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Coinbase, Microsoft and Europol dismantle Tycoon 2FA phishing network

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Coinbase, Microsoft and Europol dismantle Tycoon 2FA phishing network

Crypto exchange Coinbase teamed up with Microsoft and Europol to take down phishing-as-a-service platform Tycoon 2FA.

Summary

  • Coinbase helped trace blockchain transactions linked to the Tycoon 2FA phishing network, allowing investigators to identify the platform’s alleged administrator and several users of the service.
  • Tycoon 2FA offered a subscription toolkit that enabled criminals to intercept authentication sessions and bypass multi-factor protections.
  • Phishing losses dropped nearly 83% in 2025.

In a Wednesday announcement, Coinbase said that it helped trace blockchain-based transactions linked to the platform, and as a result, law enforcement was able to identify the phishing operation’s alleged administrator and several of its customers.

According to Europol, Tycoon 2FA sold a subscription-based toolkit that helped bad actors intercept live authentication sessions and gain unauthorised access to online accounts, “including those protected by additional security layers.”

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Using Tycoon’s phishing toolkit, cybercriminals were able to capture session cookies from authenticated users and therefore access accounts without triggering the multi-factor authentication prompts, Coinbase said.

“We’re actively working to identify Tycoon purchasers and will continue supporting law enforcement efforts focused on the people who bought and used this service to target victims,” it added.

The platform has been active since at least 2023, and by mid-2025, Tycoon 2FA accounted for nearly 62% of all phishing attacks blocked by Microsoft, Europol said.

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“At scale, the platform generated tens of millions of phishing emails each month and facilitated unauthorised access to nearly 100,000 organisations globally, including schools, hospitals, and public institutions,” it added.

As previously reported by crypto.news, losses from phishing attacks dropped 83% in 2025 when compared to the previous year. Nevertheless, attackers have continued to use more advanced techniques, including exploits tied to EIP-7702, Permit and Permit2 signatures, and transfer-based attacks.

A separate report from blockchain security firm CertiK flagged that Phishing attacks remained the third most costly attack vector in 2025.

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Culper Research shorts Ether, warns of Ethereum ‘death spiral’

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Culper Research shorts Ether, warns of Ethereum ‘death spiral’

Short-selling firm Culper Research says it has taken a bearish position against Ethereum’s native token and companies closely tied to it, arguing that the blockchain’s economic model is deteriorating following recent network changes.

Summary

  • Culper Research disclosed a short position against ether and ETH-linked stocks, including BitMine.
  • The firm argues Ethereum’s fee revenue has collapsed, weakening the network’s economic incentives.
  • Culper claims some network activity metrics may be inflated by spam transactions such as address-poisoning and dusting.

Short seller Culper targets Ethereum and BitMine in bearish report

In a report published March 5, Culper disclosed it is shorting Ethereum (ETH) as well as equity linked to the asset, including BitMine Immersion Technologies, a firm that has built a large treasury position in the cryptocurrency.

The report argues that Ethereum’s recent upgrades, designed to increase block capacity and reduce transaction costs, have had an unintended consequence: sharply reducing fee revenue that supports the network’s validator incentives.

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Culper said Ethereum’s fee generation has collapsed in recent months, undermining the narrative that the network’s tokenomics are strengthening over time.

Ethereum’s fee revenue has collapsed, and with it the economic engine that once justified ETH’s valuation, the report stated.

According to the firm, the drop in fees is eroding staking yields for validators, potentially weakening long-term incentives to secure the network. Culper described the dynamic as a possible “death spiral,” in which falling economic rewards discourage participation while further undermining network security and investor confidence.

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The report also singles out BitMine, which has accumulated millions of dollars worth of ether as part of a corporate treasury strategy. Culper argues the company’s valuation is heavily tied to the price of ETH and could face significant downside if the cryptocurrency continues to struggle.

Culper’s report also highlights recent on-chain transactions from wallets associated with Buterin, arguing that the Ethereum co-founder has sold tens of thousands of ETH this year, which the firm says undermines bullish narratives around the asset.

“Vitalik is selling, while bulls like Tom Lee are clueless as to ETH’s new reality,” the report said. “We’re with Vitalik.”

Culper also pushed back on bullish interpretations of rising Ethereum transaction counts and address activity, arguing that some of the increase may stem from spam-like on-chain activity such as address-poisoning or dusting transactions rather than organic user growth.

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The short thesis arrives amid a period of volatility for crypto markets, with Ether and other major digital assets facing renewed scrutiny over their long-term economic models as scaling upgrades and layer-2 adoption reshape the blockchain ecosystem.

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How Will Markets React to $2.6B Crypto Options Expiring Today?

