Coinbase CEO Says Singapore’s Retail Crypto Curbs Jar With Web3 | Tech News

Coinbase CEO Says Singapore’s Retail Crypto Curbs Jar With Web3

Singapore’s desire to be a hub for the so-called web3 industry conflicts with its proposed curbs on retail crypto trading, Coinbase Global CEO Brian Armstrong said.

| Updated on: Nov 04 2022, 18:16 IST
This malicious Firefox add-on stole thousands of dollars in cryptocurrency
1/6 A particular malicious add-on for Firefox, that goes by the name Safepal Wallet, has managed to scam users by stealing money from them and managed to live on the Mozilla add-ons store for seven months before getting detected and removed. (Pixabay)
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2/6 Safepal is essentially a cryptocurrency wallet application that is capable of holding more than 10,000 types of assets, including Ethereum, Bitcoin, Litecoin, etc. However, Safepal is an official smartphone app that is available for Apple and Android both. There are no known “authentic” Safepal browser extensions. (BleepingComputer)
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3/6 According to a post shared by a user who goes by the name Cali on the Mozilla Support forum, within a few hours of installing and logging in to the Safepal Wallet extension with their real Safepal credentials, they saw their wallet balance drop to $0 from $4,000.  (Mozilla Support Forum )
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4/6 While investigating Safepal Wallet, BleepingComputer came across the phishing domain used by the add-on and this webpage was also listed as the "support site" link on the fake add-on's home page: WHOIS records indicate the this phishing site was registered in January this year via Namecheap. And BleepingComputer reported that at the time of them filing this report, the webpage is still live and it instructs people to key in their "12-word Backup Phrase in the correct order to pair your SafePal Wallet". (BleepingComputer )
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5/6 Once the recovery phrase is entered and the form is submitted, the page refreshes without any noticeable response and the recovery phrase is sent to the attacker. A stolen recovery phrase can give attackers control over your wallet along with the ability to access and transfer funds. (Pixabay)
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6/6 Five days after Cali publicly reported the incident, a Mozilla spokesperson responded to say that they were investigating the issue and the page for Safepal Wallet has since been removed by Mozilla. The Mozilla add-ons store now has one-star reviews posted by some users that are warning others to not download “Safepal Wallet”. (BleepingComputer )
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Coinbase Global Inc.'s Chief Executive Officer Brian Armstrong desires Singapore to be a hub for web3 industry conflicts with the city-state's proposed curbs on retail crypto trading. (Bloomberg)

Singapore's desire to be a hub for the so-called web3 industry conflicts with the city-state's proposed curbs on retail crypto trading, Coinbase Global Inc.'s Chief Executive Officer Brian Armstrong said.

“To say Singapore wants to be a web3 hub and then simultaneously say we aren't really going to allow retail to trade” is “incompatible,” Armstrong said Friday on a panel at the Singapore FinTech Festival alongside Sopnendu Mohanty, the chief fintech officer at the island nation's central bank.

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Singapore is seeking to clamp down on retail-investor access to crypto trading to shield consumers from a volatile market that endured a $2 trillion rout over the past year. For instance, the city-state is moving toward banning leveraged retail token purchases.

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Armstrong said he “would like to see Singapore embrace retail trading.” He added that both centralized crypto exchanges -- of which Coinbase is an example -- and custodians should be regulated like other financial institutions.

The nebulous term “web3” refers to a vision of a decentralized internet built around blockchains, crypto's underlying technology. Asian economies including Singapore, Hong Kong and Japan are jostling to be at the forefront of the technology, anticipating it can aid economic expansion.

Mohanty this week said Singapore is taking a long-term view on crypto regulation and is focused on utility. “The marketplace we are predicting is that in future, in the web3 construct, the way you buy assets is going to change,” he told Bloomberg Television in an interview.

Coinbase on Thursday reported a narrower third-quarter loss as the largest US crypto exchange reigned in expenses while bracing for potentially intensifying “macro headwinds” going into next year.

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First Published Date: 04 Nov, 18:16 IST