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Hackers target cryptocurrency customers by impersonating well-known employee – SiliconANGLE

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Hackers target cryptocurrency customers by impersonating well-known employee – SiliconANGLE

Researchers at Division Seven, SafeGuard Inc.’s menace intelligence crew right this moment detailed how prospects at a cryptocurrency agency they work with have been focused by a menace actor utilizing a social engineering assault with a twist: The hackers have been pretending to be a widely known worker.

The investigation was launched following a report by Microsoft Safety in December into focused assaults in opposition to the cryptocurrency trade. Microsoft Corp. researchers stated a menace actor, tracked as DEV-0139, was becoming a member of Telegram teams the place they focused cryptocurrency funding firms.

DEV-0139 was discovered to be utilizing Telegram teams used to facilitate conversations between VIP shoppers and cryptocurrency alternate platforms to establish potential targets amongst its members. In Microsoft’s report, the menace actor was posing as a consultant of one other cryptocurrency funding firm and would invite targets to a unique chat group and faux to ask for suggestions on the free construction utilized by the cryptocurrency alternate platforms. The information gained was then used to ship a malicious Excel file that contained tables about price constructions amongst cryptocurrency alternate firms.

What the Division Seven researchers found was barely extra concerned, with the menace actor impersonating a trusted particular person to hold out the social engineering assault extra effectively.

Utilizing SafeGuard Cyber’s lookback capabilities and detection engine, the researchers positioned and confirmed an occasion when merchants have been focused by somebody impersonating a recognized worker from the corporate’s group to ship the payload.

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In an instance, the menace actor tried the impersonation by means of using the official consumer’s initials. The impersonation was detected, nonetheless, and the account was recorded and flagged as a unique distinctive writer.

The researchers imagine that DEV-0139’s use of detailed belief constructing was doubtless an adaptation of a much less profitable, albeit simpler, impersonation assault.

“The results of this evaluation is a compliance buyer has enabled deeper safety detections for monitored Telegram customers,” the analysis concluded. “This transfer is a component of a bigger pattern we’ve noticed over the course of 2022, a higher convergence of safety and compliance in monetary companies to deal with total enterprise communication dangers.”

Picture: Yuri Samoilov/Flickr

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EXCLUSIVE: Worksport Taps Coinbase As Cryptocurrency Custodian For Treasury Strategies

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EXCLUSIVE: Worksport Taps Coinbase As Cryptocurrency Custodian For Treasury Strategies
EXCLUSIVE: Worksport Taps Coinbase As Cryptocurrency Custodian For Treasury Strategies

On Tuesday, light truck clean energy solutions provider Worksport Ltd (NASDAQ:WKSP) announced that it had selected Coinbase Global, Inc (NASDAQ:COIN) as its preferred custodian partner.

Worksport cited Coinbase’s substantial regulatory compliance, robust security measures, and insurance-backed custody solutions.

This strategic move aligns with Worksport’s Cryptocurrency Treasury Strategy announced on December 5, 2024, wherein the company expanded its Corporate Treasury and allowed a portion of its surplus cash reserves to be held in Bitcoin (CRYPTO: BTC/USD) and (CRYPTO: XRP).

Worksport’s Board of Directors determines investable excess cash, which allows Worksport to make initial purchases.

Also Read: Amazon To Shut 7 Quebec Fulfillment Centers, Axe Around 2,000 Jobs

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Worksport chief Steven Rossi stated that having a top-tier crypto custodian is like having a top-tier banking partner who aligns with Worksport’s commitment to safeguarding corporate assets.

The treasury update aligns with Worksport’s ongoing growth initiatives, including a multi-fold revenue increase, a push toward cash flow positivity, and the imminent launch of three new product lines in 2025, the company said.

Worksport anticipates that this collaboration will streamline the company’s entry into the cryptocurrency space.

Price Actions: WKSP stock traded higher by 4.36% at $0.92 premarket at the last check on Tuesday.

