Weekly Crypto Roundup: Key Developments in the Industry (July 6, 2025)

Disclaimer: This article serves solely for informational purposes and should not be interpreted as financial advice. BitPinas does not have any commercial affiliations with the entities mentioned unless specified otherwise.

📬 Stay updated with the latest cryptocurrency news from the Philippines and Southeast Asia by subscribing to the BitPinas Newsletter.

From the discovery of fraudulent wallet extensions in the Firefox Store to the launch of a new crypto recovery system, here’s a summary of significant crypto news you might have overlooked.

Over 40 Fraudulent Crypto Wallet Extensions Identified in Firefox Store

A cybersecurity firm, Koi Security, has uncovered over 40 deceptive browser extensions masquerading as popular cryptocurrency wallets such as MetaMask and Coinbase in Mozilla Firefox’s official add-ons marketplace.

These malicious extensions are designed to harvest sensitive information, including seed phrases and wallet credentials. The operation is suspected to be run by a Russian-speaking cybercriminal group and has been active since at least April.

Attackers have replicated open-source versions of legitimate wallets, utilizing brand logos and fake five-star ratings to gain user trust, leading many to inadvertently jeopardize their funds.

Mozilla has confirmed the removal of most of these fraudulent extensions shortly after their detection and is enhancing its tools for identifying and eliminating such threats. While some extensions were taken down prior to the report, others remained active at the time of the latest update.

The company continues to monitor and remove any remaining harmful extensions to safeguard its users.

CertiK Reports $2.5 Billion in Crypto Losses for H1 2025, Yet Q2 Sees a Decline in Hacks

According to blockchain security firm CertiK, the total losses attributed to crypto-related hacks, scams, and exploits reached approximately $2.47 billion in the first half of 2025, marking a slight increase from the previous year.

However, the second quarter experienced a significant 52% reduction in losses compared to the first quarter, with over $800 million lost across 144 incidents.

Most of the losses stemmed from two major breaches: Bybit’s $1.5 billion cold wallet hack and a $225 million exploit involving Cetus Protocol. Excluding these incidents, total losses would have been around $690 million, suggesting that the overall trend may not be as alarming.

Phishing attacks were the most prevalent, accounting for 132 incidents, while wallet compromises inflicted the most financial damage, totaling $1.7 billion. Ethereum remained a primary target due to its significant role in decentralized finance (DeFi).

Vitalik Buterin: Ethereum Must Demonstrate True Decentralization to Avoid Obsolescence

During the Ethereum Community Conference (EthCC) held in France, co-founder Vitalik Buterin emphasized the necessity for Ethereum to substantiate its decentralization beyond mere rhetoric.

He proposed practical benchmarks such as the “walk-away test” and “insider attack test” to assess whether applications can function independently of centralized control or withstand insider threats.

Buterin criticized the hidden vulnerabilities present in numerous layer-2 networks and DeFi projects, urging developers to prioritize privacy and resilience as foundational principles.

As Ethereum approaches its 10th anniversary, Buterin highlighted that the protocol is at a critical juncture. He warned that without a renewed commitment to decentralization, security, and user-centric design, Ethereum risks becoming irrelevant.

Ripple Seeks U.S. Banking License

Ripple, the issuer of the $XRP token, has submitted an application for a national banking license to the U.S. Office of the Comptroller of the Currency (OCC), indicating its desire to strengthen its presence in traditional finance.

If granted, Ripple’s dollar-backed stablecoin, $RLUSD, would be subject to both state and federal regulatory oversight, enhancing its compliance and transparency standards.

The company has also applied for a Federal Reserve master account, allowing it to directly manage $RLUSD reserves with the Federal Reserve, which is perceived as a move to bolster security amid ongoing regulatory uncertainties surrounding stablecoins.

This initiative follows similar efforts by other crypto companies like Circle, Coinbase, and Paxos, which are also pursuing federal charters or trust licenses to broaden their financial services. Ripple’s CEO, Brad Garlinghouse, noted that dual regulation could establish a new standard in the industry.

Deepfake Crypto Scams on the Rise in Canada

Adam Chambers, MP for Simcoe North, has raised concerns about a surge in deepfake crypto scams in Ontario’s Simcoe County, where victims are reportedly losing substantial amounts of money.

Scammers are employing AI-generated videos featuring fake endorsements from trusted public figures to lure individuals into fraudulent investment schemes. Victims are misled into transferring funds to crypto exchanges and subsequently sending digital assets to wallets controlled by the scammers, rendering the funds untraceable.

Chambers reported at least six local incidents, including one case with losses exceeding $100,000. He emphasized that this issue reflects a broader national trend and called for increased public awareness, enhanced collaboration between banks, crypto platforms, and law enforcement, as well as greater accountability from tech companies hosting the fraudulent content.

Victims are encouraged to report any suspicious activities to the police or the Canadian Anti-Fraud Centre, even if they have not lost any money.

Circuit Introduces New Crypto Recovery System

Crypto infrastructure company Circuit has launched a new recovery engine aimed at addressing one of the industry’s most pressing challenges: the permanent loss of assets due to misplaced private keys or hacking incidents.

Unveiled recently, this system employs “Automatic Asset Extraction” technology to identify threats or key loss and automatically transfer assets to a secure vault. Early institutional partners include UAE-based custodian Tungsten and infrastructure provider Palisade.

CEO Harry Donnelly stated that institutional investors require robust recovery solutions before making significant commitments to digital assets. He argued that while the irreversibility of Bitcoin is often seen as a benefit, it can deter mainstream adoption, particularly for enterprises focused on risk management.

With estimates suggesting that up to 18% of Bitcoin may be permanently lost, Donnelly highlighted that most users are not prepared for full self-custody, underscoring the necessity for safety nets akin to those found in traditional finance.

This article is published on BitPinas: crypto news You May Have Missed This Week | July 06, 2025

What other developments are unfolding in the crypto landscape in the Philippines and beyond?

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.