The crypto community has seen new developments announced by leading Web3 firms, including Polygon, MetaMask, and StarkNet. Each development is expected to bring innovations that could lead to mainstream adoption.
With all these developments, popular crypto hacks continue to degrade the trust of investors and traders, and the total number of crypto hacks in 2024 amounts to a $1.4 billion loss.
Centralised Exchanges Under Attack from Popular Crypto Hacks
A recent crypto update highlighted that centralised exchanges have suffered the most from popular crypto hacks, leading to a 900% year-to-year increase in losses. This makes CEXs the focal point of attack for hackers.
Report from Cyvers
Cyvers, a renowned cybersecurity firm, pointed out in their mid-year Web3 security report that the total loss incurred by the crypto community due to these hacks is about $1.4 billion due to CEX hacks. Popular crypto hacks point to the vulnerability of centralised exchanges.
Significant Increase in Losses
The second quarter of 2024 has witnessed a $600 loss, signifying a 100% increase over the same quarter in 2023. The 900% increase in loss is mainly attached to CEXs. According to the report by Cyvers, “This quarter has witnessed a significant shift in attack vectors, with centralised exchanges (CEX) bearing the brunt of major incidents, while decentralised finance (DeFi) protocols show improved resilience… This trend may be attributed to the concentration of assets in centralised platforms and potentially lax security measures in some exchanges.”
New Developments in the Crypto Space
Eli Ben-Sasson, CEO of StarkWare, announced on the 10th of July at EthCC that staking will be introduced by the end of 2024. In a written Q&A with a crypto update, Chanel, Ben-Sasson remarked that staking would allow Starknet token-holders to “participate in core activities of a decentralised network.”
MetaMask Unveils Toolkit to Ease Web3 Onboarding
Consensys launched the MetaMask delegation toolkit, signalling the firm’s efforts to promote Web3 and blockchain adoption. This toolkit will provide decentralised applications to improve the utility of Bitcoin (BTC), Ethereum (ETH), and other tokens. It will be available on any EVM supported by a user operation bundler.
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SingularityNET and Filecoin Partner for AI and DePIN
SingularityNET is an AI platform developer, and the Filecoin Foundation has announced a collaboration. The collaboration will help integrate AI into the DePIN and will not compromise the decentralisation and Data Provenance protocols.
According to an official press release shared with the crypto update channel, the collaboration will also build an AI ethics working section to ensure that AI development and deployment respect ethical practices.
TON Application Chain and Polygon Team Up to Launch New TON L2
Polygon Labs and the TON Application Chain are ready to bring EVM functionality to the TRON network. A recent crypto update confirmed the announcement made by TON Application Chain and Polygon. The TON L2 had integrated Polygon CDK interoperability protocol AggLayer to bring EVM-compatible DApps to TAC. This aims to solve applicability and gaming-related issues.
DeFi Market Overview
TradingView data shows that many of the 100 largest cryptocurrencies by market cap ended the week with positive performance.
The biggest gain (46%) was locked by Telegram-based gaming token Notcoin (NOT) out of the top 100 cryptocurrencies. Celestia (TIA) was second, with a 36% boost on the weekly chart.
However, investor sentiment took a bearish turn over the past week, as the crypto Fear & Greed index declined to 25, indicating “extreme fear,” down from the previous week’s 29. Investor sentiment remains pressured by Bitcoin (BTC) and Ethereum (ETH) trading under the psychological mark.
Conclusion
The growing trend of Popular crypto hacks shows the need for better security measures, especially on CEXs. As innovations in the crypto space continue to emerge, such as Starknet’s staking and MetaMask’s new toolkit, the industry must remain cautious to secure traders and investors from hacks and threats. Regardless of the challenges, the crypto market continues to show resilience and innovation, creating room for massive adoption. Stay glued to The BIT Journal, for your minute-by-minute cryptocurrency insights.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
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