Category: News

A notorious phishing group known as Inferno Drainer has begun exploiting a new Ethereum feature to launch wallet-draining attacks

The group is taking advantage of Ethereum Improvement Proposal (EIP) 7702, a key part of the Pectra upgrade, which allows Externally Owned Accounts (EOAs) to temporarily act like smart contract wallets during transactions.

Sophisticated Crypto Phishing Scam Exploits Ethereum’s Smart Wallet Flexibility

On May 24, Scam Sniffer, a web3 anti-scam platform, flagged a case where a wallet recently upgraded to EIP-7702 lost nearly $150,000.

According to Yu Xian, founder of blockchain security firm SlowMist, Inferno Drainer carried out the theft using a more sophisticated version of traditional phishing.

Unlike previous scams that hijack user wallets directly, Xian explained that Inferno Drainer used a delegated MetaMask wallet—one already authorized under EIP-7702.

He said this allowed the hackers to approve token transfers silently through a batch authorization process.

Xian furthered that the victim unknowingly triggered an “execute” command within MetaMask, which processed the malicious batch data in the background. The result was a silent but effective token drain.

“The phishing gang uses this mechanism to complete batch authorization operations on tokens related to the victim’s address,” Xian said.

The security expert emphasized that this incident marks a shift in scam tactics.

According to him, it shows that attackers are no longer relying solely on old tricks as they’re actively integrating new Ethereum updates into their operations to stay ahead.

“As we predicted, the phishing gangs have caught up… Everyone should be vigilant, be careful that the assets in your wallet will be taken away,” Xian said.

Considering this, he urged users to review token authorizations regularly and check whether their wallet addresses have been delegated to phishing accounts via EIP-7702.

Meanwhile, this case is part of a broader trend in the crypto industry. Last month, malicious actors stole over $5 million from 7,565 individuals through phishing attacks.

Due to this, security experts have emphasized that crypto users must remain proactive to stay safe from these attack vectors.

Scam Sniffer advised industry players to verify websites before logging in or approving any transactions. They also urge community members to audit their token permissions routinely and avoid clicking on unverified links.

The post Inferno Drainer Steals $150,000 in Crypto Phishing Attack appeared first on BeInCrypto.

Dogecoin’s Shiba Inu mascot is racing into the spotlight once again. The meme-inspired cryptocurrency will be prominently displayed on Devlin DeFrancesco’s IndyCar at the Indianapolis 500, one of America’s most-watched motorsport events.

The initiative is backed by a partnership involving the Dogecoin Foundation, House of Doge, Rahal Letterman Lanigan Racing, and the driver himself.

Dogecoin Returns to the Track at Indy 500 With Charity-Fueled Campaign

In the weeks leading up to the race, Dogecoin supporters selected the car’s final livery through a community vote, choosing from three DOGE-themed designs.

The winning look, called Blaze, will feature prominently on both the vehicle and the driver’s helmet.

Although DeFrancesco has yet to crack the top 10 at the Indy 500—his best finish was 13th in 2023—he remains a fan favorite. His odds of winning this year sit below 1%, according to crypto-based prediction market Polymarket.

Still, the campaign’s real traction may come off the track.

A fundraising initiative linked to the Dogecoin sponsorship has raised 117,947 DOGE, or roughly $26,000, for Riley Children’s Foundation.

The organization supports Riley Children’s Health, one of the top neonatology centers in the United States.

NFL Pro Bowler Dion Dawkins added to the momentum with an 8,000 DOGE donation from a self-custodial wallet created during the race weekend.

The donations will support intensive care treatment for newborns with complex medical conditions.

Following the race, DeFrancesco plans to auction off his Dogecoin-themed helmet, with proceeds also going to Riley Children’s Hospital.

Notably, the driver once spent four months in an incubator at Sunnybrook Hospital in downtown Toronto.

Meanwhile, this isn’t Dogecoin’s first motorsport sponsorship. The crypto community previously funded a NASCAR car in 2014 and backed another entry in 2021.

Now, its presence at the Indy 500 marks a renewed effort to combine digital currency fandom with real-world impact.

Essentially, this Dogecoin campaign underscores crypto’s growing visibility in professional sports.

Last year, Polkadot’s branding appeared on Conor Daly’s IndyCar, and several major teams across leagues have adopted crypto payments and sponsorships.

The post Dogecoin Hits Indy 500 Track With $26,000 Charity for Children Hospital appeared first on BeInCrypto.

Solana (SOL) has shown limited price movement recently despite a substantial accumulation of the token. The price has remained relatively stable in May, likely due to the altcoin’s overheating. 

While this stagnation is a sign of caution, the market is optimistic, which could lead to potential gains for Solana in the near future.

