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If you're into Solana, watch out! Scammers are using a tricky tactic to burn tokens right after they’ve been purchased.

Here’s what we got for you today:

• 🚨 Solana scam alert!

• 🤯 Another devastating loss hits the crypto scene!

• 🧱 Around The Block: Bitcoin’s market dominance soars to 60%: What it means for Altcoins

🚨 Solana Scam Alert!

Scammers have found a sneaky way to burn tokens from Solana wallets using an in-built Solana token extension.

Here’s how they are doing it:

According to Slorg from Jupiter Exchange, these scammers use the "Permanent Delegate" extension to erase tokens from users' wallets within seconds of their purchase.

Picture this: You buy a token, and your wallet confirms the transaction. But when you check, the tokens are gone!

This nightmare happened to a Jupiter community member who bought a token called "RED."

The token had the "Permanent Delegate" extension, which the scammers used to burn the users' tokens just seven seconds after the transaction was finalized.

But what is this "Permanent Delegate" extension, you ask?

It’s a function that gives “unrestricted delegate privileges over all Token Accounts for that mint, enabling them to burn or transfer tokens without limitation.”

And get this — it was intended to serve legitimate purposes, such as retrieving mistakenly transferred tokens, managing revocable access tokens, or ensuring sanction compliance.

However, even Solana warns that it’s a "double-edged sword" with the potential for abuse, and unfortunately, bad actors have indeed weaponized it.

To fight this new threat, platforms like Jupiter and RugCheck now provide alerts that notify users when the token-burning extension is turned on.

But Slorg advises that your best protection is carefully reviewing every token transaction before finalizing.

So, stay sharp—scammers are evolving their tactics daily!

Check out more details here.

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🤯 Another Devastating Loss Hits The Crypto Scene!

Have you ever had those days when things just don’t go your way? Well, that’s the sad story of one AAVE whale that’s caught our attention.

At one point, everyone was convinced altcoins would make a triumphant comeback. But guess what? That didn’t quite happen.

Instead, altcoins have been taking a steady nosedive, with more and more investors starting to give up.

Even the big players aren’t immune.

A giant AAVE whale, who held on for 3.5 years (which is like a lifetime in crypto!), finally gave up and sold at a loss of $2.14 million!

Man! That’s like watching a crypto dream crash and burn!

But here’s the twist: while one whale bails out, another is going all-in.

This other whale just bought 50,604 AAVE tokens for a cool $6.78 million and now holds over 125,000 AAVE, worth $16.9 million! (The average buy price is $134.6 per token.)

Clearly, this whale sees something in AAVE’s future that you, the other whale, and I have not yet seen.

But hey, that’s the game, right? One person’s loss is another’s gain and the crypto world?

So, let’s give some credit to all those investors out there because, man, it's hard work, but when it pays off, it can be worth every second of stress.

AAVE might be down 1.2% today, but with whales like this on the move and crypto being unpredictable, anything can happen next!

Interested in the full scoop? Click here!

🧱 Around The Block

• Bitcoin’s market dominance soars to 60%: What it means for Altcoins.

• US Fed slaps Texas bank with cease-and-desist order for servicing crypto firms.

• Don't count out Ethereum: Sony's big bet signals a bullish future for the cryptocurrency.

• Trump family members hacked to promote a crypto scam.

• Crypto.com dominates USD support exchange volume as August sees $193 billion in trades.

• 1inch team’s $1.75M token buy pushes $1INCH price up 20%.

• Markets expecting bearish September – making it less likely to happen, say Glassnode founders.

That's all we've got for you today.

Did we miss anything? Or just want to say hey? We'd love to hear from you! You can

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.