Arman Shirinyan

Binance actively fighting Sybil attackers amid Megadrop IEO event

Binance announced that after the Megadrop IEO event, it banned around 300 accounts - 297 to be precise. The reason? Sybil attacks. Airdrop hunters use various sophisticated strategies to get as many free tokens as they can. However, more projects are implementing strategies to fight farmers.

Over a million users participated in the Megadrop IEO event, demonstrating a high level of user participation. Yet despite enormous interest, 102,000 accounts were found to be fraudulent by Binance's risk control procedures. As more accounts are examined, this number is updated continuously.

These accounts were primarily used in Sybil attacks, in which several accounts were created in order to take advantage of airdrop. Following a thorough investigation, 297 primary accounts were confirmed by Binance and banned. As an example of the scope of the Sybil attack, one of these accounts alone had accumulated up to 9,000 KYC accounts.

The strict risk control procedures implemented by the platform ensured that these malicious activities were quickly detected and addressed. To continue providing for actual users, project expenses will be funded by money from frozen and recovered accounts. Through proactive measure, Binance hopes to prevent system abusers from profiting from airdrop events and instead to assist authorized users. This action is a component of a larger plan to preserve the platform's IEO and airdrop events' integrity.

Users of Binance have been reassured by the company that only fraudulent accounts are the focus of the risk control procedures. There is no need for genuine users to be concerned about their accounts being impacted.

Binance users can use the online customer support portal to file a complaint if their account has been mistakenly classified as fraudulent. The support staff is dedicated to finding quick solutions to these problems so that real users do not have to suffer. As airdrop hunters use more advanced tactics to take advantage of free token distributions, Sybil attacks have grown to be a serious threat in the cryptocurrency space.

About the author

Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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Binance Bans 297 Accounts: Here's Why - U.Today

To preserve its platforms integrity, Binance has banned many accounts, citing suspected fraudulent activities. This action follows a controversial Megadrop event announced in late May.

This clampdown has spotlighted the activities of airdrop hunters who exploited the recent Lista (LISTA) token distribution.

The Lista Megadrop event, which attracted over one million participants, has become the center of attention due to the fraudulent activities that followed.

Binance intended to reward its users by distributing Lista tokens. However, the aftermath revealed that many participants manipulated the system to maximize their rewards.

Reports indicate that individuals exploited multiple Binance accounts to claim more tokens. These users then consolidated the rewards into single accounts and sold them, undermining the events integrity.

This behavior breaks Binances terms and conditions, which explicitly prohibit malicious activities. Key ones include bulk registration of small accounts, volume manipulation, and self-trading.

Binance confirmed the authenticity of the fraudulent activities. The crypto exchange revealed that some individuals had purchased large numbers of KYC-verified accounts in bulk to exploit the Megadrop rewards.

After Binances risk control system flagged these accounts, the fraudsters attempted to consolidate the funds into single accounts to evade detection. This consolidation attempt triggered additional risk control measures.

Essentially, Binance quickly froze the assets of these fraudulent accounts and demanded refunds.The exchange emphasized that Megadrops terms and conditions are designed to prevent such malicious behaviors. It also stated that violations would be subject to strict audits and potential punitive actions.

Binance further disclosed that several main accounts were banned during this crackdown. One account had consolidated up to 9,000 KYC-verified accounts.

The exchanges risk control system identified 102,000 accounts as fraudulent, a continually updated figure. Following further verification of account consolidation activities and other suspicious behaviors, Binance confirmed banning 297 main accounts.

Notably, the Lista Megadrop fiasco has highlighted the lengths some individuals will go to exploit reward systems. However, with the exchanges swift and decisive response, users can rest assured of the platforms safety.

Meanwhile, the funds recovered from these malicious bot accounts will be redirected toward project activities to reward real users. This move aligns with Binances commitment to fostering a fair and rewarding environment for its community.

The exchange also emphasized its zero-tolerance policy towards malicious bot accounts that harm the interests of genuine users and project partners. To reassure its genuine users, Binance highlighted that risk control measures are specifically designed to target only fraudulent accounts.

Genuine users have nothing to worry about, as these measures are in place to protect their interests.

Additionally, Binance has invited users who believe their accounts have been mistakenly flagged as fraudulent to file appeals through its online customer service platform. The exchange has promised to resolve such issues as swiftly as possible.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

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Binance Seizes Airdrop Hunters' Accounts After Announcement of Lista Megadrop Rewards - The Tech Report

By Quincy Jon, Tech Times Jun 27, 2024 10:54 PM EDT

Binance seeks to improve platform security after internal analysis revealed feature and service exploitation on the platform.

