Fake Ledger Live app sneaks into Microsoft’s app store, $588K stolen

November 5, 2023 Coin Telegraph

<div>Fake Ledger Live app sneaks into Microsoft's app store, 8K stolen</div>

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The $588,000 was stolen across 38 transactions, with the largest transfer totaling $81,200.

Almost $600,000 in Bitcoin (BTC) has been stolen from users who downloaded a fake Ledger Live application on Microsoft’s app store, according to cryptocurrency sleuth ZachXBT.

The on-chain analyst spotted the scam, “Ledger Live Web3” on Nov. 5, which is tricking users into thinking that they’re downloading “Ledger Live” — a user interface for Ledger hardware wallets to store cryptocurrency offline.

Approximately 16.8 BTC worth $588,000 has been received by the scammer across 38 transactions using wallet address, “bc1q….y64q,” according to Blockchain.com. About $115,200 has left the scammer’s wallet across two transactions, leaving it with $473,800 or 13.5 BTC.

Community Alert: There is currently a fake @Ledger Live app on the official @Microsoft App Store which was resulted in 16.8+ BTC ($588K) stolen

Scammer address
bc1qg05gw43elzqxqnll8vs8x47ukkhudwyncxy64q pic.twitter.com/rOZ0ZWRWbn
— ZachXBT (@zachxbt) November 5, 2023

In a follow up post, ZachXBT noted that Microsoft may have removed the fake Ledger Live app from its platform.

The first transaction sent to the scammer’s wallet address took place on Oct. 24, worth $5,210. Prior to that, the wallet hadn’t been used. Most of these transactions have taken place since Nov. 2, with the largest transfer totaling $81,200 on Nov. 4.

A search by Cointelegraph found the fake “Ledger Live Web3” application appeared in Microsoft’s app store as early as Oct. 19.

*The fake “Ledger Live Web3” app on Microsoft Apps. Source: Microsoft*

ZachXBT said they have received two messages from victims on Nov. 4 and even argued that Microsoft “should be held liable” for allowing the fake Ledger Live app to appear in its app store.

Sadly received two messages about this from victims today. Seems another person lost funds in just past few min. pic.twitter.com/yYPbizltN5
— ZachXBT (@zachxbt) November 5, 2023

It isn’t the first time a fake Ledger Live app has made its way into Microsoft’s app store either.

Ledger’s support account on X (formerly Twitter) informed its users about a fake Ledger Live app on two separate occasions in December and March.

Hey #ledger users

Beware of fake Ledger Live apps published on the Microsoft Store

The only safe place to download Ledger Live is on our websitehttps://t.co/cDLX1rEWPf

Ledger will NEVER ask you for your 24-word recovery phrase ❌

Stay safe pic.twitter.com/0dXTJ7FeuO
— Ledger Support (@Ledger_Support) December 26, 2022

Ledger hasn’t commented on the scam but has previously iterated to users that the "only safe place" to download Ledger Live is from its website, ledger.com.

Cointelegraph reached out to Microsoft for comment but did not receive an immediate response.

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Cricket World Cup to feature Web3 fan app as ICC taps into Near blockchain

September 27, 2023 Coin Telegraph

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The International Cricket Council will leverage Near’s Blockchain Operating System to power a Web3 fan engagement app during the 2023 Cricket World Cup in India.

The International Cricket Council (ICC) has partnered with Near Foundation to build a blockchain-powered Web3 fan engagement app for the 2023 Cricket World Cup in India, which promises to reach hundreds of millions of fans over the next six weeks.

Cointelegraph spoke exclusively to ICC head of digital Chris Donovan and Near CEO Finn Bradshaw, who unpacked details of the Web3 mobile app aiming to drive fan engagement before, during and after matches at the global sporting event in India.

The ICC’s first foray into the world of Web3 was the creation of a nonfungible token (NFT) platform called FanCraze in 2022 that gave fans the ability to own highlights of historic moments from various ICC tournaments. Donovan said that it laid the foundation for future Web3 exploits:

“We loved the community that grew around that product, so we have been looking for other use cases that help strengthen our fans’ love of cricket.”