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Will Huge $8.3B Bitcoin Options Expiry Trigger Another Dump?


The end of another week has arrived, which means more crypto options contracts are expiring as spot markets eye recovery. 

Around 31,700 Bitcoin options contracts will expire on Friday, Mar. 6, with a notional value of roughly $2.2 billion. This event is much smaller than last week’s, so there is unlikely to be any impact on spot markets.

Crypto markets have seen a little daylight this week, with around $150 billion added to total market capitalization since Monday, but things were starting to cool off again by Friday.

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Bitcoin Options Expiry

This week’s batch of Bitcoin options contracts has a put/call ratio of 1.7, meaning that there are more expiring shorts (puts) than longs (calls). Max pain is around $69,000, according to Coinglass, which is a little below current spot prices, so many could be out of the money on expiry.

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at the $60,000 strike price on Deribit as bearish bets remain dominant. Total BTC options OI across all exchanges has been climbing this month and has reached $41.7 billion.

Crypto derivatives provider Greeks Live observed the market rebound, noting that Bitcoin was firmly holding above the $70,000 psychological threshold and is “now poised to challenge $75,000.”

“However, options market data indicate that selling call options has dominated trading over the past two days. Despite ongoing price gains, momentum has slowed.”

In addition to today’s batch of Bitcoin options, around 184,000 Ethereum contracts are also expiring, with a notional value of $380 million, max pain at $1,950, and a put/call ratio of 0.85. Total ETH options OI across all exchanges is around $7.5 billion.

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This brings the total notional value of crypto options expiries to around $2.6 billion.

Spot Market Outlook

Total market cap is down 1.2% on the day to $2.49 trillion; however, it remains at the upper bounds of its month-long sideways channel.

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Bitcoin hit a four-week high of $74,000 on Thursday but was halted there and has pulled back to $70,300 at the time of writing. The asset has seen a strong recovery since the war in Iran started last weekend.

Ether prices stalled at $2,200 and had declined 2% on the day back to $2,065 during the Friday morning Asian trading session. The altcoins were mostly flat on the day and have failed to move in tandem with the top two this week.

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Bitcoin Relief Rally Fades as Bear Market Signals Hold

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Bitcoin Relief Rally Fades as Bear Market Signals Hold

Bitcoin staged a brief relief rally above $74,000 on Thursday, but it has already petered out as analysts predict a persistent bear market will keep momentum subdued. 

“Bitcoin is still in a bear market despite the recent rally,” on-chain analytics company CryptoQuant said on Thursday.

The platform’s Bull Score Index, a composite indicator that measures the overall health of Bitcoin (BTC) using a combination of fundamental and technical metrics, remains at 10 out of 100, “deep in bearish territory,” it said.

“Even after the recent price rally, fundamental and technical indicators still point to a bear market environment,” it stated. 

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“The current move is likely just a relief rally, not the start of a new bull phase.”

Bitcoin briefly tapped a one-month high of $74,000 on Coinbase on Thursday, touching the 50-day exponential moving average, according to TradingView. However, it has already lost more than $3,000, falling back below $71,000 during Friday morning trading. 

The Bull Score Index remains deep in bear territory. Source: CryptoQuant

Bitcoin still vulnerable to renewed downside pressure

Nick Ruck, the director of LVRG Research, told Cointelegraph that the crypto market’s recent relief rally came on “renewed risk appetite and ETF inflows,” but cautioned that the advance has “quickly faced headwinds with prices pulling back toward $71,000 amid persistent macro uncertainties and fading momentum.”

While the brief push provided a welcome relief rally amid supportive liquidity conditions, “ongoing bear market dynamics reinforce caution as softer macro signals, like the anticipated slowdown in February nonfarm payrolls, keep cryptocurrencies vulnerable to renewed downside pressure,” he said.

BTC quickly loses momentum, slipping 4.7% since Thursday’s high. Source: TradingView

Bitcoin could see renewed buying interest

CryptoQuant said that a positive Coinbase Premium has signaled renewed US buying interest, driving the recent rally

Related: Bitcoin slide slowing, but bear market still in play: Analysts

Bitcoin spot demand from US-based investors also switched from contraction to growth, as seen by the Coinbase Bitcoin Premium “switching from deeply negative territory in early February to the most positive since October,” they said.

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Selling pressure from traders and long-term holders has also eased after unrealized losses reached levels not seen since July 2022.

Meanwhile, analysts at SwissBlock observed on Friday that “momentum is flashing a critical shift,” adding “We’re exiting peak negative momentum, the kind of transition that often precedes a regime change.” 

Magazine: Would Bitcoin really be at $200K if not for Jane Street? Trade Secrets