The crypto exchange discovered abuse thatresulted in unfair benefits, including increased charge rates and API limitations, necessitating more protections, according to Gadgets360.

After repeated legal objections from governments worldwide, Binance reassessed its user-friendliness and sought changes. It stated in a blog post that criminal actors have targeted sub-accounts, managed sub-wallets, and fund manager accounts to evade safeguards.

Binance noted that it employs innovative technology to monitor account activity to prevent abuse. It assured that it will investigate "all potential or suspected incidents of misuse" and take necessary actions, such as suspending and terminating violating accounts.

To encourage platform security, Binance compensates users for reporting suspicious activity. It underscored that reports will significantly help improve the platform.

While under worldwide regulatory scrutiny, Binance launched this initiative. The crypto exchange platform topped 170 million users in December 2023. India fined Binance $2.25 million for violating the Prevention of Money Laundering Act of 2002. It also faced regulatory concerns in the US and Nigeria due to potential crypto regulation violations.

Meanwhile, Hong Kong aims to lead the efforts regulating cryptocurrencies alongside other Asian governments.TechTimes earlier reportedthat the HKSAR Legislative Council formed a crypto law group.

HKSAR Legislative Council member Johnny NG Kit-Chong announced the crypto-focused subcommittee on social media. He said the panel will discuss Web3 and virtual asset regulations.

Despite financial risks, the worldwide crypto market has a valuation of $2.26 trillion.

Read Also:US Offers $10 Million for Capture of Russian Civilian Accused of Helping GRU Spies in Cyberattacks on Ukraine

In addition, the panel will support Web3 and AI within regulations. To increase market trust, the virtual asset subcommittee safeguards investors and consumers. Other priorities include investigations into stablecoin applications and risks in Hong Kong and regulatory measures to ensure financial stability without limiting innovation.

Last month, Hong Kong's SFC announced it would inspect crypto exchanges for AMLO compliance. Following the US, Hong Kong authorized Bitcoin and Ether ETFs in April to attract institutional investors.

Experts detected a fake YouTube clip of Elon Musk at a Tesla event that served as a cover for acryptocurrencyscam.

According to a report from Mashable, the fraudsters broadcast Musk's speeches as live feeds on YouTube. The video is often real but looped, with anAI-generated voice imitating Muskor generic audio from Musk's presentations. On-screen visuals show a live Bitcoin discussion with links or QR codes to the scam.

This technique relies on hijacked YouTube channels with a large user base. The technique renames hacked channels with hundreds of thousands of members to mimic Musk or Tesla accounts.

After the channel goes "live," subscribers get alerts, enticing them into the scam. In the recent incident, YouTube confirmed that the hijacked channel was "Tesla" with the username "@elon.teslastream" and had over 10,000 subscribers.

The report stated that the online broadcast peaked at 30,000 concurrent viewers. YouTube's algorithm encourages views-based streams; thus, many viewers may have been bots trying to manipulate the system and get the video into more feeds.

Related Article:Metallica X Account Hacked to Promote Solana-based 'METAL' From Crypto Scammers

2024 TECHTIMES.com All rights reserved. Do not reproduce without permission.

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Binance Offers Rewards for Reporting Suspicious Activity to Boost Platform Safety - Tech Times

Coin Edition -

Legal expert Bill Morgan, known for his pro-XRP stance, has suggested that the recent ruling by District Judge Amy Berman Jackson in the Binance case strengthens the argument that XRP is not a security. Judge Jackson cited Judge Analisa Torres ruling in the Ripple case when dismissing parts of the SECs case against Binance.

In her Friday ruling, Judge Jackson dismissed the SECs claim that secondary market sales of Binances BNB token constitute securities. The ruling emphasized the need to distinguish between digital coins themselves and the offers to sell them.

Supporting this view, Judge Jackson referenced several district court cases involving SEC enforcement actions on cryptocurrencies, where courts differentiated between the alleged investment contracts and the tokens.

One of the references was Judge Torres statement in the Ripple case, which noted that the XRP token itself is not an investment contract. Judge Jackson found each of these differentiations consistent with the Supreme Courts interpretation of investment contract within the definition of a security.

