Discover how USDY, a yield-bearing stablecoin from Ondo Finance, offers secure, regulated returns backed by US Treasuries across multiple blockchains.

, which are crypto assets pegged to a major fiat asset, have gained tremendous popularity and are helping investors deal with the typical volatility of the market. For many years, stablecoin cryptocurrencies have been used for payments, principal value storage, B2B transactions and more. However, traditional stablecoins have always lacked the ability to generate yield. These assets are fixed at a certain rate (e.g., $1) and, due to inflation, they don’t protect against your funds’ value erosion. 

 have started to gain traction over the past several years. These "new generation" stablecoins, unlike their traditional counterparts, not only provide rate stability but also generate yields, growing your investment over time. One of the leading assets among yield-bearing stablecoins is US Dollar Yield (USDY), issued by Ondo USDY LLC, part of 

Backed by low-risk traditional finance (TradFi) reserves, USDY generates yields and is a fully composable asset that can be used throughout the DeFi ecosystems of multiple blockchains. The reserves and issuance of the stablecoin are also subject to high regulatory controls. In the world of yield-bearing stablecoins, USDY is among the top choices in terms of popularity, regulation and security.

What is the Ondo US Dollar Yield (USDY) Token?

 (USDY) is a yield-bearing stablecoin offered by Ondo USDY LLC, part of the Ondo Finance DeFi solutions provider. 

USDY’s value tracks that of the US dollar, and it’s backed by Treasury bills and demand deposit reserves. The coin issuer’s parent company, Ondo Finance, specializes in institutional-grade crypto solutions. Ondo aims to make on-chain institutional-grade finance tools and infrastructure accessible to anyone.

USDY was launched in August 2023. As of April 2025, the stablecoin has become available on 

 — a level of multichain coverage that few other stablecoins can match.

While USDY’s price tracks the US dollar’s, its rate is typically somewhat higher than $1 because yields earned by each unit of the stablecoin are added to it, increasing its nominal value.

 (RWAs), primarily Treasury bills, although some portion of the reserves may also be represented by bank demand deposits. Both of these financial asset types are considered cash equivalents.

To ensure the Ondo ecosystem's security, Ondo backs each $100 equivalent of USDY with reserves worth $104, maintaining a 4% overcollateralization rate at all times.

Ondo Finance takes the transparency of USDY seriously. The company has established a bankruptcy-remote mechanism, with a separate corporate entity controlling the issuance and oversight of the stablecoin in various ways, including a board of directors with an independent director, and segregation of assets and reporting from Ondo.

USDY is a fully composable asset that can be used in the DeFi ecosystems of its host blockchains for various purposes, such as collateral, 

USDY provides several significant benefits for its holders. First, it allows eligible individual and institutional investors to earn dollar-denominated yield. This is in contrast to traditional stablecoins, which provide no yield opportunities at all. While other yield-bearing stablecoins also generate returns for holders, some of these pay the yields in volatile cryptocurrencies, rather than high-quality assets.

Thanks to its dollar peg, USDY offers both yield and relative stability. Additionally, it’s fully composable, creating opportunities for use across various DeFi protocols. USDY is available on seven blockchains, providing access to more DeFi opportunities than most yield-bearing stablecoins.

The coin may also be used for passive holding, growing in value over time as yields accrue. In this capacity, USDY represents a good low-risk, on-chain investment opportunity.

Finally, USDY’s overcollateralization and backing by high-quality TradFi assets, Treasury bills and demand deposits make it one of the most secure yield-bearing stablecoins on the market.

How does Ondo US Dollar Yield (USDY) work?

Individuals and institutional entities need to undergo an onboarding process to acquire USDY, during which they submit relevant identity, legal and tax documents. Ondo diligently applies 

 (AML) checks in order to adhere to US securities laws, the Investment Company Act of 1940 and other relevant regulations.

US and UK residents cannot apply to buy USDY, although you may be eligible if you’re a US or UK citizen and reside abroad.

If your application is approved, you can be issued USDY 40 to 50 days after your initial deposit date, although you’ll start earning yield from the first day of your investment. The minimum amount for investment or redemption is $500. You can buy USDY from Ondo using the 

 stablecoin. US dollar wire transfers are also supported for amounts over $100,000.

