Hey there, PoI readers! 🎉 Mochi here, your quirky tech and web3 aficionado, I welcome you to our 85th newsletter edition. Get ready to serve up another delectable dish of digital delights. From malicious Chrome plugins and "Roaring Kitty's" GameStop resurgence to Coinbase's super PAC splash and Qatar's CBDC endeavor, we've got a buffet of captivating stories to dive into. So, grab your virtual utensils, and let's feast on the latest and greatest in the world of crypto and beyond!💻

INTEL BRIEF

🟧 A Chinese trader lost $1 million due to a hacking scam involving a malicious Google Chrome plugin called Aggr, which stole user cookies to bypass security measures and manipulate trades on Binance.

🟧 Keith Gill, known as "Roaring Kitty," revealed a $181.4 million position in GameStop (GME) stock and call options, causing the stock price to surge 19% in overnight trading.

🟧 Coinbase has donated $25 million to the crypto-focused super PAC Fairshake, bringing the total raised by the PAC to $160 million ahead of the upcoming U.S. elections.

🟧 The Qatar Central Bank (QCB) has launched the first phase of its central bank digital currency (CBDC) project, focusing on settlements of large payments among local and international banks.

Malicious Chrome Plugin "Aggr" Leads to $1 Million Theft from Binance Trader

A Chinese trader, known as CryptoNakamao on X (formerly Twitter), recently revealed the devastating loss of their entire life savings, amounting to $1 million, due to a hacking scam. The culprit? A seemingly innocent Google Chrome plugin called "Aggr."

The trader had installed the Aggr plugin to access prominent trader data, unaware that it was actually malicious software designed to steal users' web browsing data and cookies. On May 24, CryptoNakamao noticed their Binance account trading randomly, but by the time they sought assistance from the exchange, the hacker had already withdrawn all funds.

The hacker exploited the stolen cookie data to bypass password and two-factor authentication (2FA), hijacking active user sessions. They then proceeded to manipulate low liquidity trading pairs by placing limit sell orders exceeding the market price in Bitcoin, USD Coin, and other pairs. By opening leveraged positions and buying large amounts in excess, the hacker completed cross-trading, profiting from the price discrepancies without recording the trades on the exchange.

CryptoNakamao claims that Binance failed to implement essential security measures despite the unusually high trading activity and did not take timely action to stop the fraud even after receiving complaints. The trader discovered that Binance was already aware of the fraudulent plugin and conducting an internal investigation, but allegedly failed to inform traders or take preventive actions.

This incident serves as a stark reminder of the importance of vigilance and caution when installing browser plugins, especially those related to financial activities. It also raises questions about the responsibilities of exchanges in protecting their users from such scams and the need for more robust security measures.

A Chinese trader lost $1 million due to a malicious Chrome plugin called "Aggr" that stole user cookies.

The hacker bypassed security measures, manipulated trades, and profited through cross-trading on Binance.

The trader claims Binance failed to take timely action despite being aware of the fraudulent plugin.

"Roaring Kitty" Keith Gill's $181M GameStop Bet Sparks Overnight Stock Surge

Keith Gill, the trader famously known as "Roaring Kitty" and linked to the 2021 GameStop (GME) short squeeze, has made a triumphant return to Reddit. In a post on June 2, Gill revealed that he's holding a staggering $181.4 million worth of GME stock and call options, sending shockwaves through the market and causing the stock price to surge by 19.19% in just 20 minutes on Robinhood's overnight markets.

Gill, who had been silent on Reddit since April 2021, posted a screenshot on his "DeepFuckingValue" account, showing that he purchased 5 million GME shares for $115.7 million and invested $65.7 million in call options, betting that GME would be at least $20 a share by June 21. Despite currently holding a loss of nearly $2.5 million on his call options, Gill has already gained over $9.3 million on his GME holdings.

The news of Gill's return and his substantial investment in GameStop has reignited interest in the stock, which closed at $23.14 on Friday, May 31. Year-to-date, GME shares are up 38.8%, seemingly boosted by Gill's reemergence.

Known for his cryptic posts, Gill also shared a green Uno reverse card on X (formerly Twitter), adding to the mystery surrounding his sudden return in May. During the COVID-19 pandemic, Gill was seen by many as a central figure in the GameStop saga, where Reddit traders turned the tables on hedge funds that were shorting the struggling brick-and-mortar game store, resulting in a 1,000% increase in the stock price within a month.

While Gill previously posted on the r/wallstreetbets subreddit, now famous for its role in the GameStop short squeeze, his latest post was made on the r/Superstonk subreddit, a forum dedicated to speculating on GME. The moderator of r/wallstreetbets, "zjz," even clarified that the subreddit is no longer focused on GameStop content.

As the market continues to react to Gill's bold move, all eyes will be on GameStop's stock performance and the potential ripple effects on other meme stocks and cryptocurrencies.

