Web3🌕Monday Highlights: Crypto Scams Alert, WazirX Hack Update, TON's Rise, and USDT Lands on Aptos

Happy Monday, Web3 enthusiasts! As we kick off the week, let’s dive into the latest developments shaping the world of decentralized technology and finance. Today’s highlights bring crucial updates, from warnings about ongoing crypto scams in Australia to reassuring news about WazirX’s security following a major hack. We’ll also explore how TON is outperforming major cryptocurrencies like Bitcoin and Ether, and check out Tether’s exciting expansion of USDT onto the Aptos blockchain. Stay tuned as we unpack these stories and what they mean for the future of Web3.

1. Aussie Regulator Warns of Persistent Crypto Scams Despite Recent Decline

Australia's financial regulator, ASIC, removed over 600 crypto scams in the past year as part of a broader effort to combat online investment fraud targeting billions in Aussie savings. These scams, which caused $1.3 billion in losses, often used fake trading platforms, phishing links, and deepfake videos of public figures to lure victims. Despite a recent decline in crypto scams, ASIC warns that scammers continue to adapt, shifting focus from decentralized platforms to centralized exchanges and using more sophisticated tactics. ASIC urges consumers to stay vigilant against social media links promoting online trading and cryptocurrency investments.

Australia’s Financial Regulator Warns of Ongoing Crypto Scams Despite Monthly Decline Since April - Decrypt

An average of 20 websites are said to be taken down daily, with scammers continuing to adapt and find new ways to lure victims, ASIC said.

DecryptSebastian Sinclair

2. WazirX's Laptops Confirmed Safe After $230M Hack, Forensic Report Shows

WazirX, India’s largest crypto exchange, has received a “clean chit” from Mandiant Solutions, a Google subsidiary, following a forensic investigation into a $230 million cyberattack on one of its multisig wallets. The investigation found no compromise in WazirX’s systems or laptops, with the breach traced back to its custody partner, Liminal. Despite the loss of 45% of its assets, WazirX is actively working on recovery plans, including a potential bounty program and collaborations with industry peers. The exchange remains committed to recovering the stolen funds and ensuring those responsible are brought to justice.

WazirX laptops were not compromised, says third party forensic report after $230-mn hack

Hacked crypto exchange WazirX hired Google subsidiary Mandiant to conduct third party forensic tests on its systems that were a part of the recent cyberattack.

MoneycontrolDebangana Ghosh

3. TON Outperforms Major Cryptos as BTC and ETH Stay Flat

TON led the crypto market with a 5.6% gain, outperforming major digital assets like Bitcoin and Ether, which remained flat. The surge followed HashKey’s announcement of a partnership to support TON’s ecosystem, particularly in Web3 gaming. This collaboration aims to enhance the Catizen platform, a Telegram-based gaming project, by providing regulatory guidance and technical support. Catizen seeks to leverage Web3's potential to create lasting gaming experiences with strong community backing. The partnership highlights TON's growing influence in the crypto space, especially within the gaming sector. Meanwhile, DYDX also posted gains, reflecting continued market activity.

TON Leads Crypto Majors as BTC, ETH Remain Flat

GameFi heavy TON outperformed the CoinDesk 20 during the Monday trading day in Asia.

CoinDeskSam Reynolds

4. Tether Launches USDT on the Aptos Blockchain

Tether has launched its USDT stablecoin on the Aptos blockchain, aiming to enhance global digital currency use by offering ultra-low transaction fees. Aptos' scalability and speed allow USDT transactions to cost just a fraction of a penny, making it economically viable for a wide range of applications, from microtransactions to large-scale enterprise operations. This move is part of Tether’s broader effort to improve digital currency accessibility worldwide. Aptos has seen significant growth, with daily active users rising from 96,000 in January to 170,000 in July, making it a promising platform for USDT’s expansion.

Tether expands USDT to Aptos blockchain for lower fees

Tether launches USDT on the Aptos blockchain to reduce transaction costs and improve global digital currency access.

CointelegraphJosh O’Sullivan

That wraps up today’s Web3 Buzz! From Australia’s ongoing battle against crypto scams to WazirX’s reassuring security updates and TON’s impressive performance, there’s been no shortage of impactful news. Tether’s expansion onto the Aptos blockchain also marks a significant milestone in the evolution of digital currencies. As the Web3 landscape continues to evolve, staying informed about these developments is essential. Thanks for joining us today—make sure to check back for more updates and insights in the world of decentralized technology and finance. Have a fantastic week ahead!

WEB3 AI ML