Redemptions are only transferred in US dollars to bank accounts outside the US. You can redeem your USDY investment at any time, and the typical timeline to receive your funds is about 2–3 business days from the date of your request.

USDY accrues yield daily. The stablecoin’s yields are structured not to incur any US federal tax obligations. Ondo doesn’t charge any performance or management fees for USDY yields. However, the company earns income from a portion of yields generated by the underlying assets backing USDY.

As noted earlier, USDY’s yields accrue to each unit of the token. Therefore, the value of one USDY is usually above $1. For instance, the average value of USDY as of the time of this writing (Apr 30, 2025) is $1.11.

For investors who prefer a fixed $1 rate for the stablecoin, Ondo offers the rebasing version, called rUSDY. Yields for rUSDY are paid to your wallet in the form of additional tokens by increasing the supply of the crypto, while the principal remains at (or very close to) $1. This is known as rebasing. USDY and rUSDY are freely convertible between each other.

The rebased version of the coin might be useful to those who need to ensure rate stability (for example, for B2B payments of agreed-upon contractual amounts) while also earning yields from their investments.

 as a swap pair with the USDT stablecoin.

USDY boasts numerous benefits for investors — low-risk yields from high-quality traditional assets, wide multichain coverage, regulatory compliance, transparency, composability and rate stability. The combination of all these benefits is quite rare in the crypto market, and the investor community is definitely taking note: USDY is already the third-highest-ranked yield-bearing stablecoin by market cap as of late April 2025. 

Since the yield-bearing stablecoin niche is expanding, the advantages of the USDY are likely to attract further interest, both among the institutional crowd and with individuals keen to access high-quality, institutional-grade crypto products.

Intermediate

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What is Ondo US Dollar Yield (USDY) and how does it work?

Discover the 7 top Sui meme coins in 2025, from MIU to HIPPO, as they gain traction with fast growth, strong communities, and unique use cases.

 blockchains, have continued to rally as investors make bold moves with renewed risk appetites. As a 

 blockchain, Sui has continued to attract crypto enthusiasts — especially meme coin lovers, who appreciate the platform's speed and affordability.

Recent surges in trading volumes and market caps of SUI meme coins — such as MIU, LOFI and BLUB — highlight growing investor interest. For instance, BLUB experienced an 88% increase in just 24 hours from Apr 22–23, 2025, contributing to the broader rally of SUI as its price surged over 63% in April 2025.

These coins often incorporate unique themes and philanthropic efforts, such as HIPPO's wildlife conservation donations, that foster strong community support.

Let's look at the top Sui meme coins making waves in the crypto market.

​Sui-based meme coins are rapidly gaining traction due to a combination of technological advantages and vibrant community engagement. The 

 parallel transaction execution and unique gas pricing mechanism enable ultrafast transaction speeds and minimal fees. This makes Sui an ideal platform for the high-volume, speculative trading that meme coins often entail. Sui’s scalability and secure Move programming language attract developers seeking efficient and safe environments for launching their new tokens.​

 (DeFi) further supports meme coin growth, providing avenues for increased utility beyond mere speculation. Following are the top ​Sui meme coins based on market cap, as of Apr 30, 2025.

 is currently the leading ​Sui-based “cat meme coin,” with a market cap of $70.6 million. It draws in investors with its fun, energetic branding and community-driven spirit. MIU also features expanded utility beyond its cute cat hype, allowing users to access DeFi and 

 (NFT) opportunities on its platform. It also promotes long-term commitment via its 

 process, as stakers can earn up to 15% APR with 12 months of staking.

The project frequently launches community events and contests, strengthening its dedicated holder base. MIU’s success highlights the growing appetite for meme tokens on scalable blockchains like Sui. Its playful appeal and strong tokenomics have positioned it at the top of the ​Sui meme sector. MIU is a 

 coin: its total supply is 9 trillion tokens, of which 55% are dedicated to a 

, 15% allocated to staking rewards, 15% to ecosystem development, 10% to community and 5% reserved for the team.

