Justin Sun Accuses First Digital Trust of Misusing $500 Million via Dubai Banks

Gate.io officially launched the brand-new airdrop platform CandyDrop. CandyDrop adopts a task-incentive mechanism, aiming to lower the entry barrier and enhance interaction between users and quality projects, creating a more convenient and efficient way for users to acquire cryptocurrencies.

Task-Driven Airdrops: Bridging Users with Quality Projects

CandyDrop is a token airdrop platform built by Gate.io, with its core mechanism being task-driven participation. Users can complete various tasks such as reaching a certain trading volume, depositing specific tokens, and inviting new users to register to earn candy points, which can be exchanged for project token airdrops.

Gate.io maintains its consistent professional standards in project selection, strictly controlling project quality, and selecting mature or high-potential tokens to ensure that users receive real and reliable rewards. This helps users access more quality assets while participating in the activities.

Easy Participation: Join CandyDrop Seamlessly

Participating in CandyDrop activities is very simple. On the web platform, users simply need to click “Startup” on the navigation bar and scroll to expand the “CandyDrop” page to easily join. On the app, click profile picture in the top left corner, scroll down to the “Earn” section, and open “CandyDrop” to quickly join the event as well.

After completing specified tasks, the system will award a corresponding amount of candy based on the task type. The more candy a user collects, the more tokens they will receive after the activity ends. After the activity ends, the platform will distribute the corresponding tokens to the user’s wallet based on the total amount of candy accumulated. Users can then choose to trade immediately to realize gains or hold the tokens long-term and wait for value appreciation.

CandyDrop Explained: Helping Users Participate with Confidence

CandyDrop activities have virtually no entry barrier, and all verified Gate.io users can participate. In addition to the aforementioned deposit, trading, and referral tasks, more innovative tasks will be introduced in the future.

CandyDrop’s candy distribution mechanism is closely tied to user engagement. The more tasks users complete, the more candy they receive, and the more likely they are to reach the required candy threshold to earn substantial rewards in each round. It is important to note that each CandyDrop event has an independent candy system, and candy from one event will not carry over to the next.

Each CandyDrop activity has its own rules and task requirements, which serve as the foundation for fair and orderly execution. Users must carefully read the detailed terms on the activity page before participating, to understand the rule specifics and better plan their participation strategy, allowing them to fully enjoy the event and its potential rewards.

CandyDrop: A New Model for Unlocking Asset Growth Opportunities

As the cryptocurrency market continues to develop, the CandyDrop platform, with its innovative, transparent, and user-friendly features, is expected to attract more users and inject new vitality into the industry. In the future, CandyDrop will continue to optimize platform functions, expand task types and incentive mechanisms, and provide users with diversified paths for asset appreciation, contributing to the prosperity of the crypto ecosystem.

Disclaimer: This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Gate.io may restrict or prohibit certain services in specific jurisdictions. For more details, please read the User Agreement.

The post Major Debut: Gate.io Introduces CandyDrop Airdrop Platform with Free Tokens Up for Grabs appeared first on BeInCrypto.

The role of stablecoins is expanding beyond the crypto market and attracting attention from traditional financial institutions. Meanwhile, new regulations from Europe and the US could make stablecoins more useful in the real world.

However, these regulations also pose challenges for stablecoin issuers like Tether and Circle. Currently, Tether’s USDT and Circle’s USDC dominate the stablecoin market capitalization, but many experts believe this could change in the future.

Expert Questions the Sustainability of Tether and Circle’s Business Model Under New Regulations

A recent PitchBook report revealed that the top 10 stablecoins have a total market capitalization of approximately $220 billion—up from less than $120 billion two years ago. Tether alone accounts for about 65% of this total, while USDC holds another 25%.

The report also highlighted that fiat-backed stablecoins are the most common, making up around 95% of the total supply. However, Robert Le, a senior analyst at PitchBook, warned that such a high concentration carries risks.

“Another major risk is centralization, in which a single entity such as Tether or Circle controls the minting and burning of tokens, raising concerns about decision-making and conflict of interest. An issuer might halt redemptions or freeze funds under regulator pressure, hurting legitimate holders,” PitchBook Analyst Robert Le commented.

