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Pakistan Appoints Special Assistant for Blockchain and Cryptocurrency Affairs: A Leap Toward Digital Innovation
In a groundbreaking move, Pakistan has appointed Bilal Bin Saqib, CEO of the Pakistan Crypto Council, as the Special Assistant to the Prime Minister on Blockchain and Cryptocurrency, with the status of Minister of State. This strategic decision, announced on May 26, 2025, underscores Pakistan’s ambition to become a global leader in the digital economy, aligning with nations like the United States, El Salvador, and the UAE in prioritizing blockchain and cryptocurrency innovation.
A Vision for Pakistan’s Digital Future
Bilal Bin Saqib’s appointment signals Pakistan’s commitment to embracing cutting-edge technologies to drive economic growth and global competitiveness. With over 40 million crypto users and trading volumes exceeding $300 billion annually, Pakistan ranks among the top 10 countries for crypto adoption, according to the Chainalysis Global Crypto Adoption Index 2023. This vibrant digital landscape, coupled with the country’s youthful demographic and a robust pool of over 40,000 IT graduates annually, positions Pakistan to lead in blockchain and Web3 development.As Special Assistant, Saqib will spearhead initiatives to:
1:Develop FATF-Compliant Regulations:
Crafting a regulatory framework that ensures compliance with global standards while fostering a safe environment for digital asset innovation.
2:Launch State-Backed Bitcoin Mining:
Utilizing Pakistan’s surplus electricity, with 2,000 megawatts recently allocated for Bitcoin mining and AI centers, to drive economic opportunities.
3:Integrate Blockchain in Governance:
Implementing blockchain technology in critical sectors like finance, land records, and public administration to enhance transparency and efficiency.
4:Promote Web3 Ecosystem Growth:
Overseeing the licensing of Virtual Asset Service Providers (VASPs) and implementing investor protection measures to nurture a thriving Web3 ecosystem.
Strategic Collaborations and Global Impact
Under Saqib’s leadership at the Pakistan Crypto Council, Pakistan has already forged significant partnerships, including a landmark agreement with World Liberty Financial (WLF), a decentralized finance platform backed by U.S. President Donald Trump. This collaboration aims to accelerate blockchain innovation and promote stablecoin adoption in Pakistan. Additionally, the appointment of Changpeng Zhao, former CEO of Binance, as a strategic advisor to the Pakistan Crypto Council, highlights Pakistan’s intent to leverage global expertise in shaping its digital asset strategy.
Why This Matters
Pakistan’s proactive approach to blockchain and cryptocurrency reflects a forward-thinking strategy to harness emerging technologies for economic empowerment. By appointing a dedicated leader like Bilal Bin Saqib, Pakistan joins a select group of nations prioritizing digital assets at a ministerial level. This move not only strengthens Pakistan’s position in the global digital economy but also paves the way for innovation-driven growth, job creation, and financial inclusion.
Conclusion
The appointment of Bilal Bin Saqib as Special Assistant to the Prime Minister on Blockchain and Cryptocurrency marks a pivotal moment for Pakistan’s digital transformation. With a clear focus on regulatory development, technological integration, and global partnerships, Pakistan is poised to emerge as a hub for blockchain innovation. Stay tuned as the nation takes bold steps toward a decentralized, tech-driven future.
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Phishing Alert: $1.1M Lost in Fake Withdrawal Code Scam Uncovered by SlowMist CISO
In a recent cybersecurity revelation, SlowMist’s Chief Information Security Officer (CISO), @im23pds, exposed a sophisticated phishing scam that led to a staggering $1.1 million loss. This fraudulent scheme, centered around fake withdrawal codes, has targeted cryptocurrency users, exploiting trust in seemingly legitimate platforms. As phishing attacks grow more advanced, this incident serves as a critical reminder to stay vigilant. Here’s what you need to know about the scam and how to protect yourself.
What Is the Fake Withdrawal Code Scam?
According to SlowMist’s CISO, the scam involves cybercriminals sending fraudulent withdrawal codes through SMS or other communication channels, often impersonating trusted crypto exchanges like Binance. These messages trick users into authorizing transactions or sharing sensitive information, such as private keys or mnemonic phrases. Once accessed, attackers drain victims’ wallets, resulting in significant financial losses. The $1.1 million loss underscores the growing sophistication of phishing tactics in the Web3 ecosystem.
How the Scam Works
1:Impersonation of Legitimate Platforms:
Scammers pose as reputable exchanges or services, using official-looking logos, domains, or communication channels.
2:Fake Withdrawal Codes:
Victims receive messages with malicious links or codes, urging them to “verify” transactions or accounts.
3:Exploitation of Trust:
High-net-worth individuals are often targeted, as they may be less likely to question the authenticity of urgent requests.
4:Asset Theft:
Once users interact with the fake code or link, attackers gain access to their wallets, leading to swift asset drainage.
This scam’s success hinges on social engineering, exploiting human behavior to bypass traditional security measures.
SlowMist’s Role in Exposing the Scam
SlowMist, a leading blockchain security firm established in 2018, has been at the forefront of identifying and mitigating cyber threats in the crypto space. Their CISO’s warning about this scam follows a pattern of proactive alerts, including previous reports on fake Ledger devices and Telegram-based “Fake Safeguard” malware. By leveraging their expertise in security audits and threat monitoring, SlowMist continues to protect users from evolving cyber risks.
How to Protect Yourself from Phishing Scams
To safeguard your assets and personal information, follow these essential cybersecurity tips:
1:Verify Communication Channels:
Always confirm the legitimacy of messages by contacting the service provider through official websites or verified channels.
2:Enable Two-Factor Authentication (2FA):
Adding 2FA to your accounts, such as email and crypto wallets, significantly reduces the risk of unauthorized access.
3:Avoid Clicking Suspicious Links:
Refrain from clicking on links or downloading attachments from unsolicited messages, even if they appear legitimate.
4:Use Trusted Security Software:
Install reputable antivirus programs like Bitdefender or Kaspersky to detect and remove malware.
5:Secure Private Keys and Mnemonics:
Store sensitive information offline or in secure hardware wallets, and never share them online.
6:Stay Informed:
Follow updates from trusted cybersecurity sources like SlowMist to stay ahead of emerging threats.
Why Phishing Scams Are on the Rise
Phishing attacks have surged due to the increasing adoption of cryptocurrencies and digital platforms. SlowMist’s January 2025 report noted that phishing scams impacted over 9,200 victims, causing $10.25 million in losses. The integration of AI and advanced social engineering tactics, such as those seen in recent Zoom and Telegram scams, has made these attacks harder to detect. As cybercriminals exploit vulnerabilities in human behavior, awareness and proactive measures are critical.
Take Action Now
The $1.1 million fake withdrawal code scam is a wake-up call for crypto users worldwide. By staying cautious and adopting robust security practices, you can protect your assets from phishing threats. If you suspect your account has been compromised, immediately transfer assets to a secure wallet, change passwords, and run a comprehensive antivirus scan.
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