Good Morning Crypto Enthusiasts!

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

1. Crypto.com Faces Governance Backlash: Crypto.com reversed a 70B CRO token burn, sparking accusations of governance manipulation. Critics claim the exchange controls 70-80% of votes, making community decisions meaningless.

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3. Address Poisoning Scams Surge: Scammers stole $1.2M in March by tricking users into sending crypto to lookalike addresses.

4. 💡Feature of the Day - Hacker Exploits AI Bot: A hacker breached AI trading bot aixbt, stealing 55.5 ETH ($106K) through its dashboard.

   
   All this and more in today’s headlines!

📰 News Highlights:

Crypto.com Backlash [Source][Source][Source][Source][Source][Source]

Crypto.com’s Cronos blockchain is under fire after a controversial vote reversed a massive 70 billion CRO token burn from 2021.

Critics argue the exchange manipulated governance, as reports suggest Crypto.com controls 70-80% of voting power, rendering community decisions ineffective.

CEO Kris Marszalek defended the firm’s stability but failed to address concerns, fueling further frustration.

Many see the move as a betrayal of decentralization, leading to accusations that Crypto.com prioritizes profits over its users.

The exchange has scheduled an ask-me-anything session on March 25 to address concerns, but skepticism remains.

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Crypto Address Poisoning Scam [Source]

Sophisticated address poisoning scams stole $1.2 million in March, exploiting victims by tricking them into sending funds to lookalike wallet addresses.

Attackers initiate small transactions to victims’ accounts, mimicking frequently used addresses, leading unsuspecting users to copy-paste and transfer funds to scammers.

On-chain security firm Cyvers reported that phishing scams have surged in 2024, with losses reaching $5.5 billion across 200,000 cases.

💡 Feature of the Day: 

AI Crypto Bot Exploit [Source][Source][Source][Source]

A hacker infiltrated the dashboard of AI-powered crypto bot aixbt, prompting it to transfer 55.5 ETH ($106,200) from its wallet.

The breach, which occurred on March 18, did not compromise the AI’s core system but raised concerns about the security of AI agents managing crypto funds.

Aixbt’s maintainers took immediate action by migrating servers, swapping keys, and pausing dashboard access for security upgrades.

Following the attack, the value of aixbt’s token dropped 15.5% to $0.09.

😂 Crypto Meme of the Day:

Meme of the day provided by @dashy2004

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com