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This article EXCLUSIVE: Worksport Taps Coinbase As Cryptocurrency Custodian For Treasury Strategies originally appeared on Benzinga.com

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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KuCoin pleads guilty, agrees to pay nearly $300 million in US crypto case

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KuCoin pleads guilty, agrees to pay nearly 0 million in US crypto case
KuCoin, one of the world’s largest cryptocurrency exchanges, pleaded guilty on Monday to operating an unlicensed money transmitting business, and agreed to more than $297 million in fines and forfeiture, the U.S. Department of Justice said.
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75% Higher Crypto Ownership Linked to Financial Literacy Bias: Study Finds

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75% Higher Crypto Ownership Linked to Financial Literacy Bias: Study Finds

Cryptocurrencies have transformed the
financial landscape, captivating tech enthusiasts, investors, and regulators
worldwide. However, as digital assets gain prominence, critical questions arise
about the role of financial literacy and cognitive biases in shaping investment
behaviours.

Empirical evidence underscores that
financial literacy significantly influences financial stability by enhancing
individual decision-making. People with higher financial literacy make prudent
choices, such as budgeting effectively, saving for emergencies, and
understanding borrowing costs.

Conversely, low financial literacy often leads
to poor decisions, over-indebtedness, and susceptibility to distorted
expectations, amplifying systemic risks.

Why does financial literacy play a
pivotal role in the cryptocurrency ecosystem? The inherent complexity of
digital assets like cryptocurrencies necessitates accurate financial knowledge
to navigate their risks. Understanding blockchain technology, digital wallets,
and trading platforms—all critical components of cryptocurrency
investment—requires a level of digital and financial literacy that many
investors lack.

Cryptocurrencies themselves are diverse, ranging from
established names like Bitcoin and Ethereum to speculative altcoins. Without
the ability to critically assess technology stacks and market trends, investors
may fall prey to speculative bubbles or projects with little intrinsic value.

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A
lack of financial literacy exacerbates these challenges, making it difficult to
comprehend the potential consequences of market fluctuations, thereby
increasing vulnerability to shocks. The connection between financial
literacy and cryptocurrency ownership is particularly significant given the
complexity of these assets compared to traditional financial instruments and
the risks they pose to financial stability.

Study Links Overconfidence to Crypto
Investments

A recent study, Cryptocurrency
Ownership and Cognitive Biases in Perceived Financial Literacy, conducted in
Spain by Santiago Carbó, Pedro J. Cuadros, and Francisco Rodríguez and funded
by Funcas, sheds light on this issue. The research investigates how financial
literacy bias—the gap between perceived and actual financial knowledge—affects
cryptocurrency ownership.

Based on a survey of over 2,000 participants, the
study identifies financial literacy bias as a critical determinant of
cryptocurrency ownership, even after controlling for variables such as age,
income, and digital activity.

Machine Learning Highlights Crypto
Ownership Factors

Using advanced machine learning
techniques, the study reveals that individuals who overestimate their financial
knowledge are significantly more likely to invest in cryptocurrencies.
Specifically, those who overestimated their financial literacy were 75% more
likely to hold digital assets compared to those with accurate self-assessments.
For every unit increase in financial literacy bias, the odds of owning
cryptocurrencies rose by approximately 4.37 times.

Why does this happen? Individuals who
overestimate their financial literacy may feel overly confident in facing the
complexities of the cryptocurrency market. Cognitive biases, such as
confirmation bias, can further reinforce this confidence by leading individuals
to focus on information that validates their investment choices while
disregarding evidence of potential risks. Addressing these biases is essential
for fostering more rational and informed investment behaviour.

Cognitive Biases Fuel Crypto
Speculative Bubbles

Interestingly, the study also found
that when financial literacy scores were adjusted to account for bias, the
likelihood of cryptocurrency ownership decreased by 25.4%. This highlights the
importance of accurate self-assessment in mitigating risky investment
behaviours.

While cryptocurrency adoption is not
inherently harmful, it can pose systemic risks when driven by misinformation or
cognitive biases. Cryptocurrencies often attract individuals seeking quick
returns, potentially fueling speculative bubbles and increasing market
volatility. Such conditions also create opportunities for fraud and scams,
further destabilising the financial ecosystem.

Promoting Financial Education to
Mitigate Risks

For policymakers and regulators,
these findings emphasize the urgency of promoting financial education.
Initiatives that address cognitive biases and enhance objective financial
literacy can help mitigate risks and encourage responsible investment
behaviour. Regulators and industry leaders should collaborate to ensure that
investors have access to reliable information and safeguards against misleading
claims.

By fostering a culture of financial literacy and addressing cognitive
biases, we can help ensure that the cryptocurrency revolution is both inclusive
and sustainable. Whether as investors, educators, or policymakers, recognizing
the interplay between knowledge, perception, and behaviour is key to succeeding
in this dynamic financial landscape.

