Coin Market

Hackers are selling counterfeit phones with crypto-stealing malware

Published

4 weeks ago

April 3, 2025

Cybersecurity firm Kaspersky says it has uncovered thousands of counterfeit Android smartphones sold online with preinstalled malware designed to steal crypto and other sensitive data.

The Android devices are sold at reduced prices, cybersecurity firm Kaspersky Labs said in an April 1 statement, but are riddled with a version of the Triada Trojan that infects every process and gives the attackers “almost unlimited control” over the device.

Dmitry Kalinin, a cybersecurity expert at Kaspersky Labs, said that once the trojan grants the attackers access to devices, they can steal crypto by replacing wallet addresses.

“The authors of the new version of Triada are actively monetizing their efforts; judging by the analysis of transactions, they were able to transfer about $270,000 in various cryptocurrencies to their crypto wallets,” he said.

“However, in reality, this amount may be larger; the attackers also targeted Monero, a cryptocurrency that is untraceable.”

Among the trojan’s other capabilities are stealing user account information and intercepting incoming and outgoing texts, including two-factor authentication.

The trojan penetrates smartphone firmware even before the phone reaches users, and some online sellers might not even be aware of the ticking time bomb in the device, according to Kalinin.

“Probably, at one of the stages, the supply chain is compromised, so stores may not even suspect that they are selling smartphones with Triada,” he said.

At this stage, Kaspersky researchers say they have found 2,600 confirmed infections through this scam in different countries, with the majority of users in Russia encountering it in the first three months of 2025.

The Android devices are sold at reduced prices but are riddled with malware. Source: Hovatek

The Triada malware first surfaced in 2016 and is known for targeting financial applications and messaging apps like WhatsApp, Facebook and Google Mail, according to cybersecurity firm Darktrace. It is generally delivered through malicious downloads and phishing campaigns.

“The Triada Trojan has been known for a long time, and it still remains one of the most complex and dangerous threats to Android,” Kalinin said.

The best way to avoid falling victim to this scam is to only purchase devices from legitimate distributors and install security solutions immediately after purchase, according to Kaspersky Labs.

Other firms have also been raising the alarm over new forms of malware targeting crypto users.

Cybersecurity firm Threat Fabric said in a March 28 report it found a new family of malware that can launch a fake overlay to trick Android users into providing their crypto seed phrases as it takes over the device.

On March 18, tech giant Microsoft said it found a new remote access trojan (RAT) that targets crypto held in 20 wallet extensions for the Google Chrome browser.

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Coin Market

Beijing to invest in blockchain, integrate into infrastructure

Published

39 minutes ago

April 29, 2025

The Beijing city administration has announced a plan for local blockchain development and implementation over the next two years.

According to an April 29 announcement, the plan was jointly developed by the Beijing Municipal Science and Technology Commission, the Zhongguancun Administrative Committee, the Cyberspace Administration Office, the Bureau of Government Services and Data, the Bureau of Economy and Information Technology and the Bureau of Commerce. The implementation is expected to start this year and continue until 2027.

The announcement. Source: Beijing government

The Beijing Blockchain Innovation and Application Development Action Plan recognizes blockchain as a “critical foundational technology for industrial digitalization and vital digital infrastructure.”

Notably, the objectives also include plans to “enhance the value extraction from digital assets through blockchain,” which may indicate crypto mining. The announcement also claims that the city has already invested heavily in this area of research:

“Beijing has significantly progressed in autonomous blockchain technology development and application scenarios.“

Beijing bets on blockchain for economic growth

The plan involves developing blockchain software that targets breakthroughs in cryptography, confidential computing and distributed systems. The project also includes the development of blockchain infrastructure, including national blockchain hub nodes and platforms for trusted digital identity and distributed data directories.

Industries targeted for blockchain application include healthcare, education, large artificial intelligence models, financial services and transportation. The objective is to enhance efficiency and trust:

“The aim is to optimize business processes, ensure trustworthy data sharing, and innovate service models, establishing benchmark applications to drive broader blockchain adoption.“

One blockchain, one network, one platform

The announcement cites the “one blockchain, one network, one platform” principle. By 2027, the project aims to implement dedicated blockchain chips, privacy protection features, crosschain interoperability and distributed networking.

The project hopes to achieve petabyte-scale trusted node storage, large-scale blockchain interoperability, and a hundred-million-user-scale interoperable trusted identity system. The announcement promises the development of at least 20 blockchain use cases.

The announcement follows Beijing’s release of a white paper to foster innovation and advance the Web3 industry in May 2023. The “Web3 Innovation and Development White Paper” recognized Web3 technology as an “inevitable trend for future Internet industry development.“

The commission behind the paper hoped to establish Beijing as an innovation hub for the digital economy and planned to allocate a minimum of 100 million yuan ($14 million) annually until this year.

Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Coin Market

CBDCs ‘costly fiat copy’, not fintech success so far: Ex-Binance exec

Published

39 minutes ago

April 29, 2025

The United States’ rejection of a central bank digital currency has not halted the progress of CBDCs globally, but their success has been questionable so far, according to a former Binance executive.

