Defiance Capital Flags Ecosystem Compromise: What’s Happening?

Defiance Capital Flags Ecosystem Compromise: What’s Happening?

The broad cryptocurrency has experienced a number of crypto scams within the last 24 hours, and the newest attack targeted Defiance Capital.

Several Crypto Scams in a Day

On June 22, a notice about introducing the DEFIANCE coin appeared on the hedge fund’s official X account. The article contained a link allowing users to access the token. It said that all users are eligible for the token distribution.

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Arthur Cheong, the company’s founder and CEO, announced in the public domain that Defiance Capital’s official X account had been compromised shortly after the post appeared on X. He informed users not to click on links after confirming that the initial notification was a hoax.

This is a scam as our company’s X account is compromised. Please do not click on any link posted by the company account.

— Arthur (@Arthur_0x) June 22, 2024

Not much has been revealed about the fraud or the unscrupulous individuals who may be responsible. Additionally, no official reports of any users falling for the scam exist; however, this is not the case for BtcTurk, which was also hacked earlier.

The same day, BtcTurk, a cryptocurrency exchange in Turkey, found that some of its hot wallets had been accessed without authorization due to a cyberattack on its site. The hackers obtained certain cryptocurrency balances, according to BtcTurk’s initial report, which was made public as soon as the intrusion was detected. This applied to ten distinct cryptocurrencies that were kept in the hot wallets.

According to BtcTurk, most of the exchange’s assets are still in the cold wallets. The Turkish cryptocurrency exchange claims its strong financial position allows it to support the impacted accounts, assuaging the concerns of its consumers. As a precaution, BtcTurk stopped accepting deposits and withdrawals of digital assets from its site.
Subsequently, the trading platform verified that Binance was assisting in the money recovery.

CoinStats Alerts Users to Security Vulnerability

Users have also been alerted to a security flaw impacting in-app wallets by CoinStats.
According to the protocol’s public announcement, the security incident affected some wallets created within the app. In the interim, users were advised to move their money to other platforms for safekeeping. CoinStats also suggested that users export their private keys as a safety measure to reduce losses.

The unexpected rise in these scams requires investors and cryptocurrency enthusiasts to exercise caution and alertness. At this time, avoid clicking on any phishing links or clicking on any other dubious material.

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