Solana Investors Continue Accumulation

Over the past 10 days, the balance of Solana on exchanges has dropped by 2.2 million SOL, valued at approximately $381 million. This decline in supply indicates that investors have been accumulating Solana during this period.

The ongoing accumulation is likely driven by a mix of factors, including the broader bullish market sentiment, fear of missing out (FOMO), and the expectation of future price appreciation.

This reduction in supply reflects increased investor confidence, with many choosing to hold rather than sell their SOL. As more investors accumulate the token, the supply on exchanges decreases, potentially creating upward pressure on the price in the long run.

Solana’s overall market momentum shows signs of potential volatility. Technical indicators, such as the Bollinger Bands, reveal that the bands are narrowing.

This tightening of the bands is a classic signal of a potential squeeze, which often precedes a surge in price volatility.

Should the squeeze result in a bullish breakout, Solana could see a rise in price, especially with the broader market showing positive momentum.

However, the narrowing of the Bollinger Bands also suggests that a period of consolidation could occur before any significant move.

SOL Price Needs To Break Out

Solana’s price has been moving sideways for much of May, likely due to the token overheating in the previous weeks. However, this cooling-off period could create an opportunity for a bullish move.

As the broader market continues to show positive signals and the accumulation trend persists, Solana may rise from its current consolidation phase.

At $173, Solana is testing critical support levels. To initiate a rally, Solana would need to secure $178 as support. If it manages to break above $180 and successfully breaches $188, it could indicate the start of an uptrend.

A successful breakout above these levels would signal further upward potential.

On the other hand, if Solana fails to maintain support at $178, it could fall below the $168 mark, potentially reaching $161. Such a decline would invalidate the bullish thesis and suggest further downside risk for the token.

The post Traders Accumulate $381 Million SOL – Is Solana Preparing for a Breakout? appeared first on BeInCrypto.

TRUMP, the meme coin that gained attention after the much-discussed TRUMP dinner, has been facing difficult price action in recent days. The token has lost traction, with its price slipping and bearish sentiment creeping into the market. 

As the price continues to struggle, the likelihood of a further decline now outweighs any potential recovery, leaving traders in a precarious position.

TRUMP Traders Face Losses

The liquidation map for TRUMP reveals data concerning traders. Approximately $31 million worth of short contracts are at risk of liquidation if the price of TRUMP rises to $14.52. This is a critical threshold for shorts, as their positions would be liquidated if the price surges beyond this point.

The demand for a price drop signals that many investors no longer believe in the potential for further gains. Instead, they are positioning themselves for a fall in price, suggesting waning optimism in the short-term outlook for TRUMP.

On the macro level, technical indicators paint a bearish picture for TRUMP. The Relative Strength Index (RSI) has recently slipped below the neutral 50 mark, signaling a shift into the bearish zone. This decline in the RSI indicates that the price of TRUMP is vulnerable to further downward pressure if the negative momentum strengthens.

As the RSI continues to trend lower, TRUMP is increasingly susceptible to price declines. The inability to regain bullish momentum leaves the token in a precarious state, with the potential for further losses if the current trend persists.

TRUMP Price Awaits Recovery

At $12.65, TRUMP is currently grappling with a lack of bullish momentum. Despite the hype surrounding the TRUMP dinner, the token has fallen by nearly 15% since the event, indicating that the market has failed to sustain its earlier enthusiasm.

This decline reflects broader skepticism about the token’s future performance.

For TRUMP to recover, it would need to see a significant rally, requiring a nearly 15% increase to reach $14.53. However, given the current market conditions and broader sentiment, this level seems difficult to achieve.

Instead, it is more likely that TRUMP could break through its current support at $12.18, leading to a further drop to $10.97.

That said, if there is a sudden shift in demand driven by new investors, TRUMP could see a surge. A strong push past $13.36 could set the stage for a rise to $14.53, triggering a liquidation of $31 million worth of short positions.

Such a move would cause significant volatility in the market, potentially providing a sharp rebound for the altcoin.

The post TRUMP Traders Fear $30 Million Liquidations If Meme Coin Rallies 15% appeared first on BeInCrypto.

Coinbase-backed Base, an Ethereum Layer 2 network, is set to undergo significant upgrades to make it faster, cheaper, and more decentralized.

Jesse Pollak, the lead developer of Base, posted the network’s upgrade plans on X on May 24.

Base Targets Overhaul That Could Challenge Solana and Sui

The Coinbase executive explained that the improvements would scale Base to meet rising demand from both users and developers

According to Pollak, the team is working to reduce transaction confirmation times to 200 milliseconds and keep network fees consistently under $0.01.

Those two goals are part of a broader plan to process over 200 transactions per second in the short term. Pollak confirmed that Base ultimately aims to reach 1 million TPS.

