MetaMask introduced a social login feature on Aug. 26, allowing users to create and manage crypto wallets using Google or Apple accounts.

According to the announcement, the initiative aims to eliminate the complexity of traditional 12-word seed phrases in its latest crypto adoption initiative.

The self-custodial wallet service streamlined wallet creation into two steps: signing in with a Google o r Apple ID and creating a unique password. Users can then access their wallets without manually managing Secret Recovery Phrases (SRP), which MetaMask generates and stores securely behind the scenes.

MetaMask stated:

“Crypto doesn’t have to be complicated. That’s why we’ve made it easier than ever to manage a MetaMask wallet with our new Social login feature.”

The company added that the social login feature addresses a primary obstacle for crypto newcomers: managing complex seed phrases to secure wallet access.

Keeping it self-custodial

The social login system preserves MetaMask’s self-custodial nature while reducing user friction.

No single entity, including MetaMask, can access all components needed to retrieve users’ Secret Recovery Phrases. Only the combination of social credentials and the user’s unique password can unlock the SRP on local devices.

The architecture ensures that social credentials work in conjunction with user passwords to unlock locally stored wallet information.

The system combines “Web2 familiarity with Web3 security,” according to the company, providing seamless wallet management without compromising asset control.

MetaMask emphasized that wallet security depends on users creating and managing secure passwords. Lost passwords cannot be recovered, maintaining the non-custodial principles that distinguish crypto wallets from traditional financial accounts.

Broader adoption strategy

The social login launch follows MetaMask’s Aug. 21 announcement of its planned stablecoin, MetaMask USD (mUSD), developed in collaboration with Stripe-owned Bridge and decentralized platform M0.

The stablecoin will debut on Ethereum and layer-2 blockchain Linea. It is backed 1:1 by dollar-equivalent assets and integrated into major DeFi protocols.

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A prominent fraud prevention service says international crime groups are spreading malware designed to steal victims’ banking information.

The London-based Credit Industry Fraud Avoidance System (CIFAS) says it is witnessing a surge in Android malware attacks targeting banking apps.

CIFAS says that while the malware targets Android users, other mobile platforms are not immune to attacks, noting that the malicious software may have hit 200,000 victims in just six months.

“These malicious apps often look like legitimate tools – such as file managers, PDF readers, phone cleaners, or even browsers like Google Chrome. Once installed, they can appear harmless but later activate harmful features through hidden updates.

Key techniques criminals use include:

Overlaying fake login screens on top of real banking apps to steal login credentials.

Displaying deceptive ‘busy’ or ‘waiting’ screens to mask fraudulent activity.

Preventing users from exiting the app or restarting their device.

Requesting excessive permissions, especially ‘accessibility’ access.”

According to CIFAS, users should be on the lookout for signs that their phones are infected with malware, including prompts to reauthenticate during a banking session, “busy” messages from banking apps, unexpected notifications to update or install Google Chrome and prompts to grant unusual permissions, particularly accessibility access.

Says CIFAS CEO Mike Haley,

“The surge in Android malware is not just a tech issue – it’s a growing threat to consumers and to banking services we all rely on. Criminals are evolving their tactics faster than ever, using deception and stealth to bypass traditional security measures.

The best defence is awareness. If something feels off – an unexpected update, a strange app request – stop before you tap and always seek a second opinion. Education and vigilance are our frontline tools in the fight against fraud.”

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A rapidly evolving bank malware now has far greater capabilities to infect Android devices and steal personal information, according to researchers.

The cybersecurity firm Zimperium says the so-called DoubleTrouble trojan “has rapidly evolved in both its distribution methods and capabilities,” and is now permeating channels on the social platform Discord.

“In its latest evolution, the malware has integrated several new and advanced features, significantly expanding its capabilities beyond earlier iterations. These enhancements enable more effective data theft, device manipulation, and evasion techniques.

The new functionalities include: displaying malicious UI overlays to steal PIN codes or unlock patterns, comprehensive screen recording capabilities, the ability to block the opening of specific applications, and advanced keylogging functionality.”

Researchers say the malware convinces users to download it by masking itself as an extension or an add-on, and it uses the Google Play icon to appear trustworthy.

