Top Crypto News Of The Day: Crypto $1.5B Unlock, Coinbase Phishing Scam, and More
XRP Token Release to Push August Crypto Unlocks to $1.5B
August will see nearly $1.5 billion in tokens unlocked from major crypto projects, with Ripple’s 1 billion XRP tokens ($609 million) comprising a significant portion on August 1st. Ripple has been releasing 1 billion XRP monthly since 2017, though much is typically re-locked. In June, 800 million XRP were re-locked, while 300 million ($182 million) were sold.
Other notable August unlocks include Wormhole’s 600 million W tokens ($180.5 million) on August 3rd and Avalanche’s 9.4 million AVAX ($268 million) on August 20th. Sui, dYdX, and ZetaChain will all have unlocks on August 1st, with values ranging from $11 million to $50 million. Later in the month, ImmutableX, Aptos, The Sandbox, Starknet, and Arbitrum will also see significant token unlocks, with values ranging from $35 million to $80 million.
Crypto news: UK Hacker Sentenced for $900K Coinbase Phishing Scam
Elliot Gunton, a UK hacker, has been sentenced to 3.5 years in prison for compromising over 500 Coinbase accounts in 2018-2019 through phishing websites, stealing more than $900,000. Gunton, who was 17-18 at the time, pleaded guilty to conspiracy to commit fraud and money laundering.
This isn’t Gunton’s first offense. In 2019, he received a 20-month sentence for stealing TalkTalk customer data, which he avoided by completing a rehabilitation order. He was also ordered to repay £407,359 for hacking high-profile Instagram accounts.
WazirX Announces Recovery Plan After $230M Hack
Indian crypto exchange WazirX has presented a recovery plan following a $230 million cyberattack.The plan includes a 55/45 strategy where users get immediate access to 55% of assets, with 45% locked in USDT-equivalent tokens. Users have two options for managing remaining assets, to be chosen by August 3, 2024. WazirX will create a diversified portfolio for the unlocked 55% of assets, with valuation based on July 21, 2024 prices from CoinMarketCap and select exchanges.
Operations will resume shortly after users complete a poll regarding their preferred option. While not legally binding, poll results will influence the final decision alongside ongoing investigations and platform liquidity.
Read Full Story Here: WazirX Unveils Recovery Plan After $230M Hack
Crypto News: Citron’s Andrew Left Faces Fraud Charges
Andrew Left, founder of Citron Research, is facing SEC charges for allegedly profiting $16 million through misleading stock recommendations. The SEC claims Left engaged in a “bait and switch” strategy, making public recommendations contrary to his trading activities.
The Department of Justice has also filed criminal charges against Left for securities fraud and lying to federal law enforcement. If convicted on all 18 charges, he could face up to 25 years in prison.
Left, a vocal crypto skeptic, previously stated in July 2022 that the crypto industry is “just complete fraud, over and over and over.”
North Korean Hacker Indicted for Ransomware Attacks
A US grand jury has indicted North Korean national Rim Jong Hyok for conspiracy to hack and extort hospitals, launder ransom proceeds, and fund intrusions into defense, technology, and government entities worldwide. The US State Department is offering a $10 million reward for information leading to Rim’s identification or location.
Rim and his co-conspirators, known as “Andariel,” “Onyx Sleet,” and “APT45,” allegedly work for North Korea’s Reconnaissance General Bureau. The Justice Department and FBI have seized approximately $614,000 in crypto proceeds from the group’s activities.
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