Malicious actors in the cryptocurrency space remain a constant threat to the sector and are not moved by market conditions as they strike during bull and bearish market conditions. Within the last 24 hours, Uniswap V4’s Bunni decentralized exchange (DEX) has been attacked by hackers.

Hackers exploit Bunni DEX vulnerability

According to an update from PeckShieldAlert, a blockchain security firm that monitors the crypto space, hackers have exploited a vulnerability on Bunni DEX. This has led to the hackers stealing approximately $2.4 million worth of assets.

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Critical details of who the attackers could be and the different crypto assets stolen have not been revealed. However, the theft, occurring in the midst of an ongoing bull market, is poised to affect investors who use the exchange.

As of press time, a message from Bunni on their official X handle acknowledged the “security exploit” and precautionary measures taken so far. According to the DEX, their team is currently investigating the incident and will provide details as soon as investigations are concluded.

It has, however, paused all smart contract functions on all networks while this is ongoing. Bunni has called for patience on the part of its users.

Are there security concerns over Uniswap V4 ecosystem?

The compromise on Bunni DEX by these hackers reemphasizes the need for exchanges to pay attention to safeguarding funds on their platform. This suggests that malicious actors are always scanning the crypto space and attempting to steal. Failure to secure protocols could lead to loss of funds.

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Interestingly, in February 2025, Uniswap launched a new V4 protocol that included gas efficiency. Some users have wondered if it has also strengthened its security features to protect exchanges in its ecosystem.

U.Today has consistently reported on scam alerts and activities of hackers with emphasis on how to avoid falling victim to their exploits and safeguarding funds.

A single phishing attack drained nearly $1 million worth of tokens from a crypto investor who unknowingly signed a batch of malicious transactions disguised as Uniswap swaps, according to blockchain security firm Scam Sniffer.

In an Aug. 22 post on X, Yu Xiang, founder of blockchain security firm SlowMist, noted that the incident involved five tokens siphoned through a transaction exploiting Ethereum’s new EIP-7702 mechanism.

He explained:

“From the perspective of a phished user, it goes like this: the user opens a phishing website, a wallet signature prompt pops up, the user clicks confirm, and with just that one action, all valuable assets in the wallet address vanish in a snap.”

EIP-7702 was introduced in the Pectra upgrade to streamline the Ethereum user experience. The feature allows a wallet to act like a temporary smart contract, making it possible to batch multiple transactions, enable gas sponsorship, or set spending limits in one step.

In principle, the delegation is revocable and network-specific. However, attackers have found ways to weaponize the feature in practice.

Crypto market maker Wintermute has warned that the standard’s implementation is being exploited at scale. Its June analysis showed that more than 90% of EIP-7702 delegations were linked to malicious contracts.

The firm pointed out that many of these contracts are simple copy-paste scripts that scan for vulnerable wallets and drain their holdings automatically.

Considering this, Scam Sniffer and Xiang urged crypto users to take extra care before signing wallet requests. They recommended verifying domain names, avoiding rushed confirmations, and rejecting signatures that seem unclear or overly broad.

They also stated that some of the red flags that could arise include requests for unlimited token approvals, contract upgrades under EIP-7702, or transaction simulations that do not match expectations.

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A Bitcoiner lost $91 million in a single transaction to a social engineering attack on Tuesday, with funds then sent to a privacy-focused Bitcoin wallet, according to blockchain investigator ZachXBT.

The victim was deceived by impostors posing as crypto exchange and hardware wallet support, losing 783 Bitcoin (BTC) in a single transaction, ZachXBT said in an X post on Thursday.

Blockchain data shows the theft occurred on Tuesday at 11:06 am UTC, and the exploiter started laundering the stolen funds a day later through the Bitcoin privacy-focused Wasabi Wallet to conceal the trail of the stolen funds, ZachXBT said. 

Social engineering attacks involve attackers tricking people into revealing sensitive information, such as their private keys or passwords, allowing attackers to steal the funds. These exploits have been rampant in crypto, targeting everyone from sophisticated crypto investors to the elderly. 

Asked how one can avoid being socially engineered, ZachXBT said to assume every call or email received is a “scam by default.”

ZachXBT rules out North Korea hackers

While ZachXBT didn’t name any suspects, he ruled out the notorious North Korean state-backed Lazarus Group as a potential culprit.

The attacker received the funds at a clean Bitcoin wallet address — ‘bc1qyxyk’ — before using Wasabi Wallet’s privacy features to try to conceal them.

ZachXBT added that, coincidentally, the attack occurred exactly one year after the $243 million Genesis creditor theft.

Scammers impersonating hardware crypto wallet providers

Scammers have frequently impersonated crypto hardware wallet providers such as Ledger and Trezor using sophisticated methods.

In late April, scammers impersonating Ledger sent out letters posing as the company, asking users for secret recovery phrases to crypto wallets in an attempt to take control of the device. 

They claimed a “critical security update” needed to be performed on their devices and that failure to comply may “result in restricted access to your wallet and funds.”

