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Trezor Cryptocurrency Wallet Phishing Investigation

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Trezor’s brand ambassador Josef Tetek emphasized that the hardware wallet firm never asks for users’ recovery seed, PIN or passphrase.

Cryptocurrency hardware wallet provider Trezor is investigating a recent phishing campaign, as users have reported receiving phishing emails.

The anonymous blockchain sleuth ZachXBT took to his Telegram channel on Oct. 26 to alert users to a phishing attack targeting Trezor customers.

ZachXBT referred to an X (formerly Twitter) post from the account JHDN, which alleged that Trezor may have been breached after receiving phishing emails on the email account used specifically for buying the wallet.

In a similar manner to some Trezor-related phishing attacks in the past, the phishing email invites users to download the “latest firmware update” to users’ Trezor devices in order to “fix an issue in software.” According to the poster, the malicious email was sent from the email [email protected].

“Be careful this person just received a phishing email to the email address associated with their Trezor purchase,” ZachXBT wrote, adding that the social media report could point to a potential data breach for Trezor or Evri, the United Kingdom delivery company that ships Trezor devices.

ZachXBT mentioned that two other people on Reddit complained about the same Trezor phishing email today.

According to Trezor’s brand ambassador, Josef Tetek, the firm is aware of the ongoing phishing campaign and is actively looking into it.

“We continuously report fake websites, contact domain registrars, and educate and warn our customers of known risks,” Tetek said, referring to multiple articles aiming to help users deal with phishing attacks. One such article says that phishing emails often redirect to download a Trezor Suite lookalike app that will ask users to connect their wallet and enter their seed.

The seed is compromised once you enter it into the app, and your funds will then be immediately transferred to the attacker’s wallet,” the page reads.

Tetek emphasized that Trezor never asks for users’ recovery seed, PIN or passphrase, adding:

“Users should never enter their recovery seed directly into any website, or mobile app or type it into a computer. The only safe way to work with the recovery seed is as per the instructions shown on a connected Trezor hardware wallet.”

Cryptocurrency investors have been suffering from multiple phishing attacks despite many efforts to curb such scams. In September, a large crypto investor reportedly fell victim to a massive phishing campaign, losing $24 million worth of crypto assets. According to some cybersecurity reports, the number of cryptocurrency phishing attacks saw a 40% increase in 2022.

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions – BitcoinWorld
































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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.

The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.


Understanding Bitcoin’s STH Cost Basis

The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:

  • Price Momentum: Indicates the health of recent buyer confidence.
  • Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.

At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.


The Role of the URPD Metric

Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:

1. Minimal Volume Below $88K

  • Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.

2. Vulnerability to Downside Pressure

  • A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.

Why $88K Is Critical for Bitcoin

1. Psychological Benchmark

  • Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.

2. Technical Relevance

  • The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.

3. Momentum Indicator

  • Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.

Potential Scenarios Based on $88K Level

1. Holding Above $88K

  • Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
  • Positive macroeconomic news or institutional support could bolster price stability.

2. Breaching $88K

  • A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
  • Traders may target $85,000 or lower as the next critical support zone.

Market Sentiment and Influences

1. Institutional Activity

  • Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.

2. Broader Economic Factors

  • Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.

3. Short-Term Trader Behavior

  • As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.

How Traders Can Respond

1. Monitor Key Levels

  • Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.

2. Set Stop Losses and Alerts

  • Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.

3. Consider Accumulation Opportunities

  • If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.

FAQs

1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.

2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.

3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.

4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.

5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.


Conclusion

The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.

Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets – BitcoinWorld
































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