Here’s what happened in crypto today
Today in crypto, cypherpunk Jameson Lopp sounds alarm on Bitcoin address poisoning attacks, a recent court filing shows nearly 400,000 FTX users risk losing $2.5 billion in crypto repayments unless they complete Know Your Customer (KYC) verification before the extended June 1 deadline, and Bill Ackman speculated that US President Donald Trump could delay his proposed tariffs on April 7.
Cypherpunk Jameson Lopp issues warning on Bitcoin address poisoning
Cypherpunk and crypto executive Jameson Lopp sounded the alarm on Bitcoin (BTC) address poisoning, a social engineering scam that uses addresses similar to those found in a victim's transaction history to fool them into sending funds to the scam destination.
This is done through brute force creation of addresses that match the first and last four digits of addresses displayed in the victim's transaction history.
An example of a suspected address poisoning transaction. Source: Jameson Lopp
The malicious actors then send the victim a small amount of Bitcoin, typically under $1, so that the malicious address will also now appear in the victim's transaction history.
Lopp urged better wallet user interfaces that fully display addresses and urged Bitcoin holders to always exercise caution, thoroughly reading and verifying destination addresses instead of simply copying and pasting from a transaction history list.
Nearly 400,000 FTX users risk losing $2.5 billion in repayments
Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.
Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.
FTX users originally had until March 3 to begin the verification process to collect their claims.
“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.
FTX court filing. Source: Bloomberglaw.com
The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.
Billionaire investor would “not be surprised” if Trump postpones tariffs
Crypto-friendly billionaire investor Bill Ackman is considering the possibility that US President Donald Trump may pause the implementation of his controversial proposed tariffs on April 7.
"One would have to imagine that President Donald Trump's phone has been ringing off the hook. The practical reality is that there is insufficient time for him to make deals before the tariffs are scheduled to take effect," Ackman, founder of Pershing Square Capital Management, said in an April 5 X post.
"I would, therefore, not be surprised to wake up Monday with an announcement from the President that he was postponing the implementation of the tariffs to give him time to make deals," Ackman added.
On April 2, Trump signed an executive order establishing a 10% baseline tariff on all imports from all countries, which took effect on April 5. Harsher reciprocal tariffs on trading partners with which the US has the largest trade deficits are scheduled to kick in on April 9.