In a commentary on the coverage of Judge Jacksons ruling, Morgan criticized CoinDesk for failing to acknowledge that Judge Torres was one of the judges whose observations Judge Jackson found clarifying and persuasive in differentiating a crypto asset itself from the alleged investment contracts.

To stress its significance, the legal expert argued that this decision reinforces the reasoning that XRP itself is not a security, as Judge Torres ruled on July 13, 2023.

In another tweet, Morgan emphasized the significance of Judge Jacksons ruling by noting its agreement with Judge Torres interpretation of the third prong of the Howey test, which concerns the expectation of profits based on others efforts.

He pointed out that this reasoning is preferred over Judge Rakoffs approach in the Terraform case, which did not distinguish between institutional and programmatic buyers of tokens.

The post Pro-XRP Lawyer Sees Binance Ruling as Boost for XRP Non-Security Status appeared first on Coin Edition.

This content was originally published on Coin Edition

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Pro-XRP Lawyer Sees Binance Ruling as Boost for XRP Non-Security Status By Coin Edition - Investing.com Canada

Yuri Molchan

Close to 156 million XRP transferred in past day, including 92 million leaving Binance for unknown wallets

According to recent tweets published by the popular blockchain sleuth Whale Alert, which follows large cryptocurrency transfers, over the last 24 hours, there have been four massive XRP transfers as almost 160 million XRP coins exchanged hands.

These enormous transactions happened while the price of the seventh largest cryptocurrency, XRP, staged a mild 3% surge overnight.

The above-mentioned source of data detected four impressive crypto transactions that moved large XRP chunks. Two of them were withdrawals witnessed by the Binance exchange 43,894,329 XRP evaluated at $20,860,666 and 48,270,270 XRP worth $23,055,620.

Both transfers were made to anonymous blockchain addresses. The first transaction happened roughly 22 hours ago, and the second one occurred almost five hours ago, according to Whale Alert. The Bithomp XRP explorer revealed that both XRP lumps were moved to crypto wallets linked to Binance. This fact likely makes them internal transfers made by this trading platform with a possible goal of redistributing its XRP holdings.

Aside from that, the crypto tracker noticed 32,710,000 XRP getting moved to the largest Latin America-based exchange, Bitso, and 31,185,000 XRP moved to Bitstamp. These transactions carried the fiat equivalents of $15,466,399 and $14,742,502.

As for the other two XRP transfers, they were made from wallets linked to the Ripple cryptocurrency decacorn. Bitstamp and Bitso are among the crypto exchanges that collaborate with Ripple on its system of transnational payments that used to be known as On-Demand Liquidity in the past and not so long ago was rebranded as Ripple Payments.

Currently, Ripple is working on its own U.S. dollar-backed stablecoin. There is currently a $150 billion stablecoin market out there, and the crypto decacorn certainly wants a piece of that pie. Within four years, it is expected to surge as high as $2.8-$3 trillion.

In a recent interview, the companys Middle East and Africa Managing Director Reece Merrick stated that Ripple is ready to take that important step and that this expansion is logical for it.

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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92 Million XRP Withdrawn From Binance as Price Jumps What's Happening? - U.Today

Binance has announced an update to the collateral ratios for several assets (PEPE, WIF, LISTA, IO, ZRO, ZK and NOT) under its Portfolio Margin program, set to take effect on June 28, 2024, at 06:00 (UTC). The changes are expected to be completed within approximately one hour, according to Binance.

The update to the collateral ratios will directly impact the Unified Maintenance Margin Ratio (uniMMR) for users. Binance advises users to closely monitor their uniMMR to avoid potential liquidation or losses resulting from the changes in collateral ratios. The update is part of Binance's ongoing efforts to optimize and maintain the security of its trading environment.

Users should be aware that discrepancies may exist in translated versions of the announcement. Binance recommends referring to the original English version for the most accurate and up-to-date information.

Changes in collateral ratios can have significant implications for users engaged in margin trading. Adjusting the collateral ratio affects the amount of collateral required to maintain open positions, thereby influencing the likelihood of margin calls and liquidations. Traders must stay vigilant and prepared for any adjustments to their accounts.

The announcement also includes a disclaimer highlighting the inherent risks associated with digital asset trading. Binance emphasizes that prices can be volatile, and users are responsible for their own investment decisions. The platform advises traders to make independent assessments of the risks and benefits before engaging in futures trading.

