Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.
📬 Get the biggest crypto stories in the Philippines and Southeast Asia every week — subscribe to the BitPinas Newsletter.
From the fake wallet extensions in Firefox Store to Circuit Crypto Recovery System, here is a roundup of the top crypto stories you may have missed.
Over 40 Fake Crypto Wallet Extensions Found on Firefox Store: Report
More than 40 malicious browser extensions impersonating popular cryptocurrency wallets like MetaMask, Coinbase, Trust Wallet, and others were discovered on Mozilla Firefox’s official add-ons store.Â
These fake extensions, uncovered by cybersecurity firm Koi Security, contain malicious code designed to steal sensitive data such as seed phrases and wallet credentials. The campaign is believed to be operated by a Russian-speaking threat group and has been active since at least April.
Technically, attackers cloned open-source versions of real wallets and used brand logos and fake five-star reviews to build trust with users, many of whom may have unknowingly compromised their funds.
Mozilla confirmed it removed most of the fake wallet add-ons as soon as they were discovered and has enhanced its detection and removal tools. While some of the flagged extensions had already been taken down before the report’s publication, others remained live as of the latest update.
The software company also said it is continuing to review and remove any remaining malicious extensions to protect users
CertiK: Crypto Losses Hit $2.5B in H1 2025, But Q2 Hacks DeclineÂ
Blockchain security firm CertiK reported that total losses from crypto hacks, scams, and exploits reached $2.47 billion in the first half of 2025, a slight increase from 2024.
However, Q2 saw a 52% decline in value lost compared to Q1, with over $800 million lost across 144 incidents.Â
The majority of the losses came from two major attacks: Bybit’s $1.5 billion cold wallet breach and Cetus Protocol’s $225 million exploit. Without these, total losses would have stood at $690 million, indicating the broader trend may not be as severe.
Phishing attacks were the most common, with 132 incidents, while wallet compromises caused the most financial damage, totaling $1.7 billion. Ethereum remained a top target due to its dominance in DeFi.Â
Vitalik Buterin: Ethereum Must Prove Its Decentralization or Risk Irrelevance
At the Ethereum Community Conference (EthCC) in France, Ethereum co-founder Vitalik Buterin warned that decentralization must move beyond a slogan and be backed by user-protective systems.Â
He introduced practical benchmarks such as the “walk-away test” and “insider attack test” to evaluate whether applications can survive without centralized control or resist insider threats.
Buterin criticized hidden vulnerabilities in many layer-2 networks and DeFi projects, urging developers to prioritize privacy and resilience by default.
Moreover, as Ethereum approaches its 10th anniversary, Buterin emphasized that the protocol is at an inflection point. He cautioned that without a renewed commitment to decentralization, security, and user-first design, Ethereum risks fading into obsolescence.Â
Ripple Applies for U.S. Banking License
$XRP issuer Ripple applied for a national banking license from the U.S. Office of the Comptroller of the Currency (OCC), signaling its intent to deepen its role in mainstream finance.
If approved, Ripple’s dollar-backed stablecoin, $RLUSD, would fall under both state and federal regulatory oversight, raising its compliance and transparency standards.
The firm also filed for a Federal Reserve master account to directly hold $RLUSD reserves with the Federal Reserve, which is seen to enhance security amid ongoing regulatory uncertainty around stablecoins.
The move follows similar efforts by other crypto firms like Circle, Coinbase, and Paxos seeking federal charters or trust licenses to expand their financial offerings. Ripple’s CEO Brad Garlinghouse highlighted the potential for dual regulation to set a new benchmark in the industry.
Deepfake Crypto Scams Targeting Canadians
Simcoe North MP Adam Chambers raised the alarm over a growing wave of deepfake crypto scams in Ontario’s Simcoe County, where victims are losing tens of thousands of dollars.
Scammers are using AI-generated videos featuring fake endorsements by trusted public figures to promote fraudulent investments. Victims are tricked into transferring money into crypto exchanges and then sending digital assets to scam-controlled wallets, which are funds that become untraceable once sent.
Chambers said at least six local cases have been reported recently, including one with losses exceeding $100,000. He emphasized that the issue is part of a broader national trend and called for greater public awareness, stronger collaboration between banks, crypto platforms, and law enforcement, and more accountability from tech companies hosting the fraudulent content.
Victims are urged to report any suspicious activity to police or the Canadian Anti-Fraud Centre, even if no money was lost.
Circuit Launches Crypto Recovery System
Crypto infrastructure firm Circuit launched a recovery engine aimed at solving one of the industry’s most persistent issues: permanent asset loss due to misplaced private keys or hacks.
Unveiled on Monday, the system uses “Automatic Asset Extraction” technology to detect threats or key loss and automatically transfers assets to a secure vault. Early institutional adopters include UAE-based custodian Tungsten and infrastructure provider Palisade.
CEO Harry Donnelly emphasized that institutional players require robust recovery solutions before committing heavily to digital assets. He argued that while Bitcoin’s irreversibility is often viewed as a feature, it deters mainstream adoption, especially for enterprises focused on risk management.
With up to 18% of $BTC estimated to be lost forever, Donnelly said most users are not equipped for full self-custody, underscoring the need for safety nets similar to those in traditional finance.
This article is published on BitPinas: Crypto News You May Have Missed This Week | July 06, 2025
What else is happening in Crypto Philippines and beyond?
Other Articles
Will SOL rally to $200?
No Comment! Be the first one.