MIU continues to ride the wave of growing meme adoption, aiming to become a lasting force within the Sui ecosystem and beyond.

With a market cap of $35.86 million and over 50 million app users, 

 (MEMEFI) is an ambitious Telegram project that blends the world of memes with SocialFi utilities. Unlike typical meme coins that rely solely on hype, MemeFi aims to engage Telegram users with an interactive web3 meme-themed clicker game that offers daily giveaways and incentivizes ad creations for enterprises.

Its native token, MEMEFI, is more than just a mere meme coin, and has use cases for 

You can trade MEMEFI on Bybit’s Spot trading platform (

 is a rising ​Sui meme coin known for its chill "lofi vibes" branding that resonates with a younger, internet-native audience. Beyond its fun appearance, LOFI has demonstrated solid growth by tapping into communities through music, lifestyle and crypto.

The project also ties in eco-conscious initiatives, focusing on providing clean water sources for global communities and addressing the impact of ocean waste and plastic on marine health, giving it a mission-driven angle not typically seen in meme coins. Besides direct donating, minting LOFI Mystic Yetis NFTs also helps contribute to the cause, with 20% of the proceeds going to the LOFI Foundation.

Lofi’s accessible vibe and shrewd marketing strategy continue to attract new supporters, helping LOFI to stand out in the increasingly crowded ​Sui meme scene. 

 (commonly known as HIPPO) is a community favorite in the ​Sui meme world. The HIPPO token mixes humor with philanthropy, donating a portion of its revenues to wildlife conservation initiatives, starting with Thailand’s Khao Kheow Open Zoo that houses Moo Deng, the adorable pygmy hippopotamus that inspired this viral meme coin. This feel-good approach has helped build an extremely loyal community around the HIPPO token.

Sudeng’s dual focus on memes and real-world impact gives it staying power. The project’s growing community engagement ensures that HIPPO remains relevant in a fast-moving crypto space.

You can buy HIPPO as a USDT Perpetual contract on Bybit (

 is making waves in the ​Sui meme coin ecosystem with its aquatic-themed branding and integration of meme culture. Known for its friendly, community-first approach, BLUB frequently hosts giveaways, meme competitions and liquidity incentives to maximize engagement.

The coin’s fun branding and its steady increase in active users have helped BLUB climb the ranks quickly. Its strong online presence and viral meme campaigns have attracted crypto enthusiasts who are looking for the next breakout meme project. As it continues building partnerships and expanding its reach, BLUB demonstrates strong potential to become a staple in the Sui meme scene.

 (TOILET) is a rising meme coin on ​Sui that embraces humor and absurdity in a way that resonates with crypto culture. Its branding focuses on being intentionally ridiculous, tapping into the viral tone of meme coins that don't take themselves too seriously.

The project’s organic, community-driven growth has made it one of the most talked-about newer entrants in the ​Sui meme space. Frequent meme contests, community raids and spontaneous airdrops help fuel engagement. One of its biggest events is the distribution of Toilet Club Alpha Pass NFTs to the top 100 TOILET holders (as indicated by the Apr 21, 2025 screenshot), which gives holders access to all of Toilet Dust's projects and events and the right to vote on Toilet Dust's future development.

Despite its humorous façade, TOILET’s strong holder base and active marketing tactics suggest it may remain relevant as Sui’s meme coin ecosystem continues to expand.

 (FUD), another top project in the ​Sui meme coin category, is built around an adorable pug mascot battling FUD (fear, uncertainty and doubt) in the crypto world. With a humorous tone and clever marketing, FUD has built a vibrant community of holders who embrace both its memes and its mission.

FUD leverages trending memes, contests and airdrop rewards to keep its community marketing fresh and viral, helping it steadily grow in popularity. Its deep integration of ​Sui apps like 

 — as well as its deflationary tokenomics, whereby 20% is dedicated to token burning — makes FUD a strong contender for future growth in the meme space.

Buying ​Sui meme coins on Bybit can be exciting. Nevertheless, it's important to recognize the risks and rewards involved. 