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Influencing PEPE, WIF, LISTA, IO, ZRO, ZK and NOT, Binance to Update Collateral Ratios for Multiple Assets Under ... - Blockchain News

Disclaimer

Disclaimer: Blockchain.news provides content for informational purposes only. In no event shall blockchain.news be responsible for any direct, indirect, incidental, or consequential damages arising from the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making financial decisions.

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Significant BTC Movement by Whale to Binance | Flash News Detail - Blockchain.News

Leading crypto exchange Binance announces plans to delist a trading pair associated with dog-themed token Shiba Inu (SHIB).

According to a blog post today, Binance will remove the SHIB/TUSD trading pair effective on June 28 at 03:00 AM (UTC).

The decision aligns with the exchanges periodic reviews of all listed spot trading pairs to guarantee users protection. Following these reviews, the exchange usually delists trading pairs with low liquidity and volume. Consequently, it has decided to delist the SHIB/TUSD pair due to its low volume or liquidity.

Data from Binance shows that the SHIB/TUSD pair has a minimal 24-hour trading volume of $17,577, which equates to over 992 million SHIB tokens.

Binance noted that it plans to terminate spot trading bot services for SHIB/TUSD on June 28. Hence, users are advised to update or cancel their trading bot for SHIB/TUSD to avoid incurring potential losses.

It bears mentioning that this is not the first time Binance has removed a Shiba Inu trading pair. Last year, the top exchange removed the SHIB/BUSD margin pair, as part of plans to discontinue support for the BUSD stablecoin.

Despite the upcoming removal of SHIB/TUSD, Binance will continue to support eight other Shiba Inu trading pairs, such as SHIB/USDT, SHIB/FDUSD, SHIB/USDC, SHIB/EUR, SHIB/TRY, SHIB/BRL, SHIB/DOGE, and SHIB/JPY. This suggests that Binance users can still trade SHIB on the aforementioned pairs.

Besides SHIB/TUSD, Binance also revealed plans to delist other crypto spot trading pairs on June 28 at 03:00 AM (UTC). The affected pairs include BLUR/FDUSD, MEME/ETH, LINK/TUSD, OSMO/BTC, NFP/BNB, and METIS/FDUSD.

Meanwhile, the decision did not have a negative impact on SHIBs price action. At press time, SHIB was changing hands at $0.00001750, with a 24-hour increase of 0.63%. The token, which was plagued by the recent market downturn, currently boasts a trading volume of $355.51 million.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Binance to Remove This Shiba Inu Spot Trading Pair - The Crypto Basic

Binances current legal turmoil with the Nigerian government has drawn the attention of the nations blockchain advocacy group, which has called for a balanced resolution.

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) represents the nations blockchain sector. The group has raised concerns about the nations international reputation.

In their statement, BICCoN urged for a balanced approach while keeping in mind the nations duty to protect national interests, such as economic stability and regulatory adherence. The group vouched for a resolution that promotes trust and confidence in the process.

As such, it advocated for an approach that encourages collaboration with global partners and stakeholders.

The group warned that continued delays in resolving the matter could harm the nations blockchain industry.

The detention of Binance executive Tigran Gambaryan has begun to have ripple effects that threaten Nigerias ability to maintain and consolidate crucial collaborations with international partners.

Further, the recent events have also led to a chilling effect on investment. The group has flagged a noticeable decline in foreign investments, which is deemed detrimental to the countrys economic growth.

Moreover, BICCoN also stressed that the situation could lead to a withdrawal of support from international partners. This would leave the nations local regulators and law enforcement without the necessary tools and expertise to effectively regulate the industry.

Nigerian regulators stand to gain immensely from continued access to advanced tools and resources provided by international blockchain entities, the statement said.

As such, the group is concerned that it would hamper the ability of Nigerian authorities to combat financial crimes and ensure a secure environment for all stakeholders.

The statement also acknowledged Gambaryans expertise, claiming that his expertise would have served as an invaluable asset to aid Nigerian regulators in their enforcement efforts.

Instead, his detention undermines the potential for such collaborative efforts, BICCoN added.

BICCoN recommends constructive dialogue with Binance and other relevant stakeholders to work towards a mutually beneficial solution. On top of this, the group also stressed that all processes should be transparent, fair, and adhere to international best practices.

Ultimately, BICCoN concluded that the balanced approach could help resolve the recent issues fairly while also maintaining relations that would help Nigeria create a supportive environment for the nations blockchain sector.

