A long-inactive Bitcoin wallet has suddenly resurfaced. The wallet moved a significant amount of Bitcoin to Coinbase on Friday. This occurs as the cryptocurrency's price struggles to maintain recent gains. Data from Lookonchain and Arkham Intelligence reveal the details. The wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, deposited 1,000 BTC to Coinbase Pro. This amount is valued at over $61 million. The coins were originally acquired six years ago for $6.68 million. This event is part of a larger trend. This quarter has seen an increase in dormant Bitcoin wallets becoming active. These wallets are moving coins to exchanges. On Thursday, a 14-year-old wallet linked to a Bitcoin miner sent 50 BTC to Binance. Analysts are speculating on the motives. Some suggest these dormant holders may be cashing out near record highs. Others believe they might be engaging in derivatives market activities. This activity is contributing to downward price pressure. Long-term holders are selling. Miners are liquidating faster. The German government is divesting its coin holdings. As a result, Bitcoin prices have fallen nearly 9% this month. At the time of writing, Bitcoin was trading at $61,550. It has failed to maintain gains above $62,000 at least four times since Tuesday, according to CoinDesk data. Price volatility may increase later Friday. The Federal Reserve's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) price index for May, is set to be released. Economists have made predictions about the PCE. They expect no change in the PCE price index. They anticipate a 0.1% increase in the core PCE. This would lead to 2.6% annual advances in both headline and core figures. A favorable inflation report could support the case for Fed rate cuts this year. This might provide support for Bitcoin prices. However, some observers believe Bitcoin is poised for a deeper decline. They suggest it could fall towards $50,000.

Telegram, the popular messaging app, is grappling with a significant increase in Toncoin (TON) ecosystem-related scams, according to a report by blockchain reporter Colin Wu. The layer-1 blockchain, which is closely associated with Telegram, has become a breeding ground for phishing attacks and pyramid schemes. Blockchain security firm SlowMist has identified numerous phishing links and bots spreading through Telegram groups. These scams often employ fake airdrops and other deceptive methods to compromise users' TON wallets. "Many phishing links (or bots) are spread through groups, using fake airdrops and other methods to hack assets in users' TON wallets, especially Anonymous Telegram Numbers," Wu quoted SlowMist's findings. Anonymous Telegram Numbers, which allow users to create accounts without revealing their identity, are particularly vulnerable to theft. In addition to phishing scams, cybersecurity firm Kaspersky reported a Toncoin-focused pyramid scheme operating on Telegram in April. Scammers promote a "super-secret awesome bot" and referral links as a way to earn Toncoin. "Scammers promote a 'super-secret awesome bot' and referral links as the key to earning Toncoin. In short: you invest your money, buy 'booster' tariffs, invite friends, and earn commission from every coin invested," Kaspersky explained. The pyramid scheme incentivizes larger investments with the promise of higher returns. Kaspersky's data suggests that this scam has been active since at least November 2023, targeting both Russian and international users. "The scammers promise earnings from two sources: a fixed payment of 25 TON for each invited friend and commission based on the booster tariff purchased by your referrals," Kaspersky detailed. The scheme ultimately proves to be a classic pyramid structure, where only the scammers profit while all other participants lose their investments. Kaspersky concluded, "It turns out to be a classic pyramid scheme, where each participant is 'a partner rather than a freeloader'. Sadly, nobody profits except the scammers, and all 'partners' lose their investments." As Telegram continues to face these challenges, the need for enhanced security measures and user awareness has become increasingly apparent. The platform's close association with the Toncoin ecosystem has made it a prime target for malicious actors seeking to exploit unsuspecting users. Telegram is an instant messaging and voice-over-IP service developed by Telegram FZ LLC, a privately held company registered in Dubai.Telegram is run by Pavel Durov, the many behind VKontakte, Russian social network overtaken by Putin's regime. Durov had to flee from Russia. Durov claims that Telegram is extremely secure, offering end-to-end encrypted video calling, VoIP, file sharing, and several other features. TON, or The Open Network, is a decentralized layer-1 blockchain platform originally developed by the Durov and his team. After facing regulatory challenges, Telegram officially withdrew from the project, and it is now maintained and developed by the open-source community.