It also manipulates device functionality by exploiting Android’s Accessibility Services, allowing it to block legitimate banking or security apps with misleading “system maintenance” prompts.

In addition, the malicious software simulates user actions like taps and swipes, allowing attackers to remotely control infected devices and steal data, including passwords and banking details, with alarming precision.

The trojan’s attacks are ongoing, primarily targeting users in Europe through phishing websites and Discord-hosted APKs. Specific victim counts remain unknown at time of publishing.

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US Securities and Exchange Commission (SEC) Chair Paul Atkins showed openness to allowing cryptocurrencies in 401 (k) retirement plans for Americans, but highlighted the need for responsible disclosure.

During a Bloomberg interview published Friday, Atkins did not rule out allowing cryptocurrencies into 401 (k) plans. Still, he emphasized that education on the risks associated with such an investment is crucial.

“Disclosure is key and that people need to know what they are getting into,” Atkins said when asked about the potential inclusion of crypto into 401 (k) plans. Still, he added that he looks “forward to whatever may come out from the president.”

US President Donald Trump is reportedly set to sign an executive order that could allow 401(k) retirement plans to invest in assets other than stocks and bonds, such as cryptocurrencies. In April, Alabama Senator Tommy Tuberville said he would reintroduce a bill he sponsored in May 2022 that would scale back regulations on the types of investments used in 401(k) retirement plan fiduciaries.

A 401(k) is a US employer-sponsored retirement plan that allows workers to defer part of their salary into tax-advantaged investment accounts, often with employer matching contributions.

Related: Bitcoin ETFs for retirement planning: A beginner’s guide

Expectations of crypto in 401 (k) plans

Also in April, Fidelity, a financial services company with $5.9 trillion in assets under management, introduced retirement accounts that will allow Americans to invest in crypto nearly fee-free. The three new accounts are a tax-deferred traditional IRA and two Roth IRAs (one of which is a rollover) that will enable the inclusion of Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).

Related: Is Bitcoin a good investment for retirement?

At the end of May, the US Labor Department rescinded guidance issued during the administration of former President Joe Biden administration that limited the inclusion of cryptocurrency in 401(k) retirement plans.

“We’re rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not D.C. bureaucrats,” US Secretary of Labor Lori Chavez-DeRemer said at the time.

Magazine: Older investors are risking everything for a crypto-funded retirement

]]> https://earlybirdsinvest.com/us-sec-chair-atkins-education-is-key-for-crypto-in-retirement-accounts/feed/ 0 48349 https://earlybirdsinvest.com/ziglus-collapse-locks-3-6-million-in-boost-accounts-with-no-clear-fix/ https://earlybirdsinvest.com/ziglus-collapse-locks-3-6-million-in-boost-accounts-with-no-clear-fix/#respond Mon, 14 Jul 2025 23:43:55 +0000 https://earlybirdsinvest.com/ziglus-collapse-locks-3-6-million-in-boost-accounts-with-no-clear-fix/

A deficit of £2 million (around $2.7 million) has been found at Ziglu, a collapsed UK-based crypto company.

This gap between customer funds and company assets has raised concerns that many users may never get their money back.

Ziglu officially entered special administration after already freezing withdrawals in May, according to a July 13 report by The Telegraph.

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The platform gained around 20,000 users by offering high-yield returns through a product called “Boost”, which promised interest rates of up to 6%.

Boost gained popularity quickly, but the funds were not kept separate from the company’s finances. Instead, Ziglu used the money to support its daily operations and loans.

In May, the UK’s financial regulator stepped in, and customers were blocked from withdrawing their funds. Since then, users have been unable to access their money.

A High Court hearing revealed that directors may have used money from Boost savers to cover the company’s regular expenses before applying for administration in June.

According to details shared during the hearing, around 4,000 customers had funds in the Boost product, which totaled nearly $3.6 million. Due to the missing $2.7 million, there is a risk that these savers could lose a substantial portion of their investments unless new funding is secured or a buyer takes over the company.

Recently, blockchain investigators shared the reasons behind a new wave of crypto-related scams. What did they say? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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An associate banker at a large national bank is accused of stealing hundreds of thousands of dollars from customers in a span of just two months.

According to the Northern District of California’s U.S. Attorney’s Office, Sixto Christopher Porras allegedly stole approximately $440,000 from two retail bank customers while stationed in San Francisco.