Global CBDC projects have not failed, but they have also not become what they were anticipated to be, according to Olga Goncharova, CEO at the consulting firm Rizz Go and former director of government relations in the Commonwealth of Independent States at Binance.

“CBDCs were conceived as a technological breakthrough, but so far they look like expensive imitations of existing traditional fiat currencies that citizens and businesses already use through online banking and payment apps,” Goncharova told Cointelegraph at the Blockchain Forum in Moscow.

Olga Goncharova during a panel on Web3 geopolitics at the Blockchain Forum 2025 on April 23. Source: Blockchain Forum

Though some of the CBDC-like creatives date back to the 1990s, modern initiatives are yet to offer users a real added value compared to traditional payment channels, she said.

CBDC leaders like China struggle with adoption

“Today it is clear that the expectations around CBDCs were overestimated,” Goncharova claimed, adding that none of the jurisdictions worldwide have succeeded in the mass adoption of retail CBDCs.

“Even in China, where the digital yuan project has been moving longer and more actively than others, its share in the payment system remains minimal,” she added, referring to multiple online reports suggesting that China’s CBDC has been struggling amid slow adoption.

Source: Mercator Institute for China Studies

With China’s CBDC early-stage research starting in 2014, China’s digital yuan is known as one of the biggest CBDC projects worldwide, offering an electronic version of the Chinese yuan intended for online and offline transactions.

The Chinese government has been actively promoting the use of the digital yuan. Still, some reports declared China’s digital project a failure in late 2024, referring to the downfall of Yao Qian, the first director of CBDC development at China’s central bank. Late last year, he was reportedly expelled from public office by the government.

EU pushes a digital euro for autonomy

Every country has its reasons to pursue a CBDC, Goncharova continued, noting that the European Union has been pushing its digital euro project to protect its financial autonomy.

“In the EU, the digital euro is perceived more as an instrument of strategic autonomy than as a response to market demand,” she stated, adding that its goal is to reduce reliance on payment giants like Visa and Mastercard.

Source: Reuters

However, the efforts to create a pan-European payment system have faced serious challenges, such as market share concerns by banks as well as adoption difficulties.

“The European Central Bank has not yet decided whether the digital euro will operate on the blockchain, as it does not see convincing cases for programmability and points to technological risks,” Goncharova said.

Russia delays a digital ruble

Russia has emerged as one of the most active jurisdictions in the global CBDC race, but it’s yet to roll out its digital currency as well, which has been on multiple trials since early 2022.

After seeing many launch delays, a digital ruble could be postponed further as Bank of Russia Governor Elvira Nabiullina in February announced that the mass adoption of a digital ruble would occur later than planned.

A panel at the Blockchain Forum 2025 in Moscow. Source: Blockchain Forum

At the same time, Finance Minister Anton Siluanov has recently claimed that the digital ruble is scheduled to be rolled out for commercial banks in the second half of 2025.

“In Russia, there is no urgent need to reduce dependence on foreign payment systems as in the EU,” Goncharova told Cointelegraph, adding:

“The digital ruble is rather perceived as a tool for increasing the efficiency of internal settlements. The project is still at the testing stage. Its further development will depend on how clearly the tasks are formulated and whether there is practical sense for users and the economy.”

While Russia has been delaying its digital ruble, some officials have recently called on the government to create ruble-pegged stablecoins, echoing the US’s stablecoin push.

While several ruble stablecoins have already been introduced, it remains to be seen whether the initiatives can compete with giants like Tether’s USDt (USDT).

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

Coin Market

Your digital identity got stolen — Now what?

Published

2 hours ago

April 29, 2025

What is digital identity?

Your digital identity is the fingerprint you leave across the internet, a living map of who you are.

Your digital identity is more than just your name or email; it stretches from your social media profiles and crypto wallet addresses to your device fingerprints and even the rhythms of your daily browsing habits. In the fast-moving world of cryptocurrency, where identity and financial access often overlap, digital identity theft isn’t just a nuisance; it’s an open door to your assets.

Without strong protection, even small pieces of stolen information can be stitched into a full profile, giving cybercriminals everything they need to impersonate you, seize your funds or lock you out of your accounts.

What many don’t realize is how quickly this exposure happens. Every new wallet connection, exchange login, or saved payment method quietly expands your digital surface area. With each step, your data becomes more valuable and more vulnerable. In a landscape where information is currency, your cyber identity can become a jackpot for hackers who know how to cash it out.

Did you know? In 2025, experts estimate that over 50 billion digital identities could be compromised worldwide, a 22% jump from last year. Crypto users are among the biggest targets, especially on decentralized finance (DeFi) platforms without strong identity checks. Synthetic identity fraud is also exploding, hitting new crypto lending services the hardest.

How cybercriminals steal your digital identity

Cybercriminals blend technology and manipulation to pry open digital identities.

Phishing remains a common entry point, where fake websites or emails trick users into revealing passwords or seed phrases. Large personal data breaches leak databases of usernames, emails and credentials, fueling account takeover attacks across different services.

