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Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Iran Rial Collapse Deepens: Iran’s rial has crashed to 1.4 million per dollar, erasing 40% of its value since mid-2025. Protests shut down Tehran’s Grand Bazaar and forced the central bank chief to resign.

2. ZachXBT Exposes $2M Scammer: ZachXBT identified a Canadian scammer behind a fake Coinbase support scheme that stole over $2 million. The attacker used social engineering and panic tactics before accidentally leaking his own contact details.

3. 💡Feature of the Day - Uganda Pushes Bitchat Adoption: Ugandan opposition leader Bobi Wine urged citizens to install Jack Dorsey’s Bitchat ahead of potential election internet shutdowns.

   
   All this and more in today’s headlines!

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📰 News Highlights:

Iran Rial Collapse [Source][Source][Source][Source]

Iran is facing a full-blown currency crisis as the rial plunges to a record 1.4 million per US dollar, wiping out roughly 40% of its value since mid-2025. Protests erupted in Tehran, forcing the resignation of the central bank chief as markets froze and the historic Grand Bazaar shut down.

Bitwise CEO Hunter Horsley pointed to the chaos as a textbook example of why Bitcoin exists. He described BTC as a financial lifeline for citizens watching their savings evaporate under state-level economic mismanagement.

The pressure extends beyond currency weakness, with Iran’s banking sector nearing collapse after Bank Melli’s bankruptcy put 42 million citizens at risk. At the same time, authorities have intensified a crackdown on crypto activity, offering cash rewards to report unregistered Bitcoin miners.

This is especially ironic given Iran’s cheap electricity, which allows BTC mining at a fraction of global costs. For many Iranians, failing banks and strict crypto controls have turned basic financial survival into a dangerous balancing act.

ZachXBT Exposes Scammer [Source][Source]

Blockchain investigator ZachXBT has identified a Canadian threat actor behind a fake Coinbase support scam that stole over $2 million from users. The scam relied on social engineering tactics, pressuring victims during fake emergency calls to approve malicious transactions. Despite his success, the scammer’s own recklessness led to his exposure. He accidentally leaked his personal email and Telegram account during a recorded call.

ZachXBT revealed the stolen funds were spent on luxury habits, including gambling, bottle service, and rare Telegram usernames. The case highlights how social engineering bypasses technical security by exploiting fear and urgency.

Security experts stress that exchanges never ask for passwords, recovery phrases, or fund transfers to “secure wallets.” Hardware wallets and withdrawal allow-listing remain the strongest defenses against these attacks.

💡 Feature of the Day: 

Uganda Pushes Bitchat [Source][Source]

Ugandan opposition leader Bobi Wine is urging citizens to download Jack Dorsey’s decentralized messaging app Bitchat amid fears of an election-related internet shutdown.

The call sparked a massive surge in interest, with Google Trends for “Bitchat” jumping from 0 to 100 overnight. Wine claims the government may repeat past tactics of blocking internet and social media ahead of the 2026 presidential election.

Bitchat uses Bluetooth mesh networking to enable encrypted, internet-free communication with no central servers or user accounts. Wine says the app can help citizens organize, share results, and maintain communication during blackouts. Downloads have surged past 936,000 globally, with tens of thousands coming in just the past week. As election tensions rise, Bitchat is quickly becoming a symbol of digital resistance.

😂 Crypto Meme of the Day: 

Meme of the day provided by @bitget

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com