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Crypto phishing scams to rise during holiday shopping season

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A report by blockchain security firm Cyvers has revealed a sharp increase in cryptocurrency phishing scams during the holiday season, with users losing $9.3 million in November alone. Released on Nov. 21, the report highlights how scammers are exploiting the heightened online activity and reduced vigilance during the festive period to target unsuspecting crypto investors. This alarming trend underscores the ongoing risks in the digital asset space.

Phishing scams typically involve fraudulent emails, websites, or social media messages designed to trick users into revealing private keys, passwords, or other sensitive information. According to Cyvers, the scams in November often mimicked popular platforms, including wallets and exchanges, luring victims with fake promotions or urgent security alerts. The firm noted a particular increase in tactics leveraging holiday-themed campaigns to catch users off guard.

The rising sophistication of these scams has prompted calls for greater security awareness and precautionary measures. Cyvers advises users to double-check URLs, avoid clicking on suspicious links, and enable multi-factor authentication (MFA) wherever possible. Additionally, the firm urged platforms to strengthen their security infrastructure and educate users on identifying potential threats.

As the cryptocurrency market grows, scams like these pose a serious challenge to building trust in the ecosystem. The November spike in losses serves as a stark reminder of the need for constant vigilance, particularly during periods of high online activity. The crypto community and platforms must work together to mitigate these risks and foster a safer environment for digital asset adoption.

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Hong Kong introduces crypto staking rules, reaffirms Web3 commitment

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Hong Kong’s Securities and Futures Commission (SFC) has introduced new guidelines for crypto staking services, signaling the region’s continued commitment to fostering a regulated and innovation-friendly Web3 ecosystem.

The new rules clarify how virtual asset trading platforms can offer staking products, emphasizing investor protection, risk disclosures, and operational transparency. Licensed platforms will be required to clearly separate client and company assets, provide detailed staking mechanisms, and maintain robust custody arrangements.

The SFC’s move comes as part of its broader strategy to establish Hong Kong as a leading digital asset hub while ensuring regulatory clarity. Officials reiterated that the city remains focused on promoting Web3 development through structured oversight and openness to innovation.

The staking framework aims to strike a balance between encouraging market growth and protecting investors from potential risks tied to volatile or opaque staking schemes. Industry participants have welcomed the clarity, viewing it as a positive step toward legitimizing crypto services in the region.

As global jurisdictions wrestle with how to regulate staking and other decentralized finance (DeFi) offerings, Hong Kong continues to position itself as a model for responsible crypto advancement.

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Nearly 400,000 FTX users risk losing $2.5 billion in repayments

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Thousands of FTX creditors risk forfeiting a collective $2.5 billion in claims after failing to meet a key Know Your Customer (KYC) deadline required for participation in the collapsed exchange’s bankruptcy recovery process.

The deadline, which required creditors to verify their identities through FTX’s designated platform, was part of court-approved procedures aimed at ensuring compliance and streamlining the payout process. Those who missed the cutoff may now be excluded from receiving distributions, despite having filed valid claims.

FTX’s restructuring team had issued multiple reminders ahead of the deadline, warning that failure to complete KYC could result in disqualification. The platform’s terms of distribution emphasize regulatory obligations and the need to confirm user identities before funds can be released.

With creditor payouts expected to begin later this year, the exclusion of non-compliant claimants could significantly impact the final distribution pool. Legal experts note that while there may be limited recourse for those who missed the deadline, further legal action or appeals could still arise.

The development marks another dramatic twist in the FTX bankruptcy saga, highlighting the complexities of asset recovery in one of crypto’s largest corporate collapses.

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Memecoin platform Pump.fun brings livestream feature back to 5% of users

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Memecoin platform Pump.fun has reinstated its popular livestream feature, allowing users to once again track real-time token launches and market activity across the Solana-based ecosystem. The move comes as retail interest in memecoins continues to surge, with the platform playing a central role in driving viral token creation.

The livestream had previously been disabled due to overwhelming traffic and infrastructure constraints. Its return reflects both improved backend capacity and a response to user demand for more interactive, real-time insights into the platform’s fast-paced environment.

Pump.fun enables users to launch tokens with minimal technical knowledge, contributing to a flood of micro-cap coins and community-driven speculation. The livestream gives users a dynamic view of new listings, price action, and trending tokens as they emerge.

As memecoin trading grows more competitive — and increasingly chaotic — Pump.fun’s decision to bring back the feature reinforces its position as a hub for the next generation of decentralized, meme-fueled market experiments.

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