The crypto industry experienced a significant number of security incidents in 2023 but is exploring new approaches to fight back against attackers and protect firms’ public images.
The crypto industry has experienced a significant number of security incidents in 2023, though overall losses declined from the previous year. A report by TRM Labs estimates that about 160 crypto projects have been hacked this year, resulting in losses of approximately $1.7 billion.
Even though TRM Labs said things were improving in the crypto world, with smaller losses from hacks, there have still been some significant security issues recently. Take, for instance, the hack on Ledger’s connector library and the theft of millions of dollars worth of nonfungible tokens (NFTs) from the NFT Trader platform.
However, the crypto space has seen interesting developments that may signal a new trend in dealing with on-chain security incidents. Ledger vowed to fully cover the victims’ losses, while a security initiative led by Yuga Labs paid 120 Ether
$2,288 as a bug bounty for recovering stolen high-value NFTs. Flooring Protocol also decided to pay back users who were hit by an attack over the previous days.
In another eyebrow-raising development, stablecoin issuer Tether announced the onboarding of the United States Federal Bureau of Investigation to its platform as part of collaboration efforts with law enforcement to monitor and curb illegal activities.
According to TRM Labs, the industry has improved its overall security to fight back against attacks and has strengthened community coordination to combat cybercrime. Indeed, these recent actions from crypto firms suggest a shift toward greater accountability and user protection for on-chain services, in which users historically have had limited resources in the event of an attack.
This week’s Crypto Biz also explores the Solana Saga mania, the rise of blockchain loans and Improbable’s sale of its gaming business.
Solana Saga fetches up to $5,000 on eBay as Bonk frenzy causes sell-out
A Solana Saga phone appears to have sold for as much as $5,000 on eBay — more than 8x its retail cost — after a frenzy to pick up a free memecoin airdrop caused the devices to sell out on the official website for the first time. An additional 20 devices managed to sell for over $2,000 over the weekend, a more than $1,400 markup on the original $599 price tag. Since the device launched on May 8, each new Saga phone has come with a free airdrop of 30 million Bonk tokens. Over the previous 30 days, Bonk surged nearly 800% as the token gained mass traction among memecoin enthusiasts and opportunistic traders.
The Saga is SOLD OUT!
Words cannot describe how much we appreciate your support. We are nothing without this amazing community
While these past few days will be cemented in our history, we’re excited for the future
Stay tuned ✨ pic.twitter.com/KJje8lBDLL— Solana Mobile (@solanamobile) December 16, 2023
Blockchain-based private loans hit $582 million, doubling from 2022
Blockchain-based lending has regained momentum in 2023, with the value of active tokenized private credit sitting at $582 million as of Dec. 18 — a staggering 128% increase from a year ago. While still far from its peak of $1.5 billion in June 2022, the resurgence could signal that loan-seekers are looking for blockchain-based alternatives to traditional financiers amid a recent rise in interest rates. The loans being taken out aren’t small either. RWA.xyz has tracked $4.5 billion in blockchain-based loans across 1,804 deals, indicating the average loan size is about $2.5 million.
Improbable sells gaming venture for $97M, shares 2024 metaverse predictions
Metaverse technology company Improbable announced the sale of its gaming venture, The Multiplayer Group (MPG), to Keywords Studios for 76.5 million euros ($97.1 million). Keywords works with prominent names in the gaming industry, such as Activision Blizzard, Bethesda, Zenimax, Epic Games and 2K. Herman Narula, co-founder and CEO of Improbable, said the deal is a part of the company’s venture strategy for 2024. Improbable originally acquired MPG in 2019 for around 30 million euros ($38 million). Narura believes 2024 will also see more consolidation and streamlining in the gaming, Web3 and crypto sectors.
Shiba Inu announces plans to launch .shib domain for SHIB holders
The team behind the dog-themed memecoin Shiba Inu
$0.000011 has applied for a “.shib” domain that functions on the internet’s domain name system. The application was made in collaboration with the internet domain company D3, which also plans to unveil “name tokens” for SHIB users, allowing them to send digital assets to various blockchains without needing long, alphanumeric wallet addresses. If approved, holders of the Shiba Inu memecoin will be able to create email addresses with the .shib suffix attached. Additionally, it would be compatible with ordinary email applications.
Leave feedback about this