CryptoWatch: Hamster Kombat App in Iran, Metallica Hacked for Crypto Scam, Binance Report Rewards Program

This week on Tech Times' CryptoWatch, the top developments and stories are delivered. The first one centers on Iran's massive craze for the 'Hamster Kombat' app, which promises significant returns for users amidst an economic decline. There was also the massive hack against the rock band Metallica on X, with crypto scammers using their accounts to promote a new token.

Lastly, there is also the massive move from Binance, which introduced a new Rewards program that will give users perks and freebies for reporting suspicious activities.

'Hamster Kombat' App in Iran Getting Popular Amidst Economic Struggles

Iranians are now getting into the craze that is the "Hamster Kombat" app, a new platform that allows them to make money off of different tasks like scanning QR codes amidst the massive economic struggles. The country is experiencing massive inflation and unemployment, and it also faces Western sanctions. The app fills in the hopes of the Iranian people.

It was revealed that many Bitcoin believers in the country are using Hamster Kombat, a digital platform with massive ties to cryptocurrency and the top coin.

Despite the massive enthusiasm and beliefs, experts and different groups are campaigning against the use of Hamster Kombat, with reasons including safety and security amongst the Iranian people.

Metallica's X Account Hack: Crypto Scammers Promote New Token

Amidst several incidents of X account hacks on renowned personalities, Metallica was among those whose social media platforms were raided by crypto scammers to promote their new token. The $METAL token, a Solaba-based coin, soared to as much as $3.37 million just mere hours after Metallica promoted it via the X account hack.

The scammers claimed that they were tied to Ticketmaster and MoonPay to add legitimacy to their operations, but Keith Grossman, MoonPay president, clarified that they were not affiliated with it and called it a scam.

Metallica's account was later retrieved, and after the posts had been deleted, the new token dropped to $90,000 after several hours since its posts were deleted.

Binance Will Reward Users for Reporting Suspicious Activities

Binance has announced its latest rewards program that will offer prizes to those who report suspicious and dubious activities on the platform amidst the attacks. This is part of Binance's commitment to making its platform secure, centering on its user-friendly experiences on the platform, with this initiative looking to prevent further harm to users.

While it was not reiterated how much users would get from this Rewards program, it assured them that whenever reports are made, Binance will investigate the incidents and take necessary action afterward.

There were previous discoveries by the platform that bad actors targeted sub-accounts, sub-wallets, and fund manager accounts being abused.