Singapore’s Crypto Crackdown, NY’s $2M Crypto Heist, and Litecoin’s Social Media Breach: What’s Really Going On?

In a comprehensive review of recent crypto-related developments, Singapore has taken decisive action to block access to Polymarket

Singapore has blocked access to Polymarket, a cryptocurrency-based prediction market, as part of a broader initiative to regulate unlicensed gambling platforms.

This move follows the enactment of the Gambling Control Act 2022, which prohibits Singaporeans from accessing such sites and subjects them to fines or imprisonment.

Currently, Singapore Pools is the sole licensed gambling operator in the city-state.

In the United States, New York Attorney General Letitia James has filed a lawsuit to recover over $2 million in cryptocurrency that was defrauded from victims.

The victims were lured by scammers who promised them high-paying remote jobs and then directed them to make crypto transactions that resulted in their funds being stolen.

The AG's office, with the assistance of the US Secret Service, has managed to freeze the stolen assets.

In a separate incident, Litecoin's X social media account was compromised.

The hack involved the promotion of a fake Litecoin token on the Solana network, complete with fraudulent links and token contract addresses.

While the Litecoin team has since regained control of the account, the breach highlights an ongoing vulnerability in social media platforms that are closely associated with crypto projects.