Gambaryan and Binance regional manager Nadeem Anjarwalla were detained on Feb. 26. The duo had traveled to Nigeria to help Binances defense against tax evasion and money laundering charges.

Gambaryan was detained after two meetings with Nigerian authorities. Allegedly, the meetings started as professional but had turned hostile.

His continued detention has stirred political waters, with U.S. lawmakers and officials urging the U.S. presidents intervention.

Most recently, Arkansas Republican Rep. French Hill advocated for the release of Gambaryan during a FOX Business interview. Hill claimed the Binance executive was caught in a Nigerian political fight.

However, Nigerian regulators havent been too responsive despite the escalating situation. On Jun. 6, Nigerian Minister of Information Mohammed Idris defended Gambarayans trial despite several claims that he was being held in harsh conditions while suffering from malaria.

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Nigerian blockchain advocacy group warns of repercussions from Binance dispute - crypto.news

Its been a rollercoaster year so far for crypto coins. As the curtain draws on Q2 in the crypto market, we take a look at how the market has got on so far in the year, drawing pointers for Q3 price projections, particularly for three of the top trending altcoins, Binance Coin (BNB), Raboo ($RABT) and Fetch.ai (FET).

BNB and Fetch.ai are already household names in the crypto market; what do these old guards have for investors in Q3?

A new meme coin project, Raboo, is getting some high ratings from analysts. The coin is already delivering profits in its presale stages. But how much more profits can investors expect?

Answers shortly.

Binance would have wished for a better year devoid of legal battles. Most of the times Binance has made the crypto news so far this year, its been sanctions or one legal case in one country or another, particularly in the US and Nigeria. These sanctions have affected its native BNB token, especially given how this news negatively affected investor confidence.

While many forecasts and opinions projected a serious plunge for BNB price, the altcoin has managed to keep its head above bearish waters, just enough to remain one of the top altcoins in the crypto market. And one of the tricks that have helped Binance to stay afloat is its taste for new partnerships. Particularly, MoonGates integration of the Binance Coin giving BNB a huge boost.

While Binance Coin has demonstrated some serious issues, the BNB price has dipped down 20.76% from its ATH. In fact, per data from CoinMarketCap, BNBs current price of $571.39 reflects a 4.69% decline over the last month, and a 1.78% decline on a weekly chart. These are only fine margins, but at the moment, BNB doesnt look convincing going into Q3.

Its AI season, and Fetch.ai has grown into one of the leaders of the AI niche. FET has benefitted from the excitement around AI coins, and its only normal for investors to anticipate what has for them in the next quarter.

In recent crypto news, Fetch.ai has announced that its long-anticipated merger with OCEAN and AGIX tokens is set to fully materialize next month, where both coins will be delisted from exchange platforms and assimilated into the FET token.

Apparently, this is a positive way to launch into the new quarter, but it remains to be seen how that impacts the FET price on the charts. However, investors have to be cautious as FET price has been on a downtrend over the past few days. Fetch.ai has shed 7.4% in price value over the past week, dipping to $1.44.

As artificial intelligence continues to find its way into our everyday lives, the DeFi industry is experiencing an expansion in its AI niche. Fast Company reported earlier that AI tokens almost tripled their joint market cap between February and March this year. And that puts the viability of AI crypto coins like Raboos $RABT token in the right perspective.

The Raboo project is seeking to stand in the gap between AI and memes. Although investors are still drawn to meme coins for their profit potential, the decline in the entertainment of the DeFi industry is obvious. Meme coins no longer live up to their names or as well as one would expect.

With Raboo coming on board with its generative AI, too, Rabooscan, the project is on track to be the next biggest crypto project in the next quarter. When users get creative on Raboos Post-to-Earn feature, the Rabooscan AI will generate top-quality memes from those already posted rewarding users with free $RABT tokens.

Crypto investors will wish for more stability and positive price movements in the next quarter, and Raboo might be the answer to their prayers. The project is already a subject in debates about the most likely top altcoins in Q3.

Experts predictions point up to a 100x post-launch ROI, but you dont have to wait till then. $RABT tokens are valued at $0.0048 right now in Stage 4 of its public presale. Stage 1 investors are already at 60% profits, and you, too, can still make some of the 233% presale profits that are up for grabs.

Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosurehere.

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Q3 Predictions: BNB, Raboo and Fetch.ai, Find Out What The Experts Are Saying - The Merkle News