Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news. In this edition:
Staggering Amounts Stolen in Pig Butchering Scams
According to BestBrokers, more than $385 million have been stolen in just two years via pig butchering scams. The team at BestBrokers decided to analyze the amount of stolen USDT on the Ethereum mainnet for the past two years through these scams. They conducted measurements of the magnitude of the most “easily trackable” scams and performed various raw queries on the Dune Analytics platform. The findings revealed that the amount of USDT transactions made to known scam addresses on Ethereum has been decreasing since the Q2 2023 surge. However, the overall amount stolen via pig butchering already exceeds 385 million USDT. The number of reported scams kept surging throughout the last two years, with the first notable decline observed in Q3 2023, potentially due to the efforts of Southeast Asia’s governments to crack down on the scammers. Alan Goldberg, a crypto analyst at BestBrokers, expressed his concern, stating, “the fact that $385 million was stolen through Pig Butchering scams over such a short period is terrifying.”
“Let’s not forget this is the data for a single cryptocurrency on a single blockchain. If we were able to track all the scam transactions across all blockchains, the magnitude would be way larger. It may even match the amount siphoned by the DeFi hackers.” – Alan Goldberg, BestBrokers
MoonPay Introduces Improved NFT Checkout Process
Crypto payments infrastructure firm MoonPay has announced its MoonPay Checkout, described as “the improved four-click checkout process that makes it a breeze for your users to buy digital collectibles in seconds.” This enhanced version of MoonPay’s non-fungible token (NFT) purchasing widget is already trusted by platforms like OpenSea, Magic Eden, ENS, and Sweet.io. The features and benefits of MoonPay Checkout include high converting, with a 90% checkout success rate; extensive blockchain support with over 40 chains supported; the ability to customize the look of MoonPay Checkout to fit a brand or marketplace; 100% protection against chargebacks and fraud; and a wallet-free checkout experience. Additionally, it offers an opportunity to earn additional income through affiliate fees, Google and Apple account integrations for user convenience, and the ability to mint multiple quantities of NFTs in a single transaction.
Miners Face Uncertainty After Bitcoin Halving
According to a Miner Weekly report by BlocksBridge Consulting, certain large miners will have to reduce their hashcost if they want to navigate the uncertainty after the Bitcoin halving. Bitcoin’s hashprice recently set new yearly highs above $130/PH/s as mining companies continue to earn more block rewards from transaction fees. However, the upcoming halving, expected on April 23, will bring significant changes. If the hashprice remains constant at $110/PH/s through April, it will be reduced to $55/PH/s after the halving. Most companies were prepared as Bitcoin’s average hashprice in Q3 was around $70/PH/s. However, the report warns that those on the higher end of the scale will face more uncertainty post-halving if they don’t reduce their hashcost. The report emphasizes the importance of reducing hashcost by improving fleet efficiency and securing lower energy rates, which has sparked an arms race among mining companies for the next generation of miners.
“Reducing the hashcost by improving fleet efficiency and/or securing lower energy rates is hence paramount as the halving looms. That explains why we’re in the middle of an arms race among mining companies for the next generation of miners.” – Miner Weekly Report
KuCoin Labs and Zoopia Partner to Advance the Bitcoin Ecosystem
KuCoin Labs, the investment VC arm of the KuCoin ecosystem, and Zoopia, a platform dedicated to bitcoin ecosystem staking, have joined forces in a strategic partnership to revolutionize the way users interact with BRC tokens. Zoopia aims to create an ecosystem where users can securely stake BRC20 tokens, earn rewards, and participate in auto-compounding processes. The partnership with KuCoin Labs will support Zoopia in achieving its key milestones, including product launches, market expansion, and user experience enhancements. Lou Yu, Head of KuCoin Labs, affirms their commitment, stating, “KuCoin Labs will support Zoopia as it continues to achieve its key milestones.”