Pollak also stressed that Base is moving toward a more decentralized architecture. The plan involves shifting key components of the protocol, such as the base state transition logic, directly onto Ethereum’s Layer 1 via smart contracts.

we will make @base:

fastest – 200ms, lower
cheapest – <$0.01, lower
highest throughout – 200 TPS, higher
neutral – L1 CR, no sandwich, +builders
decentralized – stage 1 and 2

people will make noise and we will keep delivering for users and builders.

— jesse.base.eth (@jessepollak) May 24, 2025

This change would allow multiple independent developers and validators to shape the network’s evolution.

Base is undergoing several infrastructure upgrades to support these enhancements. The goal is to make it the most scalable and user-friendly Ethereum Layer 2 network.

A central part of the upgrade is Flashblocks, a system that enables near-instant “preconfirmation blocks” to give users a faster and smoother experience. The team is already running testnet trials and expects to introduce the update on mainnet by summer 2025.

The Coinbase-backed network also intends to expand its gas throughput. Base is targeting a rise from the current 25 million gas per second (Mgas/s) to 50 Mgas/s in Q2, eventually reaching 250 Mgas/s by the end of the year. This would mark a 100-fold improvement over its original capacity.

Pollak believes these upgrades will significantly enhance Base’s speed and efficiency. Once fully implemented, they could position the network as a strong competitor to chains like Solana and Sui.

The post Coinbase’s Base Network Plans Major Upgrades to Challenge Solana appeared first on BeInCrypto.

Ethereum (ETH) has shown little price movement over the past two weeks despite the broader cryptocurrency market displaying bullish momentum. 

This stagnation in ETH’s price comes at a time when selling activity has intensified. These factors suggest a cautious short-term outlook for Ethereum as the week continues.

Ethereum Investors Secure Their Profits

Recent data indicates significant selling pressure on Ethereum. Over the last 48 hours, investors have sold more than 225,779 ETH tokens. This volume translates to a supply worth approximately $576 million, reflecting a rapid pace of offloading.

Such extensive selling indicates reduced investor confidence. Many appear to be securing profits amid doubts about further price appreciation. This behavior often signals a shift toward risk aversion in the short term.

Technical indicators add to the bearish sentiment surrounding Ethereum. The Moving Average Convergence Divergence (MACD) shows a bearish crossover after nearly seven weeks of bullish momentum. This change often precedes a price decline or increased volatility.

Losing bullish momentum weakens Ethereum’s price support. Without fresh buying interest, ETH may face further downward pressure as traders adjust positions in response to technical signals.

ETH Price is Stuck

Ethereum is currently trading near $2,553, maintaining a critical support level of around $2,500. The altcoin king has hovered above this threshold for some time, but its ability to hold this level is being tested.

If bearish pressures continue, Ethereum could break below $2,500 and move lower toward the next support at $2,344. However, if buying interest returns, ETH may consolidate between $2,500 and the resistance level of $2,654 for a period.

For the short-term bearish outlook to change, Ethereum must breach the resistance near $2,654. A sustained move beyond this point could push the price up toward $2,814, reigniting investor optimism and supporting further gains.

The post Ethereum Holder Sold Over $570 Million in 48 Hours – What’s Next for ETH? appeared first on BeInCrypto.

The Solana Foundation has launched the Solana Attestation Service (SAS). This is a decentralized identity verification protocol designed to simplify compliance and enhance trust across the network.

Announced on May 23, the tool allows applications to validate off-chain data, such as Know Your Customer (KYC) checks and user accreditation. It does this without directly handling sensitive user information.

Solana Launches Identity Layer Amid Rising Global Crypto Interest

Solana Foundation said SAS introduces cryptographically signed, reusable credentials that trusted parties can issue. Once verified, users can seamlessly interact with multiple platforms without repeating onboarding or verification steps.

“SAS enables compliance, access control, reputation systems, and programmable identity across the Solana ecosystem. It’s a better, easier experience for both end users and builders,” the Solana Foundation stated.

This design removes the need for developers to maintain identity backends, significantly lowering the barrier for integrating compliance features.

According to the Foundation, SAS supports a wide range of use cases. These include DeFi compliance, access control in blockchain games, Sybil resistance in DAOs, and location-based verification for connected devices.

Builders can use the tool to enforce region-based restrictions, establish user uniqueness, and create programmable reputation systems.

SAS marks the first release from the newly established Solana Identity Group, a coalition of contributors including Civic, Solana.ID, Solid, Trusta Labs, and the Foundation itself. The group aims to develop privacy-preserving identity primitives tailored for the Web3 era.

Meanwhile, the launch comes amid rising interest from traditional finance in Solana’s infrastructure. Nzube Ezido, country lead for Solana Superteam NG, described SAS as a critical piece of the network’s evolving financial stack.

