Tag Archives: says

Trust Wallet will cover $7M lost in Christmas Day hack, CZ says

Trust Wallet will cover $7M lost in Christmas Day hack, CZ says

Trust Wallet users lost about $7 million in a Christmas Day exploit that had been planned since early December.

Trust Wallet’s browser extension version 2.68 was compromised by a security incident impacting desktop users, Trust Wallet said in a Thursday X post; it advised users to upgrade to version 2.89.

Changpeng Zhao, co-founder of Binance, which owns the cryptocurrency wallet that claims to serve 220 million users, said in a Friday X post that the lost funds will be covered.

Cryptocurrency wallet exploits have been an increasing threat to digital asset investors.  Personal wallet compromises accounted for 37% of the value stolen in 2025, if the $1.4 billion Bybit hack in February is excluded, according to Chainalysis.

Still, the $7 million Trust Wallet exploit pales in comparison to some of the biggest wallet hacks. In February 2024, the co-founder of play-to-earn game Axie Infinity, Jeff Zirlin, lost $9.7 million worth of Ether to a suspected wallet exploit.

Crypto industry watchers raise insider concerns following Trust Wallet exploit

The orchestrators of the attack on Trust Wallet had been preparing the exploit as early as Dec. 8, wrote Yu Xian, co-founder of blockchain security firm SlowMist, in a Friday X post. A machine translation of his post read:

“The attacker started preparations at least on [Dec. 8], successfully implanted the backdoor on [Dec. 22], began transferring funds on [Christmas Day], and thus was discovered.”

The backdoor code was also collecting users’ personal information, which was sent to the attacker’s server.

According to onchain detective ZachXBT, “hundreds” of Trust Wallet users were affected.

Some industry watchers pointed to signs of potential insider activity from the exploit, as the attacker was able to submit a new version of the Trust Wallet extension on the website.

“This kind of ‘hack’ is not natural. The chances of insider is high,” intergovernmental blockchain adviser Anndy Lian wrote in a Friday X post.

Zhao agreed that the exploit was “most likely” an insider.

SlowMist’s Xian also noted that the attacker was “very familiar with the Trust Wallet extension’s source code,” which enabled them to implement the backdoor code necessary to collect sensitive user information.

 

Source: https://cointelegraph.com/news/trust-wallet-cover-7m-hack-zhao

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Expert Says Shiba Inu Holders Deserve Nobel Prizes: Here’s Why

Expert Says Shiba Inu Holders Deserve Nobel Prizes: Here’s Why

Blockchain advisor Anndy Lian has criticized the growing hype around new meme-coin traders, arguing that long-term Shiba Inu holders deserve Nobel prizes.

In a recent tweet, Lian pushed back against a wave of social media praise directed at a trader who held a newly launched Solana meme coin through severe volatility.

He noted that the individual was being celebrated for showing “conviction” after holding a three-day-old token and suffering a $30,000 loss within just 24 hours.

Shiba Inu Holders Endured Extreme Volatility

Lian suggested that the development pales in comparison to the long-term commitment shown by investors in established meme coins, such as Shiba Inu and Dogecoin.

Indeed, Shiba Inu holders have experienced extreme volatility over the years, ranging from massive price surges to significant drawdowns.

Launched at an initial price of $0.000000000056 in August 2020, Shiba Inu climbed to an all-time high of $0.00008845 in October 2021. Ever since, the token has plummeted heavily, dropping 89.68% from its ATH to $0.000009122.

Meanwhile, amid the recent market downturn, Shiba Inu has plunged 5.47% over the past 24 hours to $0.000009122. It has posted a seven-day loss of 1.05%, a 13.94% decline over the past month, and a 56.4% drawdown this year alone.

Long-Term Shiba Inu Holders Deserve Nobel Awards

Although some traders liquidated their SHIB holdings, many others have remained resilient. As reported in May, over 1.17 million Shiba Inu holders had been holding SHIB for over a year, enduring significant volatility within this period.

In Lian’s view, true conviction is demonstrated by long-term investors who have held Shiba Inu through years of volatility, not by short-term speculators riding the overnight swings of newly minted Solana meme coins. He disclosed that he is among the investors who have held Shiba Inu for several years.

According to him, if enduring a $30,000 drawdown in 24 hours on a three-day-old Solana meme coin counts as conviction, then long-term Shiba Inu holders deserve Nobel prizes for enduring years of market swings.

He argues that recognition should go to Shiba Inu investors, who have weathered years of extreme volatility, rather than new traders who have only experienced a fraction of what the SHIB community has faced.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

IMF says El Salvador to make ‘efforts’ to stop Bitcoin buys with $120M payments deal

IMF says El Salvador to make ‘efforts’ to stop Bitcoin buys with $120M payments deal

The International Monetary Fund said it has reached an agreement with El Salvador to pay the country $120 million following an initial review of its $1.4 billion loan agreement struck last year.

The IMF said on May 27 that as part of the deal, El Salvador will need to fulfill its prior obligations around limiting further government involvement in Bitcoin, and it will have to cease its involvement in the Chivo wallet by the end of July.

“On Bitcoin, efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged,” the global lender said.

The planned payout, subject to IMF executive board approval, is part of a larger $1.4 billion, 40-month loan deal struck in December, which saw El Salvador agree to confine its Bitcoin ambitions.

On March 3, the IMF reiterated its stance that El Salvador should stop accumulating Bitcoin and not pursue other Bitcoin-related activities.

Despite the IMF’s request, El Salvador’s president, Nayib Bukele, has stated that his government will continue to acquire one BTC per day as part of the nation’s Bitcoin treasury strategy.

El Salvador again defies IMF

Shortly after the IMF’s May 27 announcement, El Salvador’s Bitcoin Office posted to X that the country had once again purchased more Bitcoin.

The country’s official Bitcoin tracker shows that El Salvador is continuing with Bitcoin-buying through the Bitcoin Office, which has accumulated 30 BTC in the past 30 days.

Currently, El Salvador’s Bitcoin reserve stands at 6,190.18 BTC.

Last week, Bukele took to the social media platform X to reveal that the nation’s Bitcoin treasury is sitting at an unrealized profit of $386 million, a 132% gain on its total Bitcoin investment.

In April, Rodrigo Valdes, director of the Western Hemisphere Department at the IMF, said that the country is complying with the IMF’s performance criteria.

Author and intergovernmental blockchain adviser Anndy Lian suggested that the country could maintain technical compliance by purchasing Bitcoin through non-government entities.

 

Source: https://cointelegraph.com/news/imf-el-salvador-efforts-stop-bitcoin-buys-120m-payments-deal

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j