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12 Apr 2026, 17:42
Musician Loses $420K In Bitcoin After Fake Ledger App Scam Exposes Wallet Vulnerabilities
Philadelphia-based G. Love, an American musician has reportedly lost around 5.92 BTC, worth about $420,000 after falling victim to a well-crafted phishing scheme involving a fake Ledger wallet app on the Apple App Store. Details shared publicly indicate that the artist downloaded a compromised version of what was thought to be a legitimate hardware wallet set up app. As part of the installation process, he was asked to type in his 24-word seed phrase, which is a crucial element in any cryptocurrency wallet that gives full access. After inputting the seed phrase, the hacker accelerated took over of the wallet and instantly drained funds. This highlights a disturbing trend of ever more realistic phishing attacks that can dupe even experienced users through outlet trusted by most. G. Love shared the following post and images of his experience on social media, warning other users against unofficial wallet applications. I had a really tough day today I lost my retirement fund in a hack/Scam when I switched my @Ledger over to my new computer and by accident downloaded a malicious ledger app from the @Apple store. All my BTC gone in an instant. — G. Love (@glove) April 11, 2026 Attackers Drain Users’ Funds in Real-Time Using Seed Phrase Exploit This kind of attack is a devastating reminder of a key principle in cryptocurrency security: do not share, especially do not enter the seed phrase into any application that is not associated with an established hardware device. In this instance, the fake app imitated a legitimate Ledger wallet onboarding process, thus creating a false sense of security. By mimicking the interface and instructions used by legitimate software, attackers were able to trick users into ignoring warnings about potential threats and extract sensitive information. Compromise of the seed phrase meant no further authentication was needed. The attackers had complete access to the wallet and were able to move the 5.92 BTC mere moments later. Cryptocurrency transactions cannot be reversed like traditional banking transfers, so once your funds are moved they are virtually irreversible. This fact makes seed phrase phishing one of the most damaging attack vectors in cryptocurrency. ZachXBT Traces Funds To An Address Linked To KuCoin An on-chain investigator with the handle ZachXBT traced the transaction trail and found the funds had been sent through an address tied to KuCoin. His analysis indicates that the attacker could have used exchange infrastructure to hide the transfer of funds, a method frequently used in an attempt to make tracking more difficult and recovery less likely. ZachXBT offered details on the flow of transactions and possible endpoints. Hi I traced out your 5.92 BTC stolen and it was all laundered via @kucoincom deposit addresses in the following transactions: 6f5c8eb6b01774626f33527e0cb03c0d1860447acacd6079e69bf41b459bcf1f 9ee1288f941b2c3775ebd125eefeebdc713aa160bf2cf9d18661fd07f84ce891… — ZachXBT (@zachxbt) April 12, 2026 Deeper analysis shows the money may have passed through numerous deposit addresses, likely linked with instant exchange services allowing quick conversion and withdrawal without strong identity verification. Kucoin has an ongoing problem with illicit services abusing broker/personal accounts which compliance does nothing to regulate. Given its numerous deposit addresses it’s likely one of those instant exchanges. — ZachXBT (@zachxbt) April 12, 2026 Exchange Oversight Questioned as Compliance Gaps Abound In addition to tracking the funds, ZachXBT also raised questions about systemic issues surrounding centralized exchanges around compliance and illicit activity monitoring. Platforms like KuCoin, which are holding other people’s money, were added for good measure: “There’s always a concern with bad actors using broker or personal accounts to run laundering operations,” he said. And, he said in his statements, these accounts are sometimes used as conduits to move pilfered assets without drawing sufficient scrutiny. One challenge for enforcement efforts is that if there are many deposit addresses, it can make it harder to track the funds because attackers can distribute covered funds and then move them or exchange them through multiple entry points. This particularly highlights a bigger issue in the cryptocurrency space: A desire for security versus user privacy. Exchanges are central to liquidity and access, but a lack of compliance can easily enable bad actors. The Increasing Risk Of Phony Apps In Trusted Environments However, the presence of such in the Apple App Store poses major platform-level security & app review level question. For a lot of users, official app stores are considered safe spaces. However, this incident suggests that even curated marketplaces are vulnerable to sophisticated scams. Attackers have become more skilled at circumventing review processes by designing apps that look and feel like legitimate services. This trend is particularly dangerous for newer or less tech-savvy users who often, especially when downloading software, rely on app store trust signals. Given the Ledger brand’s reputation for hardware wallet security, they have often been a target of phishing campaigns. Such attacks leverage the gap between expected behavior and actual security practices, especially around seed phrase management. Lessons For Crypto Users And Where Do We Go From Here G. Love extinction indicates a serious reminder of the privilege use of self propriety against cyber attack in cryptocurrency world. Though the underlying blockchain technology is secure, weaknesses at the user level are a weak link. Even best practices, like checking apps are authentic, not downloading third-party applications and never entering a seed phrase outside a hardware device, are essential. However, users should cross-check with official sources and also use direct links from verified company websites while setting up the wallets. At the same time, this situation demands even more accountability across the ecosystem, app store operators to centralized exchanges. Such attacks can be buffered against through improved vetting processes and response mechanisms, as well as better compliance frameworks. As cryptocurrency adoption continues to grow, so does the report for threats sophistication. The industry must find the balance between open access and sufficient consumer protection from increasingly sophisticated scams. At the end of the day, this case is an edifying one: it exemplifies a simple fact in crypto-land, where having control of your keys means that you have control over your funds, if you lose that control (even for a short period), the damage can be irreparable. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
12 Apr 2026, 16:29
XRP open interest collapses by 720 million on Binance, Bybit, Bitfinex in sharp retreat
📉 XRP futures open interest plummets by over 720 million on Binance, with Bybit and Bitfinex following suit. Traders across all three major exchanges have rapidly scaled back leveraged XRP positions. Continue Reading: XRP open interest collapses by 720 million on Binance, Bybit, Bitfinex in sharp retreat The post XRP open interest collapses by 720 million on Binance, Bybit, Bitfinex in sharp retreat appeared first on COINTURK NEWS .
