here is the latest news.
- Noncoin is launching a new Web3 game on Telegram in collaboration with NFT collection Lost Dogs and TON-based marketplace Getgems.
- Samsung and Illuvium has 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: Upcoming events, webinars and meetups in the crypto space!
Happening today:
Upcoming events:
Remarkable 🌟
Important updates and announcements from the crypto and blockchain world:
- Bitcoin mining company Bitfarms reported a net loss of $27 million for the second quarter of 2024.
- Animoca Brands and Lamborghini Partnership to explore Web3 innovations.
- OKX Wallet integrated with DeBank.
Stay connected:
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This article was published on BitPinas:
