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The post Crypto whale loses $6M to sneaky phishing scheme targeting staked Ethereum appeared on BitcoinEthereumNews.com. A crypto whale lost more than $6 million in staked Ethereum (stETH) and Aave-wrapped Bitcoin (aEthWBTC) after approving malicious signatures in a phishing scheme on Sept. 18, according to blockchain security firm Scam Sniffer. According to the firm, the attackers disguised their move as a routine wallet confirmation through “Permit” signatures, which tricked the victim into authorizing fund transfers without triggering obvious red flags. Yu Xian, founder of blockchain security company SlowMist, noted that the victim did not recognize the danger because the transaction required no gas fees. He wrote: “From the victim’s perspective, he just clicked a few times to confirm the wallet’s pop-up signature requests, didn’t spend a single penny of gas, and $6.28 million was gone.” How Permit exploits work Permit approvals were originally designed to simplify token transfers. Instead of submitting an on-chain approval and paying fees, a user can sign an off-chain message authorizing a spender. That efficiency, however, has created a new attack surface for malicious players. Once a user signs such a permit, attackers can combine two functions—Permit and TransferFrom—to drain assets directly. Because the authorization takes place off-chain, wallet dashboards show no unusual activity until the funds move. As a result, the assets are gone when the approval executes on-chain, and tokens are redirected to the attacker’s wallet. This loophole has made permit exploits increasingly attractive for malicious actors, who can siphon millions without needing complex hacks or high-cost gas wars. Phishing losses The latest theft highlights a wider trend of escalating phishing campaigns. Scam Sniffer reported that in August alone, attackers stole $12.17 million from more than 15,200 victims. That figure represented a 72% jump in losses compared with July. According to the firm, the most significant share of August’s damages came from three large accounts that accounted for nearly half…

The post JPMorgan Forecasts US Stocks Rally May Stall as Fed Rate-Cut Bets Fully Priced In and Year-End Profit-Taking Looms appeared on BitcoinEthereumNews.com. JPMorgan strategists led by Mislav Matejka say profit-taking could cap the recent equity rally if a Fed rate cut materializes. In their note, investors may prefer locking in gains before year-end rather than increasing directional exposure, with rate-cut expectations already priced in and U.S. equities trading near multi-month highs. The team maintains a bullish medium-term outlook, arguing that a dovish Fed stance should support risk assets. They cite supportive dynamics—low oil, moderating wage growth, and easing tariff pressures—that could allow monetary easing without rekindling inflation, a backdrop that also informs crypto markets. Looking ahead to 2026, factors such as reduced trade uncertainty, a brighter Asian economic outlook, expanded Eurozone fiscal spending, and faster AI adoption may help maintain liquidity and demand across markets, including cryptocurrency assets like Bitcoin and Ethereum. Source: https://en.coinotag.com/breakingnews/jpmorgan-forecasts-us-stocks-rally-may-stall-as-fed-rate-cut-bets-fully-priced-in-and-year-end-profit-taking-looms

The post Michigan moves ahead with strategic crypto reserve bill appeared on BitcoinEthereumNews.com. Michigan lawmakers are advancing a proposal that would allow the state to establish a strategic crypto reserve, as the Midwestern state joins other US jurisdictions considering digital assets for public investment.  The proposed legislation, known as House Bill 4087, moved to a second reading on Thursday and was referred to the Committee on Government Operations. It was introduced in February by Republican Representatives Bryan Posthumus and Ron Robinson, who are asking the House to amend the Michigan Management and Budget Act.  “Michigan can and should join Texas in leading on crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve,” Posthumus wrote on X at the time of its introduction. If passed, the state treasurer’s authority will be allowed to allocate up to 10% of funds from Michigan’s countercyclical budget and economic stabilization fund into crypto. Michigan government could become crypto holders House Bill 4087 allows the state to maintain its digital assets in three possible ways: through a secure custody solution, through a qualified custodian such as a bank, trust company, or state-regulated firm, or by acquiring exchange-traded products (ETPs) from registered investment companies. House Bill 4086 and 4087. Source: Michigan legislation website. Security procedures for the crypto holdings include exclusive government control over private keys, end-to-end encryption of all data, and the prohibition of access via smartphones.  Michigan-owned digital assets’ information will be stored in secure data centers in different locations within the state. At the same time, transactions would require multiparty authorization, in addition to regular independent security audits. The bill allows the state to loan out crypto to generate additional revenue, provided that such activity does not increase exposure to financial risk.  House Bill 4086, which was also introduced during the same month by Representatives Alabas Farhat, Ron Robinson, and…