Good Morning Crypto Enthusiasts!

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

1. Trump’s Memecoin Dinner Flops: A $300K-ticket Trump dinner left TRUMP token holder Nicholas Pinto calling it “trash,” mocking the food as “Walmart steak.”

2. $2.6M Lost in Phishing Scam: A double-phishing attack using zero-value transfers drained $2.6M from a crypto wallet in hours. The scam faked transaction histories to trick the victim.

3. 💡Feature of the Day - Cetus DEX Hacked for $223M: Hackers exploited a code flaw in Cetus DEX to steal $223M, though $163M was frozen quickly. Critics raised decentralization concerns as validators stepped in.

   
   All this and more in today’s headlines!

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📰 News Highlights:

Trump Dinner Criticized [Source][Source][Source][Source][Source][Source]

Nicholas Pinto, a social media prankster and TRUMP token holder, called Donald Trump's recent memecoin dinner one of the worst dining experiences he’s had.

Pinto, who spent around $300,000 in tokens to attend, said the three-course meal served at Trump’s golf course was “trash,” even labeling the filet mignon as “Walmart steak.”

He joked that Big Macs or pizza would’ve been a better fit given Trump’s fast-food reputation.

Other attendees echoed similar sentiments, calling the food mediocre at best. Pinto left the dinner hungry and unimpressed.

Trump’s short speech, which he read from a script, was also met with criticism.

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$2.6M Phishing Loss [Source]

A crypto investor lost $2.6 million in stablecoins in just three hours due to a double phishing scam using a tactic called zero-value transfer.

This technique tricks victims into trusting spoofed wallet addresses by displaying fake transaction histories, making them believe the address is safe.

These scams exploit how users often rely on familiar-looking addresses or clipboard history during transactions.

💡 Feature of the Day: 

Cetus Hack Report [Source][Source][Source][Source]

Blockchain security firm Dedaub released a post-mortem on the $223 million Cetus decentralized exchange hack, revealing a critical flaw in liquidity parameter checks.

Hackers bypassed a code overflow check and manipulated the most significant bits (MSB) of token input, allowing massive liquidity positions to be added with minimal input.

This exploit drained various token pools rapidly before the issue was discovered. Most of the stolen funds were frozen thanks to swift action by Sui network validators and partners.

However, this raised concerns about decentralization, as some users criticized the validators' intervention as censorship.

Critics also noted that many Web3 projects promoting decentralization still rely on centralized systems when major problems occur.

😂 Crypto Meme of the Day: 

Meme of the day provided by @99bitcoins

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com