Francisco Rodríguez also contributed to this article.

Cryptocurrencies have transformed the
financial landscape, captivating tech enthusiasts, investors, and regulators
worldwide. However, as digital assets gain prominence, critical questions arise
about the role of financial literacy and cognitive biases in shaping investment
behaviours.

Advertisement

Empirical evidence underscores that
financial literacy significantly influences financial stability by enhancing
individual decision-making. People with higher financial literacy make prudent
choices, such as budgeting effectively, saving for emergencies, and
understanding borrowing costs.

Conversely, low financial literacy often leads
to poor decisions, over-indebtedness, and susceptibility to distorted
expectations, amplifying systemic risks.

Why does financial literacy play a
pivotal role in the cryptocurrency ecosystem? The inherent complexity of
digital assets like cryptocurrencies necessitates accurate financial knowledge
to navigate their risks. Understanding blockchain technology, digital wallets,
and trading platforms—all critical components of cryptocurrency
investment—requires a level of digital and financial literacy that many
investors lack.

Cryptocurrencies themselves are diverse, ranging from
established names like Bitcoin and Ethereum to speculative altcoins. Without
the ability to critically assess technology stacks and market trends, investors
may fall prey to speculative bubbles or projects with little intrinsic value.

A
lack of financial literacy exacerbates these challenges, making it difficult to
comprehend the potential consequences of market fluctuations, thereby
increasing vulnerability to shocks. The connection between financial
literacy and cryptocurrency ownership is particularly significant given the
complexity of these assets compared to traditional financial instruments and
the risks they pose to financial stability.

Advertisement

Study Links Overconfidence to Crypto
Investments

A recent study, Cryptocurrency
Ownership and Cognitive Biases in Perceived Financial Literacy, conducted in
Spain by Santiago Carbó, Pedro J. Cuadros, and Francisco Rodríguez and funded
by Funcas, sheds light on this issue. The research investigates how financial
literacy bias—the gap between perceived and actual financial knowledge—affects
cryptocurrency ownership.

Based on a survey of over 2,000 participants, the
study identifies financial literacy bias as a critical determinant of
cryptocurrency ownership, even after controlling for variables such as age,
income, and digital activity.

Machine Learning Highlights Crypto
Ownership Factors

Using advanced machine learning
techniques, the study reveals that individuals who overestimate their financial
knowledge are significantly more likely to invest in cryptocurrencies.
Specifically, those who overestimated their financial literacy were 75% more
likely to hold digital assets compared to those with accurate self-assessments.
For every unit increase in financial literacy bias, the odds of owning
cryptocurrencies rose by approximately 4.37 times.

Why does this happen? Individuals who
overestimate their financial literacy may feel overly confident in facing the
complexities of the cryptocurrency market. Cognitive biases, such as
confirmation bias, can further reinforce this confidence by leading individuals
to focus on information that validates their investment choices while
disregarding evidence of potential risks. Addressing these biases is essential
for fostering more rational and informed investment behaviour.

Cognitive Biases Fuel Crypto
Speculative Bubbles

Interestingly, the study also found
that when financial literacy scores were adjusted to account for bias, the
likelihood of cryptocurrency ownership decreased by 25.4%. This highlights the
importance of accurate self-assessment in mitigating risky investment
behaviours.

While cryptocurrency adoption is not
inherently harmful, it can pose systemic risks when driven by misinformation or
cognitive biases. Cryptocurrencies often attract individuals seeking quick
returns, potentially fueling speculative bubbles and increasing market
volatility. Such conditions also create opportunities for fraud and scams,
further destabilising the financial ecosystem.

Promoting Financial Education to
Mitigate Risks

For policymakers and regulators,
these findings emphasize the urgency of promoting financial education.
Initiatives that address cognitive biases and enhance objective financial
literacy can help mitigate risks and encourage responsible investment
behaviour. Regulators and industry leaders should collaborate to ensure that
investors have access to reliable information and safeguards against misleading
claims.

By fostering a culture of financial literacy and addressing cognitive
biases, we can help ensure that the cryptocurrency revolution is both inclusive
and sustainable. Whether as investors, educators, or policymakers, recognizing
the interplay between knowledge, perception, and behaviour is key to succeeding
in this dynamic financial landscape.

Francisco Rodríguez also contributed to this article.

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