, and their prices can swing wildly and quickly, offering chances for sizeable gains as well as sudden losses.

Always approach these investments with caution, never risking more than you can afford to lose. That said, the fast-growing ​Sui ecosystem and meme culture can create rewarding opportunities for traders who stay informed and manage their risk properly.

Currently, you can buy MEMEFI as a Spot pair and Perpetual contract on Bybit. HIPPO is also available as a Perpetual contract. This gives traders the flexibility to choose the type of exposure they want — simple buying and holding with Spot, or leveraged trading with Perpetual contracts.

Spot trading is the most straightforward way to buy ​Sui meme coins, as you directly purchase the coin and own it outright. On Bybit, the process is simple. After choosing the Spot pair, such as MEMEFI/USDT, select your preferred order type — e.g., 

(you set the price you're willing to pay) — and confirm the trade to make your purchase.

Spot trading is ideal for beginning traders, as well as anyone who prefers a more straightforward, lower-risk approach as compared to 

Buying Sui meme coins as Perpetual contracts

Bybit offers MEMEFI and HIPPO as USDT Perpetual contracts for those seeking more advanced trading options. With Perpetual trading, you don’t own the actual coins; instead, you speculate on their price movement. Key points to understand include the following:

Perpetual contracts can offer significant rewards, but require a strong understanding of 

. Always start with lower leverage and practice solid trading discipline.

Whether you prefer the simplicity of Spot or the strategy of Perps, Bybit provides flexible ways to explore the booming ​Sui meme coin market.

The rapid rise of meme coins on the Sui blockchain highlights the power of community-driven projects when they’re paired with innovative technology. Thanks to Sui’s high-speed transactions, low fees and developer-friendly environment, Sui meme coins like MIU, LOFI and HIPPO have found a perfect ecosystem in which to thrive. Each project brings something unique to the table — whether humor, philanthropy, DeFi innovation or pure meme culture — creating a vibrant and diverse ​Sui meme coin landscape.

Beginner

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7 top Sui meme coins to pay attention to in 2025

Mastercard has partnered with Circle, Paxos, and Nuvei to allow 150 million merchants to accept stablecoin payments. 

Daily top performer — Drift Protocol (DRIFT)

The S&P 500 rose 0.58% for a sixth straight gain as markets await key inflation and GDP data, alongside earnings from Meta and Microsoft. Gold fell 0.60% to $3,323 as a stronger USD and improved risk appetite limited safe-haven demand. Prices remained range-bound, with key levels at $3,260 support and $3,400 resistance. The Coindesk Indices, which tracks the broader crypto market, rose 0.51%, with Bitcoin and Ether up 0.55% and 1.31%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is DRIFT, which surged 28.7% following the introduction of Amplify, Drift's tool for simplified leverage that boosts yields with increased risk.

Drift Protocol (DRIFT), founded in 2021, is a decentralized exchange (DEX) on Solana offering spot trading, perpetuals, and market-making tools. Drift v2 builds on this by improving trading efficiency, security, and user-centric features, incorporating community feedback to enhance the platform. 

 by Drift automates leveraging strategies for higher yields by recursively borrowing against yield-generating assets. It simplifies the process, making leverage accessible with one click. However, risks such as liquidation, changing interest rates, and oracle failures exist. Amplify is designed for users with JLP or SOL LSTs seeking to boost yields with minimal complexity but comes with increased risk.

Check out the latest prices, charts, and data of 

 with Circle, Paxos, and Nuvei to allow 150 million merchants to accept stablecoin payments. The company aims to make it easier for both merchants and consumers to use stablecoins, promoting blockchain technology's mainstream adoption. Additionally, Mastercard has launched a crypto payments card with MetaMask, enabling self-custodied fund transactions with fast processing speeds. Stablecoin market growth is expected to reach $3.7 trillion by 2030.

Yesterday, Bitcoin spot ETFs saw $43.9 million in net outflows, all from non-GBTC funds, while GBTC recorded zero flows.