The app will allow fans to play prediction games requiring strategy selections for games during the competition. Fans will earn points reflecting their selections and the actual outcome of matches, counting toward leaderboards and rewards during the competition.

*The ICC’s fan engagement app, as featured in its announcement video. Source: Near Protocol*

Donovan said that cricket’s governing body and Near share a similar vision for how Web3 technology can improve digital experiences for fans and that Near’s Blockchain Operating System’s interoperability with other networks was a key factor in the partnership:

“A big part of that is about creating products with greater interoperability across blockchains.”

While Near is a layer-1 blockchain, it features scalable infrastructure supporting communication, smart contracts and transaction capabilities with other blockchain ecosystems. Bradshaw said this feature could prove useful as more use cases are explored in the partnership that ends in December 2025:

“The ICC is only focused on working with a single layer-1 blockchain partner for now, but they are aware of the Blockchain Operating System’s interoperability capacity.”

As Cointelegraph has explored at length, marketing and advertising in various sports have driven the adoption of cryptocurrencies and Web3 in general. Bradshaw believes that a Cricket World Cup being hosted in India presents another opportunity to present working use cases of blockchain technology.

“In partnering with the most popular sport on the sub-continent, we expect it to be a showcase for the ecosystem’s technology and partners in demonstrating what a mass-market Web3 application looks like.”

According to Bradshaw, Near Foundation’s business development team worked alongside the ICC for four months, researching and identifying use cases for the Cricket World Cup. The tournament begins on Oct. 5, and the final is scheduled for Nov. 19.

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Shared Web3 user base could power new social app integrations — Aave CEO

July 20, 2023 Coin Telegraph

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Web3 social layer Lens Protocol aims to power seamless connectivity of applications across blockchain and non-blockchain platforms.

The latest version of Web3 social layer Lens Protocol has been released, introducing improved functionality to support new use cases and shared monetization for its growing Web3 user base.

Decentralized Finance (DeFi) firm Aave Companies announced Lens Protocol v2 on July 17 during EthCC in Paris, with the code powering the protocol reworked to enable improved composability, configurability and functionality.

Aave and Lens Protocol founder Stani Kulechov told Cointelegraph that Lens is a decentralized protocol built on Polygon featuring a technology stack that allows developers to build and deploy Web3 social apps, as well as allowing Web3 social features to be integrated with existing Web2 and mobile experiences:

“Our vision is for Lens Protocol to enable all applications to connect seamlessly across blockchain and non-blockchain applications, and reward both individuals and the collective shared network.”

According to Kulechov, Lens has around 119,000 Web3 users in its beta, with a lengthy waiting list. Applications built on Lens can leverage this same audience, which is a key component of the protocol’s social graph architecture.

The protocol provides an alternative to conventional Web2 networks and their centralized database models, which rule out portability. As Lens’ core documentation details, Web2 platforms fight a zero-sum game for user attention, with one’s gain equaling another’s loss.

Lens Protocol allows users to own and carry personal data across connected or integrated applications. Kulechov added that Lens is designed to enable human engagement across the internet while benefiting contributors and the wider ecosystem:

“We are still in the early days of Web3 social. Lens has been working with builders and content creators to attract them to develop consumer apps and publish content on Lens.”

Kulechov said that it’s traditionally difficult for new social platforms to compete with incumbents for audience and funding. Lens intends to remove some risk associated with the “cold start” problem that developers face, with ecosystem apps sharing the same Web3 audience.

He added that the recently launched Threads is an example of how Instagram leveraged its existing audience to attract them to a new app that competes with Twitter.

“By utilizing their built-in Instagram users, Threads demonstrated the power of shared social networks when launching a new app. Only, in this case, the shared network is closed — allowing only Meta apps to benefit.”

V2 of the protocol is expected to deliver more ways to share value, allowing users to choose specific algorithms and move freely between communities and applications. For Kulechov, the prospect of new social experiences built on Lens remains a main draw card as the protocol’s shared user base allows new apps or integrations to leverage the existing network.