Legal risks are also becoming more evident as US regulators draft specific rules for stablecoins. Several bills, including FIT21, GENIUS, and STABLE, are currently under discussion.

The US is expected to introduce stablecoin-specific legislation next year. This would legalize stablecoins but impose stricter requirements on issuers, such as higher reserve standards, mandatory audits, and increased transparency. Meanwhile, the EU’s MiCA regulations require stablecoins to meet banking-like standards. In response, Tether has opted out of the European market to avoid MiCA compliance.

Traditional Finance Firms Plan to Enter the Stablecoin Market

A report from Ark Invest stated that in 2024, the total annual transaction volume of stablecoins reached $15.6 trillion—equivalent to 119% of Visa’s volume and 200% of Mastercard’s. Despite this, the number of stablecoin transactions remains relatively low at 110 million per month, only 0.41% of Visa’s and 0.72% of Mastercard’s.

This suggests that the average stablecoin transaction value is significantly higher than those of Visa and Mastercard.

Due to this growing demand, traditional financial institutions are racing to develop their own stablecoins.

Major banks like BBVA and Standard Chartered are considering launching their own stablecoins. PayPal has already introduced PYUSD, while Visa is developing the Visa Tokenized Asset Platform (VTAP) to help banks issue stablecoins. Notably, Bank of America (BoA) recently committed to launching a stablecoin if new US regulations permit.

Meanwhile, investment giants such as BlackRock, Franklin Templeton, and Fidelity are offering tokenized money market funds. These funds function similarly to stablecoins and could directly compete with USDC and USDT.

“We further expect that every major financial platform or fintech app will seek to launch its own stablecoin, hoping to lock users into seamless payment ecosystems. However, we believe only a handful of trusted issuers—those with regulatory greenlights, recognized brands, and proven technological reliability—will ultimately capture the majority of market share.” – PitchBook predicted.

The post Tether and Circle Face Rising Competition as Major Banks Eye Stablecoin Launches appeared first on BeInCrypto.

Ripple has identified a critical supply chain attack on the XRP Ledger. This vulnerability doesn’t impact the entire Ledger, only DeFi wallets using the official xrpl.js package from NPM (Node Package Manager).

It’s unclear how much user money was compromised in this sophisticated attack, but Ripple claims that it deprecated the compromised packages. Several major DeFi wallets didn’t download this package, and no huge thefts have been reported yet.

Security Breach on the XRP Ledger

This XRPL breach was first identified by Aikido, a blockchain security firm. It found five suspicious updates to the xrpls.js package on Ripple’s NPM.

This is Ripple’s official software development kit, featuring more than 140,000 downloads weekly. Hackers installed a sophisticated backdoor into this package, enabling private key theft and wallet access.

A breach of this nature represents a dire threat to XRP, to the extent that Ripple CTO David Schwartz posted official warnings about it. Mayukha Vadari, a senior software engineer with the firm, also went into greater detail about the nature of this vulnerability.

At first, this might seem like a small issue, as the breach didn’t directly harm the XRP Ledger (XRPL). However, this hack was propagated through Ripple’s official channels, exposing many users to harm.

To get a sense of the scale, DeFi wallets on XRPL currently hold about $80 million in user deposits. Accessing a tiny chunk of this sum would indeed be a huge theft.

NPM is the distribution system, and compromising a high-trust package in it creates a powerful attack vector—a supply chain attack targeting developers and infrastructure rather than end-users directly.

A compromised NPM package can affect thousands of apps. When an attacker injects malicious code, like a backdoor, into a popular NPM package, any application or developer that installs or updates that package unknowingly introduces the malware into its own environment.

The XRP Ledger Foundation confirmed that several major DeFi wallets were not exposed and further stated that it deprecated the compromised xrpl.js versions. It also plans to publish a full postmortem analysis.

Also, hackers managed to compromise the official library for DeFi protocols that wish to interact with XRP. A sophisticated operation like that could have consequences.

The post Hackers Target Ripple’s XRP Ledger in a Critical Supply Chain Attack appeared first on BeInCrypto.