In each of the cases, Porras managed to drain the bank accounts using the customer’s existing debit cards or replacements.

The first incident occurred in August of 2023 after a customer walked into the bank to conduct a wire transfer, according to the Northern District of California’s U.S. Attorney’s Office.

“As the transfer was processed, Porras obtained from the customer the security personal identification number associated with the customer’s debit card. Unbeknownst to the customer, Porras kept the customer’s debit card. Porras allegedly proceeded to use the debit card to embezzle approximately $100,000 from the customer’s account.”

The second incident took place about a month later.

“In or about September 2023, another retail bank customer visited the branch to address a fraudulent charge. As Porras assisted the customer, he obtained the security PIN associated with the customer’s debit card. Porras then caused the customer’s debit card to be reissued and sent to Porras’ San Francisco residence. Porras allegedly proceeded to use the debit card to embezzle approximately $340,000 from the customer’s accounts.”

Porras, who currently no longer works with the unnamed bank, is now facing charges of embezzlement of bank funds and access device fraud. For the embezzlement charge, Porras could get a maximum of up to 30 years in prison and a $1 million fine if convicted. The access device fraud charge carries a maximum of 15 years in prison and a $250,000 fine if convicted.

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Customers at JPMorgan Chase, Bank of America and Wells Fargo say the banks have refused to reimburse after bad actors ripped cash from their accounts.

A Wells Fargo customer for nearly four decades says the lender refused to make him whole after scammers drained $20,000 from his account.

Scott Merovitch says he received a call from someone claiming to work at the bank, warning his account was flashing suspicious activity, reports FOX 26 Houston.

According to Merovitch, the caller was able to provide information about his recent transactions.

After the call, a woman pretending to work at Wells Fargo showed up at Merovitch’s front door, asked for his card and cut it into pieces.

Two hours later, Merovitch says $20,000 exited his account at ATM locations just a few miles from his residence.

When he filed for a reimbursement claim, Merovitch says the lender issued a letter telling him that the transactions were made by him or someone who had his permission.

Meanwhile, JPMorgan Chase is refusing to reimburse a man scammed by a fake Apple support text, reports the CBS-affiliated news station KOLD.

The phishing text, posing as Apple’s billing department, claimed unauthorized activity was underway.

The victim says he quickly called the number, and the scammer likely installed malware on his iPhone to tap into his bank account.

Chase says reimbursement is not happening.

“After further review, our claim denial stands as we found these transactions were authorized by the customer with no evidence of fraudulent account takeover or of a compromised device.”

Lastly, Bank of America refused to reimburse a customer who lost $450 to a taxi scam in Panama.

Keith Lee says he was charged $450 for a $10 cab ride, according to the Elliott Report.

The driver claimed Lee’s card didn’t process, so he paid cash.

Bank of America denied his dispute, saying a chip-verified “card-present” transaction was executed.

Consumer advocate Christopher Elliott then stepped in, contacting BofA on Lee’s behalf.

After hearing from Elliott, Bank of America finally reversed the charge. Elliott says the bank acknowledged such taxi scams are well-known.

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A Cleveland bank teller has reportedly been accused of forging names and other documents to drain tens of thousands of dollars out of customers’ bank accounts.

According to a new report by a local news outlet, federal prosecutors say that Denice James, a teller at First Federal Savings of Lorain, allegedly stole approximately $75,000 from eight different victims by faking documents and embezzled $1,000 from the bank itself.

The report says that James stole the money between July 25, 2023, and November 2, 2023, by forging customers’ names on bank slips and submitting them right before the bank closed, as no customers were inside. She would then process the withdrawals and take the cash for herself.

She has been charged with eight counts of bank fraud, eight counts of aggravated identity theft, and one count of embezzlement, to which she has pleaded not guilty.

This incident is the latest in a string of fraud schemes involving bank tellers. In May, a bank teller in Maryland pleaded guilty to stealing $255,000 from his employer’s elderly clients by having conspirators impersonate victims to make fraudulent bank withdrawals.

In March, a bank teller from New York, whose job it was to tally up money at the end of the day, was accused of stealing $1,000,000 in cash from his bank’s vault by forging signatures.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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