, a Layer-1 blockchain focused on AI agents and user-owned IP, is offering a limited-time free ticket to its Summit Series for the next 18 hours. Users can also join the Camp Points Program by completing simple tasks to earn points, which may qualify them for a future $CAMP token airdrop. A minimum of 30 points is required to be eligible. Daily check-ins earn bonus points. VPN use may be needed for access.

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Mastercard partners with Circle, Paxos, and Nuvei to enable stablecoin payments for 150 million merchants

Gold's meteoric rise in 2025 is closely tied to broader macroeconomic factors, particularly the performance of the US dollar and global stock markets. 

Gold's meteoric rise in 2025 is closely tied to broader macroeconomic factors, particularly the performance of the US dollar and global stock markets. A weakening dollar, combined with disappointing equity returns, has created a fertile environment for gold to thrive. With gold priced in dollars, any depreciation in the US currency enhances gold's relative value, attracting both domestic and international investors.

Year-to-date, gold has gained 26%, while the S&P 500 has declined by 11%. This inverse relationship underscores gold's role as a traditional 

 during periods of economic uncertainty and market volatility.

Adding to the bullish momentum, inflationary pressures are remaining persistent, further eroding the purchasing power of fiat currencies and boosting gold's appeal as a hedge against currency devaluation.

Geopolitical uncertainty and tariff risks

Trade policies under U.S. president Trump have reignited fears of global tariff wars. The uncertainty surrounding tariffs has prompted investors to seek refuge in gold, considered the "global currency" during times of economic disruption. Concerns about tariffs on key commodities, including gold itself, have added another layer of complexity to market dynamics.

Potential tariffs on gold could mirror the recent surge in copper prices, as supply constraints and increased demand drive costs higher. Exporters and importers, wary of volatile exchange rates, are increasingly opting to hold gold instead of more vulnerable currencies like the Canadian dollar (CAD), Japanese yen (JPY), euro (EUR), Chinese yuan (CNY) and Mexican peso (MXN).

By serving as a neutral reserve asset, gold provides much-needed stability amid shifting trade patterns and geopolitical tensions. As global commerce adapts to new tariff structures, the demand for gold as a "store of value" is likely to intensify.

Interestingly, the ongoing trade war dynamics suggest that for the first time in decades, gold may be emerging as the 

. As U.S. imports become more expensive due to tariffs, exporting countries earn less revenue and, consequently, reduce their investments in US Treasuries. This dynamic has led to selling pressure on Treasuries, weakening their traditional role as a safe-haven asset — and with Treasuries losing their appeal, investors are increasingly parking their capital in gold, reinforcing its unique position during this period of heightened trade tensions.

From a technical standpoint, gold's rally appears robust. The 

 (MACD) indicator remains positive, signaling that bullish momentum is intact. Notably, the 12-day moving average is above the 26-day moving average, confirming that short-term price action is outpacing longer-term trends.

 (RSI) stands at 60, indicating that while gold is nearing overbought territory, momentum hasn’t yet faded. This technical setup suggests that gold could continue its upward trajectory in the near term, especially if macroeconomic and geopolitical factors remain supportive.

The next upside technical target is pegged at $3,500, with analysts projecting a potential move toward $4,000 by year end if current momentum holds.

China's role in supporting gold prices cannot be overstated. Amid a deepening economic slowdown and strict capital controls, Chinese investors are increasingly turning to gold to preserve their wealth. With over 1.4 billion citizens seeking alternatives to a weakening yuan, demand for gold within China has surged.

This trend is reflective of a broader shift in emerging markets, whereby gold is viewed not just as an investment but as a critical safeguard against economic instability and currency depreciation. Intensifying Chinese demand provides an additional tailwind to global gold prices.

While gold commands the spotlight, silver presents an intriguing complementary opportunity. Historically correlated with gold, silver remains significantly below its ATH of $50, which was set in 2011. Given the momentum in precious metals, silver's relative undervaluation offers considerable upside potential for investors seeking diversification.

With industrial demand also supporting silver prices, silver could benefit from both safe-haven inflows and economic recovery scenarios, making it a compelling addition to a diversified precious metals portfolio.

In conclusion, gold's impressive surge to record highs is being driven by a combination of macroeconomic headwinds, geopolitical uncertainty and strong technical indicators. Trade policy risks, the weakening dollar and growing demand from China reinforce gold's role as a premier safe-haven asset.