Related: Small setups, big wins: Is solo Bitcoin mining making a comeback?

In the same month, an elderly US citizen lost over $330 million worth of Bitcoin to a social engineering attack, sending shockwaves through the industry.

Crypto theft is still a multibillion-dollar industry

More than $2.1 billion was stolen from crypto-related attacks across the first five months of 2025, with the bulk of losses coming from wallet compromises and phishing attacks, blockchain security firm CertiK said in June.

The largest incident by far was the $1.4 billion exploit of crypto exchange Bybit in February, highlighting that even large, extensively audited crypto platforms remain at risk.

Magazine: Bitcoin’s long-term security budget problem: Impending crisis or FUD?

]]> https://earlybirdsinvest.com/bitcoiner-loses-91m-in-social-engineering-attack-zachxbt/feed/ 0 54462 https://earlybirdsinvest.com/legendary-trader-loses-almost-everything-with-eth-long/ https://earlybirdsinvest.com/legendary-trader-loses-almost-everything-with-eth-long/#respond Wed, 20 Aug 2025 07:37:43 +0000 https://earlybirdsinvest.com/legendary-trader-loses-almost-everything-with-eth-long/

A prominent trader recently lost more than $6 million after going long on Ethereum (ETH) on the verge of another market correction. The trader went from having $43 million to securing only minor gains.  

“Easy come, easy go” 

The trader managed to turn $125,000 into $29.6 million in just four months by going irresponsibly long on Ethereum (ETH). 

The trader “masterfully” compounded profits, putting all gains back into his ETH long. He eventually managed to accumulate an enormous ETH position worth roughly $303 million. 

His peak profit reached a whopping $43 million after months of legendary moves. 

However, things went south quickly, and the trader’s profit started shrinking at a rapid pace.  

On Aug. 18, the trader closed all ETH longs, securing a massive profit of $6.9 million.

Even though the aforementioned sum is far from the peak value of his account, he still managed to walk away with a gain of 55X. 

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The trader, however, did not stop there. According to Lookonchain, the trader ended up reopening an ETH long and losing all of his remaining gains during the most recent market crash. 

His account is now worth a mere $771,000 after virtually all gains have been wiped out. 

While the trader is still sitting at 5X, the losses must have been devastating for him.

16% correction 

Ethereum went on a monster run last July, surging by a whopping 49%. 

Bolstered by strong ETF inflows and growing corporate adoption, the altcoin went on to extend its rally in August. It peaked at $4,791 earlier this month, coming awfully close to reaching a new all-time high. 

However, the rally has now stalled, with the ETH price plunging to an intraday low of $4,064 earlier this Wednesday. 

The token has now recorded a 16% correction from the aforementioned local peak. 

An ATM scam tied to a New York City youth employment program reportedly spread on TikTok and caused millions of dollars in losses within days.

According to a New York Times report, payment cards provided to participants of NYC’s Summer Youth Employment Program were suddenly allowing users to take out more money from ATMs than they should have been able to.

The payment cards issued to thousands of young people in the program normally give users access only to that week’s earnings – at the most a few hundred dollars. But this time, the payment cards gave users the ability to withdraw tens of thousands of dollars at each ATM. In total, some $17 million was fraudulently withdrawn on the payment cards between July 11th and July 13th.

An estimated 30,000 cards were issued to 14- to 24-year-olds who were unable to receive payment by direct deposit.

The NYC Police Department’s Financial Crimes Task Force is now investigating the matter. Anonymous law enforcement officials say some of the program participants sold their cards for $1,000 apiece.

Mark Zustovich, a spokesman for the agency that oversees the program, the NYC Department of Youth and Community Development, says participants may have been pressured by criminals to abuse their payment cards.

“We are deeply disturbed by scammers preying on our participants just as they started their work assignments to support themselves and their families.”

It remans unclear at time of writing what made it possible for payment cards to allow for the fraudulent withdrawals and who will ultimately be responsible for covering the costs.

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Scammers are reportedly posing as bank fraud investigators to steal money from unsuspecting victims.

According to WPLG Local 10, the Broward Sheriff’s Office (BSO) in Florida has issued a warning about the scheme and is urging the public to be vigilant amid rising cases of bank-related phone scams.

WPLG reports that the BSO Pompano Beach District has already received more than a dozen complaints from residents who were tricked into handing out thousands of dollars to the scammers.

Deputies say that one victim lost $15,000 to the scheme. A couple was also tricked into giving up their debit cards and personal identification numbers (PINs), resulting in more than $9,000 in fraudulent charges.

The bad actors typically contact their prospective victims, pretending to work for the fraud department of the victim’s bank.

The scammers then claim there are suspicious activities on the victim’s account that require immediate action to protect the funds. They then tell the victims to withdraw large sums of money or hand over their debit cards and PINs.

In some cases, the scammer arranges for an Uber to pick up the money or the debit card, instructing the victim to place the envelope containing these items in the backseat and not speak to the driver.