Hackers also exploit:

Synthetic identity fraud: combining real and fake data to create new identities.Social engineering attacks: manipulating users emotionally to voluntarily reveal sensitive information.Credential stuffing: using leaked passwords on other platforms, hoping users reused them.

Knowing how criminals exploit crypto markets and digital ecosystems can make it much harder to be tricked.

Stolen identity, sold forever on the dark web

Once your data is stolen, it often ends up for sale on the dark web, multiplying the threat.

Dark web identity theft is a thriving economy. Full identity profiles, including names, emails, Social Security Numbers (SSNs) and crypto keys can fetch high prices. Buyers may use the stolen identity immediately or resell it repeatedly, creating multiple waves of attacks months or even years later.

Even after you lock down your accounts, your leaked data can keep circulating in dark corners of the web. That’s why tools like dark web monitoring and breach alerts aren’t optional; they’re your long-term defense. Recovery isn’t a one-time fix. It’s a habit of staying alert and adapting.

Signs your digital identity has been stolen

Spotting the signs of identity theft early can stop criminals before they cause major damage.

Victims of cyber identity theft may notice strange transactions, denied logins or devices appearing that they don’t recognize. Sometimes the signs are financial — unauthorized credit card charges, changes in your crypto balances or unexpected loans under your name.

Key warning signs include:

Password reset requests you didn’t initiate.Locked-out accounts or sudden logouts across devices.New accounts or credit lines appearing on your financial history.Unexpected withdrawals or transfers from crypto wallets.

By catching the signs of identity theft early, you can shut down fraud before it spirals, and protect your money and your name.

What to do if your identity is stolen

Fast, clear action gives you the best chance to limit the damage from identity theft.

If you realize your identity has been stolen, the first priority is locking down access. Update your passwords across all platforms, enable two-factor authentication (2FA) protection, and revoke access to any suspicious sessions or devices. Most major exchanges, banks and crypto services allow you to temporarily freeze your accounts while you investigate.

Beyond immediate security steps, you should report the incident to authorities and file a case with your local cybercrime unit or financial protection agency.

Using online help services can speed up your response plan. These initial moves through clear recovery steps are critical to regaining control before criminals spread the attack further.

Recovery steps after digital identity theft

Recovering from identity theft involves more than just securing your passwords; it’s a complete rebuild of your digital trust.

After locking down your accounts and alerting key institutions, you need to start active monitoring. This means regularly reviewing your bank statements, checking your crypto wallets for unauthorized transactions and inspecting your credit report for any new activity.

Some victims also pursue:

Filing fraud alerts or credit freezes with major credit agencies.Hiring professional identity recovery services.Exploring identity theft insurance to cover legal and investigative costs.

Full recovery can take months, but a systematic approach reduces financial and emotional damage.

How to protect your digital identity

Good security habits are the strongest defense against cybercriminals.

Crypto platforms and companies should adopt decentralized blockchain-based identity solutions. These systems ensure that your data remains secure, transparent and in your control, making it much harder for hackers to manipulate or steal your personal information.

Unlike centralized systems, blockchain-based identities are stored on a distributed ledger, reducing single points of failure and making it significantly more difficult for cybercriminals to gain unauthorized access. Furthermore, decentralized identity systems enable users to verify their identities without exposing sensitive personal data, allowing for more privacy and control over who sees their information.

For users, fortifying their digital identity isn’t about ticking boxes; it’s about building sharp habits that evolve with the risks. Here’s how to stay ahead:

Treat passwords like armor: Use strong, unique combinations for every account. A password manager can forge and guard them better than memory ever could.Double down with 2FA: One password isn’t enough, so add an extra lock on every door worth protecting, especially your finances and crypto.Practice digital minimalism: Every birthday, pet name or photo shared online can become ammo for hackers. Choose smart allies: Stick with crypto platforms that prioritize decentralized digital identity verification and real security, not just flashy promises.Watch, detect, respond: Set alerts and monitor your accounts. Spotting strange activity early can turn a disaster into a close call.Be stingy with your data: Only trust platforms that collect the bare minimum. If a site asks for too much, walk away.Avoid easy mistakes: Public WiFi is a hacker’s playground. Use a VPN when you connect, and regularly check if your credentials have leaked.

The less you reveal, the safer you stay.

Update, review, repeat: Your digital identity depends on it

Maintaining your digital identity is a daily practice, not a one-time setup.

Regularly update your passwords and security settings. Review app permissions, device authorizations and wallet connections at least every few months. Incorporating biometric authentication (fingerprints or facial scans) adds a critical physical layer of protection beyond passwords.

Understanding how hackers manipulate crypto — from phishing for private keys to setting traps with fake decentralized applications (DApps) — is what keeps you a step ahead. In today’s world, staying sharp about cybersecurity isn’t optional. It’s a basic survival skill, right up there with managing your money or protecting your home.

The future will only become more digital and more decentralized. Defending your digital identity today means preserving your independence tomorrow.