Chinese Crypto User Loses $1M in Scam; GameStop's Stock Rise Rekindled; EOS Embraces New Tokenomics
Summary:
A Chinese cryptocurrency trader fell victim to a hacking scam, losing over $1 million, as hackers used a Google Chrome plugin named Aggr to steal cookies and bypass his Binance account security. Keith Gill, the trader at the center of the 2021 GameStop event, resurfaced claiming holdings in GME stock and call options worth $181.4 million. EOS, a crypto project previously listed in the top-10 by market capitalization, committed to a new tokenomics model, projecting a renewed phase for its community and developers.
An individual, dealing with cryptocurrency in China, asserts that he fell victim to a cybercrime that cost him over $1 million. Utilising a Google Chrome plugin, the cybercriminals managed to thieve cookies and circumvent the security features of the individual's Binance account. The trader who ignited the infamous GameStop meme stock event in the previous year has emerged again, claiming to possess $181.4 million in stock and call options of GME. EOS, formerly a leading crypto project on the top-10 list according to market cap, has embraced a novel tokenomics model and envisions a reformed period for its developers and community.
A Chrome-based plugin has been exploited by cybercriminals to purloin millions from Binance accounts. A user in China was defrauded of $1 million through a scam involving a Google Chrome plugin dubbed Aggr, used for promotions. The plugin surreptitiously steals cookie data, allowing the hackers to navigate around password and two-factor authentication and infiltrate the victim's Binance account.
Another trader narrated how he was swindled of his life savings through an unexpected cyber scam. Known by his pseudonym CryptoNakamao on X, the trader explained how his Binance account began random trading on May 24, only coming to his attention when he opened the app to keep track of the Bitcoin (BTC) price. By the time he sought help from Binance, the cybercriminal had already drained the account.
The trader believed the cybercriminal had accessed his browser's cookie data collected via the Aggr plugin. Unknown to him, the plugin worked as a trojan horse, accessing users' browser data and cookies. The cybercriminal capitalised on this stolen data, bypassing authentication to execute a number of leveraged trades and bump up the price of low liquidity pairs, gaining profits in the process.
GameStop stock, popularly termed the "meme stock", saw a significant rise of over 19% in overnight trading after Keith Gill, or "Roaring Kitty", revealed on Reddit that he held a significant position of $181.4 million in GME stock and call options. Gill, who stands at the heart of the infamous GME short squeeze, posted to Reddit under his known pseudonym "DeepFuckingValue" on June 2, marking his first post since April 2021.
Through a shared screenshot, it is apparent that Gill purchased 5 million GME shares for $115.7 million and spent an additional $65.7 million on call options, betting that GME would be at least $20 a share on June 21. GME experienced an abrupt 19.19% surge to $27.58 within 20 minutes after the announcement on Gill's Reddit.
Considered a key figure in the GameStop saga, Gill had manipulated the market to take down hedge funds attempting to profit by shorting the struggling brick-and-mortar game store amidst the COVID-19 pandemic. It is widely believed that these events led to a significant rise in the prices of memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
Finally, EOS setting a new tokenomics model marks a shift in the crypto vision, with an initiative to revive their once promising status. As announced on May 31, EOS Network Foundation plans to reduce the maximum supply of the EOS cryptocurrency to 2.1 billion from a massive 10 billion. Along with a four-year halving circle, the foundation promises lucrative staking rewards for token lockups.
Despite somewhat skeptical responses on social media, especially from individuals who have held the cryptocurrency since its initial coin offering (ICO) in 2018, EOS remains hopeful. EOS held a year-long ICO under Block.one, raising $4.1 billion, a path that was marred by unmet project expectations, legal battles and regulatory settlements. As of now, according to CoinMarketCap, EOS's market cap is approximately $935 million, a substantial drop from its $15 billion peak in 2018. The May 31 announcement seemingly had little impact on its token price which held steady at $0.80.
Published At
6/3/2024 3:43:11 PM
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