Because technical momentum remains positive and investor sentiment strong, gold appears well positioned to continue its ascent toward the $3,500 mark by year end. Investors seeking to hedge against economic instability and currency volatility will likely find gold — and potentially silver — to be attractive additions to their portfolios in 2025.

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Bybit X FXStreet Report: Gold could reach US$4,000 per ounce by 2025

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Crypto investing can be an exciting affair. As interest in cryptocurrencies rises worldwide, however, an increasing number of scammers are targeting the industry. We go through some shocking crypto scams, and the lessons to be learnt from them.

 (DeFi) has experienced tremendous growth in recent years, with crypto becoming an important part of many investment portfolios.

However, the increase in crypto adoption has also drawn unwanted attention from a malicious group of opportunists: scammers. From 2020 to 2021, losses from crypto-related scams rose 79%, with 

Such scams have caused investors to lose not only billions of dollars but also their trust in the industry. In addition, these schemes have evoked feelings of doubt and fear, dissuading potential investors from making their first crypto investments.

This article explains the various types of crypto scams and provides examples of each one — with tips on how to avoid getting scammed in the first place.

Crypto “scams” refer to attempts by individuals or companies to access users' private information, such as their security codes, or deceive unsuspecting people into sending their crypto to a compromised digital wallet. They come in many different forms, on which we’ll elaborate below.

Crypto scams can be compartmentalized into two main categories:

Despite this broad categorization, there are also specific types of scams that cryptocurrency users have been experiencing. The following are the main types of scams in the crypto industry.

 scams involve a group of insiders using messaging apps or social media in order to plant rumors that a renowned mogul is supporting the digital currency in question. The aim of this setup is to lure investors into purchasing the crypto, drive up the price, and sell their stake — thus causing the value of the currency to plummet.

public purchases all of the cryptocurrency (often newly issued, with very little trading history), the insiders start selling —or “dumping” — the crypto at high prices. This move sparks a steep sell-off and a resultant profit at the expense of the duped masses.

Phishing is a common scam in cryptocurrency. Just as with pump-and-dump, phishing isn’t restricted to digital currency. In the world of cryptocurrency, phishing means deceiving victims in order to get them to reveal sensitive details like passwords and 

Phishing scams often take place via email, with scammers posing as an authority and asking for users' credentials. These scams are also widespread on various social media platforms.

As evocative as its name is, the consequences of “pig butchering” are very serious for its victims.

The pig butchering scam usually takes place on online dating websites. The scammer sets an attractive profile picture to attract the "pig” (victim), and then "fattens” them up over a period of time through online messaging. As the victim grows closer to the perpetrator, they begin to trust the scammer more.

Eventually, the scammer informs the victim about huge gains that they’ve supposedly made in the cryptocurrency market, and advises the victim to follow along in some of their investments. Initially, these investments seem to pay off handsomely on paper, but the money's gone as soon as it's sent. The scammer uses phony sites, duping the victim into shelling out bigger sums of money to the perpetrator’s fake account.

When the victim tries to withdraw their money, their efforts are in vain. As the "pig" — who is now fattened for slaughter — they’re left empty-handed.

The pig slaughtering scam is believed to have originated in China, and is known for its relatively long duration.

Ponzi schemes are named after the notorious 1920s swindler, 

. The basic idea of the scam hasn’t changed for over a century.

Here's how it works: A crooked broker proposes a surefire investment with guaranteed, lavish returns. Their pitch may involve a secretive strategy — or, in this case, a 

In the beginning, the idea looks legit — your account balance keeps rising, and you might be able to withdraw some amount of cash. In reality, however, the crook pockets most of the money, issues phony paperwork to cover up the ruse, and uses cash from early investors to pay a little to the new ones.

As more investors come on board, the scammer finds it increasingly hard to sustain the ruse. By the time the scheme collapses, your money is long gone.

 collected an estimated $17 billion from nearly 5,000 investors before his fraud fell apart in 2008. Almost $3 billion was never recovered.

 is a crypto scam wherein a cryptocurrency's promoters pump up a new coin to boost its price, after which they disappear with the funds. The investors are then left with a valueless token that has zero fundamentals and no future.

