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CoinMarketCap, a leading cryptocurrency price-tracking website, recently addressed a security breach involving a malicious popup notification on its site that urged users to "Verify Wallet," suspected to be a phishing scam aimed at stealing private keys or personal information. The company announced via its official X account that the malicious code has been identified and removed, though the investigation remains ongoing to bolster security measures. The issue was flagged within hours of public reports on social media, with crypto wallets like MetaMask and Phantom warning users of the site's unsafety. Phantom browser extension users, in particular, are currently shown alerts deeming the website unsafe. This incident echoes a previous security lapse in October 2021, when over 3.1 million user email addresses were compromised and traded on hacking forums. CoinMarketCap has urged users not to connect their wallets to the site while they work to resolve the issue fully, highlighting the persistent risks of phishing scams in the crypto space where hackers often exploit trusted platforms to deceive users.
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The European Union is gearing up for a potential trade war with the US as President Trump pushes for higher tariffs, threatening a no-deal outcome by the August 1 deadline. The EU is drafting retaliatory measures, including restrictions on US digital services and public procurement access, while member states like Germany signal readiness for conflict if negotiations fail. Trump’s proposed tariffs range from 15-20% on EU goods to 50% on Brazilian imports, disrupting months of talks and affecting global trade partners like Canada and Mexico. US industries, such as steelmaker Cleveland-Cliffs, welcome the protectionist policies, but retailers struggle with uncertainty over import costs for holiday goods. Treasury Secretary Scott Bessent prioritizes high-quality deals over rushed agreements, leaving room for deadline flexibility, while countries like Brazil brace for economic redirection if tariffs hit. The escalating tensions highlight the delicate balance of trade negotiations and the broader economic implications worldwide.
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Trump Media & Technology Group Corp. (DJT) saw its stock rise 6% after revealing a $2 billion investment in bitcoin and related securities, fulfilling a May plan to become a bitcoin treasury company. This move positions bitcoin as two-thirds of its $3 billion asset portfolio, with an additional $300 million allocated for bitcoin-related options. Led by CEO Devin Nunes, the company aims to secure financial independence and shield itself from institutional discrimination while planning a utility token for its Truth Social platform. Concurrently, President Trump signed legislation creating a federal framework for dollar-backed stablecoins, boosting crypto adoption, and supported a new stablecoin (USD1) through World Liberty Financial. Inspired by MicroStrategy’s bitcoin acquisition strategy, Trump Media joins other firms stockpiling cryptocurrencies, though its stock has dropped 25% since May and 45% year-to-date, drawing skepticism from short sellers about the sustainability of such strategies. This development reflects Trump’s deepening ties to the crypto industry amid evolving regulatory landscapes.
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A growing number of non-banking companies, including automakers like General Motors and Stellantis, and cryptocurrency firms like Circle and Ripple, are applying for US banking charters, sparking tension with traditional banks. These new entrants seek charters such as industrial loan company (ILC) status or national trust banking charters, which could allow them to offer banking services with less stringent regulations. Banks and lobbying groups like the Bank Policy Institute and ICBA oppose this, arguing it creates a regulatory double standard and poses risks, citing past failures like GMAC’s 2008 collapse. Meanwhile, the Trump administration is reviewing financial regulations, potentially easing rules for banks and new entrants alike, while the FDIC is adjusting its approach to ILC approvals. Crypto and fintech firms are also pursuing charters to gain credibility and comply with new laws like the GENIUS Act, as even major banks like JPMorgan explore stablecoin innovations. This clash over banking access highlights broader concerns about competition, consumer safety, and the evolving financial landscape.