The police say that legitimate banks will not tell their clients to withdraw money and send it through a ride-share service, nor will they ask to hand over debit cards and PINs to a third party.

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A pro football player has lost a huge sum of cash to a bank fraud scheme, raising suspicions of insider involvement at JPMorgan Chase.

Minnesota Vikings linebacker Dallas Turner was duped out of $240,000 by a scammer who seemed to have intimate knowledge of his account, reports the Star Tribune.

Someone posing as a Chase banker called Turner and made him think his account was under attack.

Authorities are asking Chase to determine whether bank employees are involved because the scammer “was able to obtain sensitive account details including Turner’s full name, linked phone numbers and [his] LLC account info.”

The fraudster called Turner on February 19th, alleging an impostor was attempting a wire transfer.

Turner, convinced of the threat, rushed to a Chase branch and wired $120,000 to “Island Food Truck LLC.”

That same day, he visited a separate Chase branch and transferred $120,000 to “CNL FL LLC.”

Police say they have several suspects and charges are pending.

To date, around $2,500 of Turner’s cash has been recovered.

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Solana meme coin launchpad Pump.fun has lost a significant chunk of its market share to LetsBonk.fun. This comes just ahead of the former’s token generation event, in which the launchpad could raise up to $4 billion. 

Solana’s Pump.fun Loses Dominance To LetsBonk.fun

In an X post, Solana News revealed that Pump.fun has hit a new all-time low with just a 36% market share, while LetsBonk.fun’s market share has surged to 54%. Jup data also confirms this development. At press time, LetsBonk boasts a market share of 48.90%, with a 24-hour trading volume of $539 million. On the other hand, Pump boasts a market share of 39.80%, with a 24-hour trading volume of $438 million. 

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This development comes amid Pump.fun’s proposed public token sale, scheduled for July 12. Well-known Solana influencer Lynk has described this token sale as the “final scam” for the meme coin launchpad. The platform has been under heavy criticism for the amount of money that it has extracted from the Solana ecosystem, without incentivizing community members in any way. 

Some community members had expected Pump.fun to airdrop its token to rewards platform users instead of conducting a public token sale. Lynk shared details of the public sale, with the meme coin launchpad planning to sell the ‘PUMP’ tokens $0.004 each. The token boasts a total supply of 1 trillion, meaning a fully diluted value (FDV) of $4 billion. 

However, Pump.fun plans to raise around $600 million from the public token sale, as only $150 billion tokens will be available. The meme coin launchpad is expected to also conduct a private sale in order to complete its $1 billion capital raise effort, as earlier reported. 

LetsBonk.fun To Keep Dominating Pump.fun

In an X post, crypto influencer Unipcs, also known as ‘Bonk Guy,’ opined that Pump.fun isn’t done, but that LetsBonk.fun will likely continue to be the industry leader. He predicts that this will be the case for the foreseeable future. He outlined several reasons why he believes this would be the case. 

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Firstly, he stated that LetsBonk’s pro-creator, pro-people, pro-Solana ecosystem alignment is a massive strength over Pump.fun. Secondly, Bonk Guy remarked that the strong culture of support within the BONK ecosystem is incredibly hard to replicate by any other platform in a short period. 

Furthermore, the crypto influencer remarked that Pump.fun had a lot of momentum as a tokenless protocol, especially with a token generation event (TGE). However, LetsBonk.fun was able to flip the platform during this period. As such, Bonk Guy believes that it is hard to see Pump.fun sustainably recover the kind of market share it once had after the TGE event. 

He also suggested that a “non-negligible amount of activity on Pump.fun is inorganic with a lot os users farming on the platform, hoping that there was going to be an airdrop. As such, the influencer believes that the traffic will dry up once the TGE is over.

Featured image from Adobe Stock, chart from Tradingview.com

The largest pension fund in the world just announced a multi-billion dollar loss largely due to the declining value of the US dollar.

Japan’s Government Pension Investment Fund (GPIF) recorded a $61.1 billion shortfall in the January-March quarter, its first across-the-board loss in all asset classes since mid-2022, reports the Japan Times.

The depreciating dollar, down 4.6% against the yen, significantly reduced the value of GPIF’s international holdings.

Global stock markets also faltered, with the MSCI All-Country World Index declining 1.7%, the S&P 500 falling 4.6%, and Japan’s Topix index dropped 4.5%.

The deficit reduced GPIF’s assets to $1.73 trillion, a 3.4% quarterly drop, as escalating US trade tariffs fueled concerns about a worldwide economic conflict, further weighing on equities.

Meanwhile, Japanese bond yields rose, in contrast to declining US Treasury yields amid the Federal Reserve’s higher-for-longer interest rates.

Despite the setback, GPIF achieved a positive annual return of 0.7% for the fiscal year ending March 31, 2025.

With roughly half its assets tied up in foreign markets, the GPIF will likely face ongoing risks from currency fluctuations and trade tensions in the months ahead, while the US and Japan try to hammer out a new agreement on trade.

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