12 Apr 2026, 15:30
‘Last Chance’: US Crypto Policy Hits Critical Deadline, Senator Says
Coinbase chief legal officer Paul Grewal said the CLARITY Act could be nearing a markup hearing in the Senate Banking Committee, but he tied that progress to one unresolved issue: the dispute over crypto and stablecoin yield. That came as the broader push for the bill picked up new urgency from lawmakers and industry figures who fear the window for action is closing fast. Deadline Pressure Builds US Senator Cynthia Lummis said the country may not get another serious shot at the bill before 2030. In a post on X on Friday, she said this was the “last chance” to pass the CLARITY Act until at least that year and warned against letting the country’s financial future slip away. This is our last chance to pass the Clarity Act until at least 2030. We can’t afford to surrender America’s financial future. — Senator Cynthia Lummis (@SenLummis) April 10, 2026 Her warning landed at a sensitive moment. Industry participants have grown more uneasy about the bill’s prospects this year, with November midterm elections threatening to shift congressional priorities and slow work on crypto legislation. Lummis’ comments framed the fight as one that cannot sit on the shelf much longer. David Sacks, the former White House AI and crypto czar, echoed that view a day earlier. He said Senate Banking, followed by the full Senate, should pass market-structure legislation and said he believes US President Donald Trump would sign it into law. The GENIUS Act, signed by President Trump last year, established U.S. leadership on stablecoins. The CLARITY Act, also known as market structure legislation, would do the same for all other digital assets by providing clear rules of the road. Secretary Bessent is right: the… https://t.co/rBkE9b5Usq — David Sacks (@DavidSacks) April 9, 2026 Industry Push Gathers Steam The pressure is not coming from lawmakers alone. Chris Dixon, a16z Crypto’s managing partner, said rules that are clearly defined help both consumers and entrepreneurs. That line has become a common argument inside the industry, where many firms say clearer oversight would help the US pull in more innovation and more retail demand for crypto assets. That view has spread across different corners of the sector. Immutable founder Robbie Ferguson said on April 3 that the CLARITY Act could make the past decade of gaming growth look small by comparison. Coinbase CEO Brian Armstrong also shifted his tone on Friday, saying it was time for the bill to move after months of delays. Stablecoin Fight Still Looms Even with that momentum, a key problem remains. Grewal said on April 2 that the bill may be close to a Senate Banking Committee markup, but he also said the path forward depends on agreement over stablecoin yield. That issue has kept the legislation from moving cleanly, even as support has built among companies and some regulators. Regulators are now adding their voices too. SEC Chairman Paul Atkins said the time had come for Congress to move market-structure legislation to Trump’s desk and to protect the system from what he called rogue regulators. The CLARITY Act has since become a test of whether Washington can settle crypto rules before the political calendar closes in. Featured image from Unsplash, chart from TradingView
12 Apr 2026, 14:42
Crypto giant GoDark launches on Solana, targeting privacy for big trades
🔒 GoDark launches on Solana for ultra-private crypto trading. The new decentralized exchange uses zero-knowledge proofs to hide trade details. Continue Reading: Crypto giant GoDark launches on Solana, targeting privacy for big trades The post Crypto giant GoDark launches on Solana, targeting privacy for big trades appeared first on COINTURK NEWS .