Kulechov also stressed that Lens is not designed to be a “front-end” app but rather a shared network protocol that hands value back to users, creators and developers.

“Lens utilizes blockchain, smart contracts, decentralized storage and NFTs to reimagine social networks that are open and diverse, offering different types of experiences and communities.”

The likes of Unstoppable Domains and the Ethereum Name Service have driven the uptake of Web3 decentralized domain names that act as self-custodial digital identities and human-readable wallets over the past two years.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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US Federal Reserve denies Custodia Bank’s request for Fed supervision

February 23, 2023 Coin Telegraph

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The Federal Reserve Board has denied the request from crypto-focused Custodia Bank to reconsider its membership to the Federal Reserve System.

The United States Federal Reserve has denied a request from cryptocurrency bank Custodia Bank to reconsider its membership application to the Federal Reserve System.

The Fed announced its denial on Feb. 23 saying the Federal Reserve Board previously decided that Custodia’s application “was inconsistent with the required factors under the law.”

@federalreserve announces it has denied the request by Custodia Bank, Inc., for reconsideration of the Board’s decision last month on its application to be supervised by the Federal Reserve: https://t.co/ZYNUEoLeN1
— Federal Reserve (@federalreserve) February 23, 2023

In January, the Fed rejected Custodia’s application to become a member. Board rules allow applicants to request a reconsideration of membership decisions.

At the time of the initial rejection, the Fed claimed Custodia had an “insufficient” management framework.

It also cited a joint declaration it made alongside the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) that claimed cryptocurrencies were “inconsistent with safe and sound banking practices.”

Custodia has said it wishes to join the Federal Reserve System so it can be regulated under the standards that apply to traditional banks and open a path for other crypto-banks that wish to be held to those same heightened standards.

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UK’s FCA hints at why its given only 15% of crypto firms the regulatory nod

January 27, 2023 Coin Telegraph

anti-money laundering

The UK financial watchdog has received 300 crypto firm registration applications but has approved only 41 applicants.

Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only 41 out of 300 crypto firm applications seeking regulatory approval to date.

The U.K. Financial Conduct Authority (FCA) implemented the new cryptocurrency-focused regulations on Jan. 10, 2020, to supervise businesses operating in the sector and to ensure that they’re subject to the same anti-money laundering (AML) and counter-terrorism financing (CTF) regulations as firms in traditional financial markets.

A statement from the FCA has revealed that of the 265 applications that were "determined" a mere 15% of these applications were approved and registered, 74% of firms either refused or withdrew their application, while 11% were rejected. Another 35 applications are yet to be determined.

While the FCA didn’t expressly state the cause of d the rejected or withdrawn applications, it did provide feedback on “good and poor quality” applications.

Among the more complete applications included a detailed description of the firm’s business model, the roles and responsibilities of business partners and service providers, sources of liquidity, flow-of-funds charts, and an outline of the policies and systems set in place to manage risk, the report stated.

*A flowchart which helps firms understand whether they need to register with the FCA. Source: FCA*

Incomplete applications were more apparent where companies used the application to promote their products and services, particularly in cases when the application process was still ongoing:

“Applicants’ websites and marketing material must not include language that gives the impression that making an application for registration is a form of endorsement or recommendation by the FCA.”

The report suggests that some companies may have had their applications scrapped if they couldn’t show that they have sufficient blockchain-compliance resources set in place to monitor on-chain transactions.

The FCA also doubled down on its anti-money laundering stance, demanding that all firms appoint a money laundering reporting officer who is “fully involved” in the application process.

The FCA also stressed that even for those firms that had their registrations approved, such approval doesn’t mean that they’re no longer free from obligations:

"Applicants must recognize that being registered is not a one-off formality or a tick-box exercise without any further obligations or interaction with the FCA.”

"This feedback should help applicants when they prepare their application for registration and help make the process as simple and efficient as possible," the note summarized.

Among the digital asset firms to have registered under the FCA thus far include Crypto.com, Revolut, CEX.IO, eToro, Wintermute Trading, DRW Global Markets, Copper, Globalblock, Moneybrain and Zodia Markets.

