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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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Crypto World

Stablecoins Do Not Threaten Banking Just Yet: Analyst

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Stablecoins Do Not Threaten Banking Just Yet: Analyst

The impact of stablecoins on the banking sector appears “limited” at the current phase of the adoption cycle, but banks could face increasing competition and an erosion of market share as the stablecoin sector and tokenized real-world assets (RWAs) grow in market capitalization. 

“So far, the use of stablecoins remains limited, but their market capitalization exceeded $300 billion at the end of last year,” Abhi Srivastava, associate vice president of Moody’s Investors Service Digital Economy Group, told Cointelegraph.

The stablecoin market cap has surged past $300 billion. Source: RWA.xyz

The role of stablecoins in payments, cross-border commerce and onchain finance is “expanding,” despite their currently limited role, Srivastava said, adding that existing payment systems in the US are already “fast, low-cost and trusted.” He said:

“For the banking sector, at this stage, disruption risk appears limited. In the near term, US rules that prohibit stablecoins from paying yield mean they are unlikely to replace traditional deposits at scale domestically.”

However, over time, growing adoption of stablecoins and tokenized RWAs, traditional or physical financial assets represented on a blockchain by a token, could place “pressure” on the banking sector, leading to deposit outflows and reduced lending capacity, he said.

Stablecoin regulatory policy has become a hot-button issue among crypto industry executives and those in the banking sector, with fears that yield-bearing stablecoins could erode banking market share proving to be a stumbling block for the CLARITY crypto market structure bill in Congress. 

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Related: Stablecoins behave like FX markets as liquidity splits: Eco CEO

CLARITY Act stalled, as banks fight yield-bearing stablecoins

The Digital Asset Market Clarity Act of 2025, also known as the CLARITY Act, is a comprehensive crypto market regulatory framework that establishes an asset taxonomy, regulatory jurisdiction and oversight over the crypto markets.

The CLARITY crypto market structure bill. Source: US Congress

It is now stalled in Congress after a group of crypto industry companies, led by cryptocurrency exchange Coinbase, publicly stated opposition to earlier drafts of the bill.

A lack of legal protections for open-source software developers and a prohibition on yield-bearing stablecoins were among some of the most contentious issues cited by crypto industry opponents of the legislation.

Several attempts have been made by US lawmakers and the White House to negotiate a bill acceptable to both the crypto industry and the bank lobby.

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Earlier this month, North Carolina Senator Thom Tillis said he plans to release an updated draft bill proposal that would be acceptable to both sides; however, the bill has reportedly received pushback, according to Politico, and has yet to be publicly released. 

However, other crypto industry executives and market analysts have warned that if the CLARITY Act fails to pass, it could open the crypto industry up to future regulatory crackdowns by hostile lawmakers and officials.

Magazine: Stablecoins will see explosive growth in 2025 as world embraces asset class