“This might be one of the most important primitives launched in a very long time. As we quickly ramp up on the capital market narrative, oracles that keep RWA in sync will need this to offer trust for on-chain to off-chain state,” Ezido stated.

Over the past months, several traditional financial institutions have been exploring the network’s potential for asset tokenization due to its speed, scalability, and low fees.

This is evidenced by the fact that R3—a blockchain infrastructure provider with over $10 billion in assets on its Corda platform—was partnering with Solana. The collaboration aims to onboard clients like HSBC and other major financial institutions to leverage the network’s features.

At the same time, Kraken, a major US-based exchange, announced plans to use Solana’s infrastructure to enable international trading of US-listed stocks.

Market observers said these collaborations reflect Solana’s growing role in bridging real-world finance and blockchain infrastructure.

The post Solana Launches New Tool for DeFi KYC and User Verification appeared first on BeInCrypto.

BONK has experienced a notable price rise recently, helping investors recover much of their earlier 2025 losses. 

Despite this progress, the altcoin still has significant ground to cover before fully reversing the year’s downturn. Positive signals from investors and market indicators suggest a rally may be on the horizon.

BONK Nears Bullish Trigger

Technical analysis reveals BONK is approaching a Golden Cross, as the 50-day EMA nears overtaking the 200-day EMA. This crossover is widely regarded as a strong bullish signal, often triggering upward momentum.

For BONK, this event could mark the end of nearly four months of bearish pressure and kickstart a sustained price increase.

Investors are increasingly optimistic, with growing confidence reflected in trading volumes and sentiment. The anticipation of the Golden Cross is fueling buying interest, which is expected to amplify bullish momentum and help BONK reclaim lost value.

The Chaikin Money Flow (CMF) indicator supports this optimism, showing consistent capital inflows into BONK over recent weeks.

These strong inflows suggest investors are actively accumulating BONK, further strengthening its price foundation. The broader crypto market’s positive trends enhance this momentum, positioning BONK to benefit from growing demand.

As market confidence rises, BONK is likely to continue attracting investments, providing the fuel necessary to sustain its rally. The alignment of bullish technical indicators and market dynamics reinforces the probability of further gains in the near term.

BONK Price Has A Long Way To Go

Currently, BONK trades at $0.00002130 and faces resistance at $0.00002285. To fully recover the losses recorded since the start of 2025, BONK must climb approximately 77%, reaching $0.00003769.

Although this target may take time, the immediate focus is to breach and hold $0.00002748 as support.

Securing this support level is crucial for maintaining the bullish trajectory. If BONK successfully flips $0.00002748 into a support zone, it will likely continue its upward climb, gradually working toward higher price points and restoring investor confidence.

Conversely, failure to hold the $0.00002285 resistance could trigger a reversal. A drop below $0.00001995 and further to $0.00001779 would undermine the bullish outlook, potentially leading to renewed selling pressure and a return to bearish conditions.

The post BONK’s Upcoming Golden Cross: Will It Spark a 77% Price Rally? appeared first on BeInCrypto.

Celestia (TIA) has struggled to break out of a three-month-long persistent downtrend, with several unsuccessful attempts to sustain gains above key resistance levels. 

This suggests a market lacking strong conviction, with investors hesitant to push the altcoin into a clear upward trajectory.

Celestia Finds Support From Investors

The Chaikin Money Flow (CMF) indicator has shown a modest increase recently but remains just below zero. This implies that while capital inflows are present, overall investor confidence is tentative.

Buyers seem to be attracted by TIA’s relatively low price, yet the momentum isn’t strong enough to decisively break the downtrend.

The CMF’s failure to climb above zero signals lingering caution and suggests that traders are only cautiously entering positions. This tentative interest may result in heightened volatility unless broader market support emerges.

The Relative Strength Index (RSI) spiked briefly into bullish territory but has since retreated below the neutral 50 level. This pattern points to fragile bullish momentum, likely hampered by selling pressure or external market uncertainties.

The drop below 50 reinforces the notion that TIA’s price recovery is precarious. Without renewed buying strength, it faces difficulty overcoming resistance and may continue to languish in subdued trading ranges.

TIA Price Aims To Jump

Currently trading around $2.54, TIA is testing a critical support level at $2.53. This level is pivotal for stabilizing price action and preventing further losses, especially after failing to surpass the $3.00 resistance during its prolonged downtrend.

A significant upward breakout appears unlikely for now. However, if support at $2.53 holds, TIA might consolidate, potentially building momentum to retest the $3.00 resistance after breaching $2.73.

Conversely, a decisive break below $2.53 could intensify bearish pressure, pushing the price down toward $2.27. Such a move would invalidate short-term bullish prospects and increase downside risks.

The post Celestia’s 3-Month Downtrend Continues as TIA Falls 10% Again – What’s Next? appeared first on BeInCrypto.