12 Apr 2026, 14:00
Bitcoin Supply Shock Brewing? Whales Step Back As Long-Term Holders Absorb $49B
The current price range of Bitcoin may not relay much, but a change in ownership structure is taking place under the surface. Related Reading: Forget XRP Forecasts: The ‘Delusional’ Crowd Could Have The Last Laugh On-chain data from CryptoQuant shows that one cohort of market participants is stepping back from exchange activity at a pace not seen in nearly a year, while another is quietly rebuilding at a scale that demands attention. Whale Inflows On Binance Fall To Multi-Month Lows The 30-day sum of whale inflows to Binance has fallen massively in recent days, falling to $2.96 billion as of the latest CryptoQuant data, the first reading below $3 billion since June 2025. The drop in exchange inflow is a departure from the elevated inflow levels that characterized the entire period between February and early March, when the same metric was consistently tracking above $6 billion and briefly touched $8 billion. That detail matters because exchange inflows from whales are an intent to sell or reposition. When these flows begin to dry up, it shows that large players are no longer rushing to offload their supply. BTC- Binance Whale To Exchange Flow At the same time, long-term holders are rebuilding exposure at scale. This exposure can be seen through the 30-day realized cap change for this group. This metric captures the value of coins being absorbed into long-term storage, and its reading reached as high as $49 billion on April 9. That contrast is clearly visible in the behavior of short-term holders, whose realized cap change has dropped to -$54 billion. This is the third time since early March that short-term holders have registered losses exceeding $50 billion on a 30-day basis. This data shows that reactive participants are exiting positions under pressure, while longer-term investors are buying more into that weakness and tightening supply. BTC: STH LTH Net Position Realized Cap The Setup For A Squeeze Is Building Speaking of tightening supply, data from the derivatives market is showing a signal as to how there might be an incoming short squeeze. The impression across derivatives and spot metrics is a market where bearish sentiment has become heavily concentrated in leveraged positions, while physical supply is migrating off crypto exchanges. Funding rates across all major exchanges came in at -0.0118% on April 10 and -0.0101% on April 11, two consecutive sessions of strongly negative readings. Negative funding has become the dominant regime since late March, and throughout April the metric has remained in negative territory without a single positive flip. Bitcoin Funding Rates The negative funding means short positions are paying longs to maintain their bearish exposure, and short positions are becoming overcrowded. At the same time, open interest climbed from around $21.87 billion on April 6 to $24.37 billion by April 10. Rising open interest alongside persistently negative funding is a characteristic signature of leveraged short accumulation. Meanwhile, spot supply continues to tighten up. Many coins are being moved off crypto exchanges, and exchange netflows recorded about 7,900 BTC in outflows over April 9 and 10 combined. Related Reading: XRP Eyes $17 After Massive Breakout—Is A 1,100% Surge Next? Off-exchange, the 30-day change in OTC desk balances has turned negative, which is a sign that institutions or large buyers are absorbing supply outside of visible market infrastructure. Bitcoin Total OTC Desk Balance Featured image from Unsplash, chart from TradingView
12 Apr 2026, 14:00
Bitwise Submits Second Amended Hyperliquid ETF Filing — Launch Imminent?
According to the latest report, Bitwise has taken a step closer toward the launch of its proposed spot Hyperliquid (HYPE) exchange-traded fund (ETF) after filing a second amendment with the United States Securities and Exchange Commission. Bitwise Updates List Of Countertrading Parties In Hyperliquid ETF Filing On Friday, April 10th, Bitwise submitted its second amendment to its spot Hyperliquid with the SEC, introducing new names to the list of approved trading counterparties ahead of an imminent launch in the US. This latest filing included FalconX, Flowdesk, Nonco, and Wintermute as approved trading counterparties for the asset manager. Earlier in its first amendment filing in December 2025, Bitwise revealed the fund’s BHYP ticker, an annual management fee of 0.67%, and a proposal to generate additional profit through HYPE staking. Also, the asset management fund had listed three trading counterparties at the time, including A1 (now dropped off), Nonco, and Solios (disclosed as a d/b/a of FalconX). In a post on the social media platform, Bloomberg senior ETF analyst Eric Balchunas highlighted the second amendment filing, saying that this latest update suggests that the fund’s launch might be imminent. Despite competition from two other asset managers, Bitwise looks set to win the race for the first spot ETF linked to Hyperliquid’s native token, HYPE. 21Shares followed with an application of its own to launch a Hyperliquid ETF in October 2025, while Grayscale submitted its own filing in late March 2026. Upon approval (which looks like a matter of when rather than if), Bitwise’s HYPE ETF will debut on the NYSE Arca stock exchange and offer investors exposure to the spot price of Hyperliquid. HYPE Price Overview Despite the raging market uncertainty this year, Hyperliquid’s native token HYPE has been one of the best performers so far. In fact, it can be said that the decentralized perpetual futures trading protocol has been one of the major winners from the Middle East tensions, as traders looked to gain market exposure even outside of regular trading hours. Data from CoinGecko shows that the price of HYPE is up by more than 65% year-to-date and almost 200% in the past full year. As bullish momentum returned to the cryptocurrency market his week, investors have seen the altcoin’s price reclaim the $40 mark, jumping by nearly 20% in the past week. As of this writing, the price of HYPE sits just beneath $43, reflecting a nearly 3% jump in the past 24 hours.