Given that many companies provide international services, the U.K. FCA also confirmed that they’re now collaborating with other state agencies around the world — most notably the U.S. securities regulator and the U.S. commodities regulator — in order to strengthen regulation where necessary.

The FCA has stressed on several occasions that failure to register before conducting business may result in criminal charges.

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SBF reportedly files new bail application in the Bahamas Supreme Court

December 16, 2022 Coin Telegraph

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Bahamas media reports that Sam Bankman-Fried lodged a new bid for bail just two days after a judge denied his previous application and called the FTX founder a flight risk.

Sam Bankman-Fried, the jailed founder of bankrupt cryptocurrency exchange FTX has reportedly filed a new application for bail in the Bahamas Supreme Court following his previous unsuccessful bail bid.

Local media on Dec. 15 reported the founder submitted the application and that it would be heard before the court in just over one month's time on Jan. 17, 2023. However it did not cite any sources.

Previously, on Dec. 13, Bankman-Fried’s lawyers had argued for him to be let out on bail set at $250,000 as he had no prior convictions and was suffering from depression and insomnia. The presiding judge denied bail calling the crypto executive a flight risk.

Bankman-Fried is remanded at Fox Hill Prison, the only jail in the Bahamas. A 2021 United States State Department report said conditions at Fox Hill were “harsh” and overcrowded with poor medical care, sanitation and nutrition. Correctional officers were alleged to physically abuse detainees.

Extradition to the U.S. is on the cards as the Bahamian government has said it will “promptly” process any extradition request as the exchange founder faces eight charges including money laundering, wire fraud, and securities fraud.

The slew of charges could see Bankman-Fried land in jail for 115 years, but legal commentators have told Cointelegraph there is a "lot to play out" saying the case could take years until it's resolved.

Hermès reveals plans for Metaverse fashion shows, crypto, and NFTs

September 1, 2022 Coin Telegraph

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The trademark application comes months after filing a lawsuit against NFT project MetaBirkins for allegedly using its Birkin brand to sell digital collectibles.

Luxury brand Hermès is laying the groundwork for its entrance to Web3 after filing a trademark application covering NFTs, cryptocurrencies, and the Metaverse.

According to an Aug. 26 filing to the United States Patent and Trademark Office (USPTO), the trademark covers downloadable software to view, store and manage virtual goods, digital collectibles, cryptocurrencies, and NFTs “for use in online worlds.”

It also filed trademarks for “retail store services featuring virtual goods” as well as fashion and trade shows in “online virtual, augmented or mixed reality environments” and for “providing an online marketplace for buyers and sellers of virtual goods.”

Luxury brand Hermès has filed a trademark application for its name claiming plans to expand into

▶️NFTs + Virtual currency
▶️Crypto + NFT trading
▶️Virtual good marketplaces
▶️Virtual clothing, footwear, and fashion shows
... and more#NFT #Metaverse #Web3 #Crypto #Hermes_Paris pic.twitter.com/hdvsXeQtrC
— Mike Kondoudis (@KondoudisLaw) August 31, 2022

The new trademark application comes months after filing a lawsuit against Metabirkins founder, Mason Rothschild in January for allegedly using the brand's Birkin name to make money from sales and resales for his NFT Metabirkins collection.

In a 47-page legal complaint against Rothschild, Hermés alleged that the “MetaBirkins brand simply rips off Hermés’ famous Birkin trademark by adding the generic prefix ‘meta’ to the famous trademark Birkin”, thereby creating the illusion that the MetaBirkins brand was a part of the luxury Hermés’ Birkin brand.

The lawsuit against Rothschild could be one of the reasons why the company has gone ahead to file its own protections that will cover the Metaverse, crypto, and NFT-related products and tokens.

The luxury brand is neither the first or the likely the last to make moves in the Metaverse.

Earlier this year, Decentraland’s Metaverse Fashion Week, a four-day digital fashion event featuring wearables on virtual runways saw the appearance of luxury brands including Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder and Elie Saab.

Last month, data from Dune Analytics revealed that leading brands including Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany had amassed a combined $260 million worth of sales from NFTs.

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