Keith Gill, "Roaring Kitty," revealed a $181.4 million position in GameStop stock and call options.

GME stock surged 19% in overnight trading following Gill's Reddit post.

Gill's return has reignited interest in GameStop, with shares up 38.8% year-to-date.

Coinbase Joins Crypto Giants in $25M Donation to Fairshake Super PAC

Coinbase, one of the world's leading cryptocurrency exchanges, has announced a substantial $25 million donation to Fairshake, a crypto-focused super political action committee (PAC). This contribution comes as the exchange ramps up its lobbying efforts in anticipation of the November United States elections.

According to Coinbase CEO Brian Armstrong, the latest donation brings the total amount raised by Fairshake and its affiliates to an impressive $160 million this election cycle. This sum matches recent donations from fellow crypto giants Ripple and venture firm Andreessen Horowitz, highlighting the industry's determination to make its voice heard in the political arena.

Armstrong emphasized the importance of supporting pro-crypto candidates across party lines, stating, "Crypto voters won't be taken seriously until we send a clear message to political candidates that it is bad politics to be anti-crypto." He further added that Coinbase is prepared to "unceremoniously vote anti-crypto candidates out of office."

With its significant war chest, Fairshake has become one of the country's top-funded super PACs, according to OpenSecrets analysis. While the PAC cannot directly donate funds to political candidates, it can spend an unlimited amount of money to support them in other ways. Notably, Fairshake's biggest expenditure this cycle is $10 million on lobbying against Democrats, constituting a quarter of the $40 million it has spent thus far.

The upcoming November 5 U.S. elections will see the presidency, all 435 House seats, and 34 out of 100 Senate seats up for grabs. Currently, the Republicans hold a majority in the House, while the Democrats control the Senate. However, a May Public Citizen report suggested that the crypto sector's "outsized influence" in key races could potentially tip the balance of power in Congress.

As the political landscape continues to evolve, the crypto industry's increasing involvement in the electoral process is a clear indication of its growing importance and the desire to shape the regulatory environment in its favor.

Coinbase has donated $25 million to the crypto-focused super PAC Fairshake.

The total amount raised by Fairshake and its affiliates now stands at $160 million.

The crypto industry is ramping up its lobbying efforts ahead of the November U.S. elections.

Qatar Embarks on CBDC Journey with First Phase Launch

The Qatar Central Bank (QCB) has taken a significant step towards the future of finance by completing the infrastructure for its central bank digital currency (CBDC) project and launching the first phase of an experimental initiative. This move positions Qatar as a frontrunner in the Middle East's rapidly evolving financial landscape.

The initial phase of the project will primarily focus on settlements of large payments among major local and international banks. While specific details remain scarce, the state news agency revealed that the project would explore the potential of distributed ledger technology, artificial intelligence, and the enhancement of liquidity and securities transactions. The experimental phase is set to conclude in October.

Qatar's foray into CBDC technology began in March 2022, with the QCB confirming the project's launch in June of the same year. QCB governor Sheikh Bandar bin Mohamed bin Saoud al-Thani 

The announcement comes amidst a flurry of CBDC-related developments in the region. Neighboring United Arab Emirates (UAE) has been actively participating in the mBridge project alongside China, Hong Kong, and Thailand, facilitating remittance payments to India and wholesale transfers among project members. The UAE also collaborated with Saudi Arabia on a CBDC proof-of-concept called Project Aber, which concluded in 2020.

Interestingly, while Qatar is embracing CBDC technology, the country has taken a less favorable stance on cryptocurrencies. The Qatar Financial Centre Regulatory Authority banned virtual asset services from operating within its jurisdiction in 2020, and the Financial Action Task Force criticized Qatar in 2023 for not enforcing the ban effectively.

As Qatar continues to navigate the complexities of digital currencies, the launch of its CBDC project marks a significant milestone in the country's national development strategies, signaling its commitment to staying at the forefront of financial innovation.

Qatar Central Bank has launched the first phase of its CBDC project, focusing on large payment settlements.

The project aims to explore DLT, AI, and enhance liquidity and securities transactions.

While Qatar embraces CBDC, it has taken a less favorable stance on cryptocurrencies.

And there you have it, my dear PoI readers, that concludes our thrilling journey through the ever-evolving landscape of tech and web3. I hope you found this edition as engaging and informative as a lively dinner party conversation! 🍸🗣️ Until next time, keep your wits sharp, your curiosity piqued, and your crypto wallets (moderately) full! This is Mochi, bidding you adieu with a friendly virtual fist bump. 👊✨

P.S. Don't be a stranger! Share your thoughts, questions, and most groan-worthy tech puns with us. After all, every voice matters in the PoI community! 📣❤️ Spread the love and share the newsletter with your fellow tech enthusiasts!

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