After last month’s collapse of the Terra ecosystem, TRON has announced plans to overcollateralize the USDD stablecoin, which was at first a near carbon copy of Terra’s algorithmic stablecoin UST.

Yuga Labs has confirmed the Bored Ape Yacht Club (BAYC) Discord server was hacked over the weekend, with the attacker taking 200 ETH, over $360,000, worth of non-fungible tokens (NFTs).

A report published by the Federal Trade Commission has revealed that more than 46,000 people say they have lost over $1 billion in cryptocurrency scams since the start of 2021. Last year, losses were nearly 60 times what they were in 2018.

Top stories in the Crypto Roundup today:

• TRON Moves to Overcollateralize USDD Stablecoin
• Yuga Labs Discord Hack Leads to 200 ETH Worth of NFTs Being Stolen
• Crypto Scams Cost Over $1 Billion Since 2021: FTC

TRON Moves to Overcollateralize USDD Stablecoin

After last month’s collapse of the Terra ecosystem, TRON has announced plans to overcollateralize the USDD stablecoin, which was at first a near carbon copy of Terra’s algorithmic stablecoin UST.

A reserve comprised of cryptocurrencies and other stablecoins is now set to be amassed, with a minimum of 130% of the total amount of USDD in issuance set to be held in reserve, according to TRON founder Justin Sun.

TRON has described that collateral ratio as “guaranteed” and revealed it will publish real-time updates on the ratio on TRON DAO Reserve’s website. The reserve is said to contain 14,040 bitcoin, 140 million USDT, and 1.9 billion TRX, as well as 8.29 billion TRX in a burning contract.

Commenting on the move, Sun said:

“We want to upgrade USDD to a hybrid model. So on the one side we have an algorithmic stablecoin — an algorithm to make the stablecoin stable — on the other hand we have TRON DAO Reserve.”

The bulk of the reserves have been financed by TRON. These consist of Bitcoin, TRX, USD, and a number of stablecoins including USDC, USDT, and TUSD.

Yuga Labs Discord Hack Leads to 200 ETH Worth of NFTs Being Stolen

Yuga Labs has confirmed the Bored Ape Yacht Club (BAYC) Discord server was hacked over the weekend, with the attacker taking 200 ETH, over $360,000, worth of non-fungible tokens (NFTs).

The hack occurred after the project’s community manager had his Discord account compromised. The hacker used the account to post phishing links in Discord channels of the official BAYC and its related metaverse project, called Otherside.

Twitter user NFTherder, who first spotted the hack, estimates 145 ETH, worth around $260,000, was stolen along with the NFTs. Yuga Labs, 11 hours after NFTherder reported on the hack, confirmed the exploit occurred and said it was still actively investigating it.

The incident marks the third time a malicious actor was able to impersonate a Yuga Labs-run account to steal users’ assets. The first was on April 1, when Mutant Ape Yacht Club #8662 was stolen through a phishing link posted on the project’s Discord server, while the second came on April 25, after the BAYC Instagram and Discord accounts posted a phishing link.

Crypto Scams Cost Over $1 Billion Since 2021: FTC

A report published by the Federal Trade Commission has revealed that more than 46,000 people say they have lost over $1 billion in cryptocurrency scams since the start of 2021. Last year, losses were nearly 60 times what they were in 2018.

The FTC noted that the top cryptocurrencies people said they used to pay scammers were overwhelmingly Bitcoin (70%), USDT (10%), and Ether (9%). Nearly half of the people who lost cryptocurrency to a scammer reported that it all started with some kind of message on social media.

The top social media platforms mentioned to the FTC include Instagram, where 32% of scams took place, Facebook, where 26% occurred, WhatsApp, where 9% occurred, and Telegram, where 7% occurred.

Fake investment opportunities were by far the most common scam, with $575 million of digital assets being stolen through fake investment opportunities. Romance scams were the second-most common scam, followed by business and government impersonation scams.

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