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The two protocols will implement a standard for issuers to control the "canonical" minting of tokens, helping to reduce losses from unofficial bridges. Connext cross-chain bridging protocol has announced a new token standard to reduce losses from bridge hacks. According to a July 24 announcement, the new “xERC-20” standard allows token-issuers to maintain a list of official bridges and control how many tokens can be minted by each. In addition to Connext, DeFi platform Alchemix Finance will implement xERC-20 tokens, the announcement stated. Connext Alchemix Today, Connext is announcing support of the xERC20 standard and onboarding projects into safely bringing their token s to every chain . As our flagship user, we've been working with @AlchemixFi to bring $alUSD, $alETH, and $ALCX to @arbitrum and @optimismFND. https://t.co/S2tBLpuuqe — Arjun | xERC20 arc (@arjunbhuptani) July 24, 2023 The new token standard was originally put forth on July 7 as Ethereum Impro...

On-chain detective ZachXBT believes that the project has “likely exit scammed” after bridging $31.6 million to multiple addresses on Tron and Ethereum. A crypto project called Fintoch, which claimed to be backed by investment banking firm Morgan Stanley, seems to have taken off with almost $32 million of its users' funds, according to on-chain detective, ZachXBT.  In a thread, the crypto sleuth showed a diagram that detailed the movement of the funds. The on-chain detective alleged that the project had likely conducted an exit scam. It appears the team behind the ponzi @DFintoch has likely exit scammed with 31.6m USDT on BSC after the funds were bridged to multiple addresses on Tron/Ethereum and people reported being unable to withdraw Fintoch advertised 1% daily ROI & claimed to be owned by Morgan Stanley pic.twitter.com/UD3KKfkG97 — ZachXBT (@zachxbt) May 23, 2023 The fund promised a 1% daily interest for investments from users. However, users of the platform have start...

52 crypto kiosks were seized in the investigation led by the U.S. Secret Service's Cyber Fraud and Money Laundering Task Force. A Bitcoin (BTC) technology firm and its executives have been indicted for allegedly operating un license d crypto kiosk s in Ohio which knowingly benefited from victims of crypto currency scams . S&P Solutions, which operated as Bitcoin of America, along with three of its executives are facing charges of money laundering, conspiracy, and other crimes connected to the operation of more than 50 unlicensed crypto kiosks in the state. A Cuyahoga County grand jury returned the indictment on Mar. 1 against the firm, the owner and founder, Sonny Meraban, manager Reza Meraban, and company attorney William Suriano. The trio was arrested last week and search warrants were executed on their residences in Florida and Illinois. 3 men, 1 business charged in cryptocurrency scam; avoid Bitcoin of America ATMs, Cuyahoga Co. prosecutor says https://t.co/LaR1L2E1yH — ...