Web3 Community Launching “Crypto Aid Israel” Initiative

Published on:

Crypto Aid Israel has a multisig wallet to collect donations in more than a dozen cryptocurrencies, including BTC, ETH, USDT, USDC, etc.

Crypto investors have been closely watching the geopolitical tensions between Israel and Hamas as a full-blown war broke out over the last weekend. With more than 700 Israeli national losing their lives during the recent attack, the country’s Web3 community has come to the rescue by unveiling a new initiative “Crypto Aid Israel”.

This is part of the community’s efforts to provide humanitarian aid to all displaced people and other victims of the attack. Crypto Aid Israel is launching a multisig wallet designed to gather donations in more than a dozen cryptocurrencies, including BTC, ETH, USDT, USDC, and more.

These contributions will provide assistance to individuals impacted by this devastating event. The wallet will be entrusted to trusted members of the local community and operated with complete transparency

Leading this initiative is Fireblocks, Israel’s foremost MPC platform, and a prominent entity in the global web3 landscape. Fireblocks holds the crucial responsibility of supervising and managing the assets gathered, guaranteeing the secure handling of donations, thus instilling confidence among potential contributors.

Hong Kong Police Reports Wave of Phishing Scams on Binance Users

Hong Kong’s police force has raised the alarm after 11 Hong Kong-based Binance customers were targeted in a wave of phishing scams sent through text messages.

Hong Kong police warned users of the scam in an Oct. 9 post to its Facebook page dubbed “CyberDefender.”

“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated.”

Read more:  UK Online Safety Bill Aims to Ban Encryption: Is Bitcoin Safe?

Police said that once users clicked the link and supposedly “verified” their personal details, hackers were then able to gain full access to their Binance accounts, where they proceeded to steal all of the assets contained within the users’ wallets.

According to the post, the phishing scheme has seen 11 Hong Kong-based Binance customers report combined losses of more than $446,000 (3.5 million Hong Kong dollars) in the last two weeks.

The police have asked any users who believe that they’ve received a potentially fraudulent message to log the suspicious messages on the “fraud prevention” section of its official website.

BitVM Brings Ethereum-like Contracts to Bitcoin

A Bitcoin developer has proposed a new way to bring more expressive off-chain smart contracts to Bitcoin without needing a soft fork.

Announced in an Oct. 9 white paper titled “BitVM: Compute Anything on Bitcoin” by ZeroSync project lead Robin Linus, BitVM enables Turing-complete Bitcoin contracts without altering Bitcoin’s consensus rules.

A Turing-complete system is one that can theoretically provide an answer to any computational problem. With BitVM, the “logic” of Bitcoin contracts would be executed off-chain, but verification would be made on Bitcoin — similar to Ethereum’s optimistic rollups.

BitVM’s architecture is based on fraud-proofs and a challenge-response model where a “prover” can make claims and a “verifier” can perform a fraud-proof to punish the prover when false claims are made.