A rug pull often doesn't allow a non-insider owner to sell their token, as it’s coded in a manner that allows only insiders to exit.

Airdrop scams are prominent in decentralized finance (DeFi). They involve a phenomenon in crypto called a token 

 as a reward for carrying out specific actions on 

While legitimate airdropping of tokens is typically done to start and grow a grassroots community, airdrop scams are also doing the rounds.

Here's how it works: An entity airdrops a token that appears to have value into your wallet. “When you try to exchange that airdropped token for a more well-known token, you give the protocol more permissions than you realize, allowing the hacker to access all the assets in your wallet," says 

, COO at Stacked, a crypto investment startup. Once that happens, your wallet is likely to be swept clean within minutes or even seconds.

In the realm of financial transactions, the 

 (APP) scam is a growing concern. This type of fraud involves the victim being deceived into willingly making a payment to an account controlled by a scammer. The key point to note in an authorized push payment scam is that the transaction is authorized, or perceived to be authorized, by the victim, making it difficult to reverse and recover the funds once the scam has been executed.

The deceptive nature of an authorized push payment scam lies in its exploitation of trust and manipulation of information. Fraudsters may pose as legitimate entities such as banks, solicitors, or even government departments, convincing victims that they are making a secure payment for a genuine reason. The victims, believing they are conducting a standard transaction, authorize the payment, only to discover later that they have been duped and their money has been sent to the scammers.

The growing prevalence of authorized push payment scams reflects the sophistication and adaptability of modern fraudsters. As technology advances and financial transactions become increasingly digital, these scams are becoming more complex and harder to detect. Measures are being taken to mitigate the risks associated with APP scams, including enhanced security protocols and customer education. However, the ever-evolving tactics employed by scammers necessitate constant vigilance and proactive measures from both financial institutions and consumers. While efforts are ongoing to combat these scams, it remains crucial for individuals to be vigilant when authorizing any payment, especially those conducted online.

Scammers set up bogus celebrity accounts on 

 to deceive devoted fans. These scammers then reach out to the star’s followers and ask for money under various pretexts: 

Another popular scamming tactic involves the use of a phony livestream. The scammer's fake celebrity account features a video taken from the star’s real social feed, with a message promising a hefty cash prize to the first, say, 500 or 1,000 people who identify something hidden in an optical illusion or comment with a specific phrase. Respondents to such prize offers then receive a direct message requesting their crypto wallet keys and other personal data to facilitate the supposed payment. With the information collected, the scammer accesses and steals the victim's crypto assets.

 means a sale in which a trader sells an asset and then repurchases it at or around the time of the sale, in an attempt to influence the price or manipulate trading activity on a particular asset.

There are various motivations for a trader or company to engage in wash trading:

Despite the many possible motivations, the core intent of wash trading is to mislead people and boost perceptions of the price and volume of an asset that’s being traded.

Most users consider the blockchain to be extremely secure since it’s inherently unalterable. Therefore, many have dubbed it as “unhackable.” Unfortunately, recent incidents have indicated that hackers can access blockchains in some situations.

During verification, “miners” review transactions to ensure that they’re genuine. If one or more hackers gains control over at least half the mining process, the consequences could be dire. For example, scammer miners can create a duplicate version of the 

, where some transactions aren't reflected. Miners could then create a completely different collection of transactions on the fork, and make it seem like that’s the true version of the blockchain, despite its fraudulent nature. Hackers could also 

At times, there may also be errors or security glitches during the creation of the blockchain, especially with larger or more intricate blockchains. In such cases, hackers can identify the vulnerabilities and plan an attack to get in easily. Since the fraudulent activity isn’t reflected, hackers can steal money from users without being detected. Unfortunately, due the unalterable nature of blockchain transactions, the only way to retrieve stolen money is to create a fork that is recognized by all users as the authoritative blockchain.

If the security practices surrounding a cryptocurrency exchange are weak, hackers can steal users' assets, and even perform identity theft.