BtcTurk, a leading Turkish cryptocurrency exchange, has fallen victim to a cyber attack. The incident resulted in unauthorized access to some of its hot wallets. The exchange reports asset losses for some users. But the overall financial stability remains intact, the BtcTurk officials claim. The hack occurred on June 22. It raised concerns in the crypto community. The total amount lost remains undisclosed. BtcTurk stated that only hot wallets of 10 cryptocurrencies were compromised. Cold wallets, holding the majority of assets, remain secure. The exchange has disabled all withdrawal and deposit transactions. Binance CEO Richard Teng announced a joint investigation with BtcTurk. It has led to the recovery of $5.3 million in stolen assets. Teng stated: "Binance is assisting BtcTurk with investigations and has frozen over $5.3M in stolen funds so far. Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant." On-chain investigator ZachXBT provided insights into the potential hackers. He linked them to an address that recently transferred 1.96 million AVAX ($54.2 million) to Coinbase and THORChain. This transfer caused a 10% decline in AVAX price. ZachXBT's theory is based on BtcTurk's market AVAX address on the Avalanche X-chain. The exchange has not confirmed or denied this theory. BtcTurk assures users of their assets' safety. It claims the hack has not affected its robust financial position. This incident marks the second crypto exchange hack in 2024. In May, Japanese platform DMM Bitcoin lost $305 million in BTC. Crypto exchange hacks draw attention due to their custodial nature. These platforms control users' private keys. They often hold larger funds than decentralized finance (DeFi) counterparts. For perspective, Binance records 13 times the daily trading volume of Uniswap, the largest decentralized exchange. This data comes from Coingecko.

Shiba Inu fans are worried. There's trouble brewing in the crypto world again. A new wallet scam is targeting Shiba Inu community. It's a nasty one, and you need to stay sharp to avoid falling victim. We know about it thanks to Shibarmy Scam Alerts, an X (formerly Twitter) account dedicated to exposing scams within the SHIB community. On June 8, the scam tracker issued an urgent warning about a new wallet scam targeting SHIB token holders. Most of these malicious sites are typically distributed within different social media platforms such as X, discord, telegram and more. So, what’s the deal? Scammers are luring in Shiba Inu holders with promises of juicy rewards. These rewards come at a steep price – your SHIB tokens. It’s a classic bait-and-switch. The scam works like this: you receive a message or see a post about a special wallet that offers incredible benefits. These malicious attackers claim that users need to connect their wallet accounts to collect rewards or resolve technical issues involved with liquidity pools. The wallet connection tools also deceive SHIB holders into thinking that connecting their wallets via certain links is necessary for syncing with the Shiba Inu network Too good to be true? Exactly. These wallets are designed to steal your tokens. Once you transfer your SHIB, it’s gone. How can you avoid it? First, be skeptical of too-good-to-be-true offers. If someone’s promising the moon, they’re probably after your tokens. Always double-check the source. Official channels are your best bet. And, of course, official wallets and those with established reputation are the best choice. Next, safeguard your wallet info. Never share your private keys or seed phrases. Not with anyone. Legit platforms will never ask for this info. Remember, if you lose control of your keys, you lose control of your tokens. Also, stay updated with community alerts and news outlets. Follow trusted sources (like, yellow.com) and keep an eye on the latest news. If there’s a scam making rounds, you’ll hear about it. Knowledge is power in the crypto world. Lastly, help spread the word. Tell your fellow Shiba Inu enthusiasts about this scam. The more people know, the harder it becomes for scammers to succeed.

Coinbase has launched its new Smart Wallet, a product designed to streamline on-chain activities. This is a significant move to broaden its influence in the cryptocurrency world. A key feature of the Smart Wallet is its enhanced security measures. The goal is ambitious: to onboard 1 billion users. The Smart Wallet aims to provide users with a more intuitive and secure way to interact with decentralized applications (dApps). By simplifying these processes, Coinbase hopes to attract a broader audience. The wallet is not just about storage; it's a gateway to a more integrated crypto experience. Coinbase's CEO, Brian Armstrong, emphasized the importance of this launch. He stated that the Smart Wallet is a crucial part of Coinbase's mission to increase global economic freedom. The goal of 1 billion users is not just a target but a vision for the future of the blockchain ecosystem. The introduction of the Smart Wallet also comes at a time when the competition in the crypto wallet space is heating up. Rivals like MetaMask, Trust Wallet and Yellow Wallet have set high standards. However, Coinbase's integration with its existing suite of services could provide a competitive edge.