, the rapid rise of decentralized finance (

) is (ironically) the main factor behind the increase in cryptocurrency scams.

DeFi proposes the removal of all traditional middlemen from the financial sector, including banks and lawyers. It further suggests replacing them with a piece of code written on a public blockchain that approves and regulates all financial transactions independently.

Since the DeFi sector is still in its infancy, its infrastructure is incomplete and awaiting further development. As a piece of code that is still being refined, DeFi software is currently highly vulnerable to hackers. 21% of all hacks in 2021 took advantage of loopholes in DeFi code. While the lack of third-party interference is often perceived as an advantage of DeFi, it can also pose a disadvantage, as it’s harder for regulators to stop fraud in the space.

In June 2021, influencers with large follower bases like 

 (a successful esports organization and influencer incubator) showed their support online for a new cryptocurrency called “Save the Kids” (KIDS).

The new token's website (which is now defunct) claimed that the crypto venture was helping to build a better world for children, and promised to donate a portion of the token's proceeds to charity. 

Many fans "pumped" money into this charitable crypto scheme, believing that their investment was safeguarded by the high profile of the influencers endorsing it. The result? Their money disappeared almost overnight.

Amid a growing number of online accusations, FaZe Clan 

In the early hours of April 14, 2021, many users of 

, a reward-earning cryptocurrency platform, started reporting that they had received a suspicious email.

The email looked like it was a legitimate one from Celsius. It announced the launch of the much-anticipated "Celsius Web Wallet" with an offer of $500 in CEL for users who followed the included promo link.

However, some attentive users realized that the link led them to "celsiuswallet.network" instead of "celsius.network," the official company domain, indicating that something wasn't right. Celsius has always made it clear that they do not have any other official domain.

Unfortunately, as the destination page looked just like the legitimate company page, many users went ahead to claim the offer and submit sensitive information. Soon after, there were reports of users who had lost their crypto balance and many others who said they had received the same phishing emails and SMS messages linking to the same fraudulent page.

A Tennessee woman reported losing $390,000 that belonged to herself and her father after falling for a crypto dating scam.

24-year-old Nicole Hutchinson sold the house that she had inherited from her mother and split the proceeds with her father. The $280,000 she inherited was meant to go toward building a life in California and helping her family.

In an attempt to make new friends before shifting to California, Nicole started using Hinge, an online dating website. On Hinge, she met a man named "Hao," and they soon became friends. Hao told her that he came from the same town in China from which she had been adopted, leading to a strong connection. He also told her he was into investing in cryptocurrency and suggested that she could also invest. 

Hao suggested that she create an account on

, a legitimate site. He then sent her a link and asked her to transfer her money to the new link, which he claimed was a cryptocurrency exchange platform.

Though she started with small amounts, she soon began investing more money. As her account started reflecting the “profits” she had made, she suggested that her father also start investing, so he did. 

By December, their accounts indicated a combined balance of $1.2 million, and Hutchinson decided to cash out. At that point, the site told her that she would have to pay a hefty "tax bill" of roughly $380,000 before she could withdraw her money. That's when she discovered that all her cryptocurrency investments weren't real, and all the funds belonging to her and her father had gone into the scammer's pocket.

OneCoin is known as the longest-running Ponzi scheme in the crypto industry. It was founded by Ruja Ignatova, aka 

, a Bulgarian fraudster. Between 2014 and 2019, OneCoin lured many investors, defrauding them of $5.8 billion by marketing OneCoin as the hottest innovation in the crypto industry — a "

This "business venture" was concealing a multi-level marketing scheme that compensated members with OneCoin and cash for onboarding new investors.

The issue was not the marketing strategy, but rather that Onecoin didn’t even have a blockchain of its own. Therefore, when investors bought or received OneCoin, they ended up with a worthless coin that wasn't backed by an accepted digital asset technology.

 and leveled charges on its leaders after many years of warning investors against investing in Onecoin. By this time, however, Ignatova herself had disappeared. Her whereabouts are currently unknown, while OneCoin’s co-founder, Sebastian Greenwood, is incarcerated in the United States.

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