$1 Billion Hacked and Exploited in the Past 8 Months
Over the past 8 months, according to data from the REKT database, hacks and exploits have amounted to a staggering $1.307 billion in losses for users. 💸
In February 2024 alone, the Dapp ecosystem fell victim to a devastating hack, resulting in the loss of $148 million. 😱
Dappradar highlights that these losses stem primarily from exchanges and DeFi platforms. 📉
Within the exchange sector, two significant events occurred: the exit scam of Bitforex, where users were locked out of the website before its shutdown, and an exploit at FixedFloat resulting in a $26.1 million loss. 💻
On the other hand, in the DeFi sector, a breach of user private keys on PlayDapp, an Ethereum and Polygon-based play-to-earn gaming platform, led to losses of approximately $32.3 million. 🔐
It is crucial to safeguard your private keys and diversify your funds across various exchanges. 💰
To enhance security in the WEB3 sector, consider using a new wallet with only a small amount of funds and utilize the Binance Pro APP for convenient WEB3 without accessing the links. 🌐
Reference: Gherghelas, S. (2024, March 7). Crypto Hype Pushes Dapp Industry Adoption to New All-Time High with 6,7 Million Daily Wallets. DappRadar. https://dappradar.com/blog/crypto-hype-pushes-dapp-industry-adoption-to-new-all-time-high-with-67-million-daily-wallets
👋 Have you secured your crypto centralized exchange?
🛡️ There are 3 layers of security to be applied on securing your crypto centralized exchange:
Layer 1: Find a reputable exchange with a great history, team, and founder. Remember humans are a great investment because we trade with other humans. 👥 Place a strong password on your CEX, make sure it is not only 8 words or signs, the longer the better, and don’t use the same password on any other of your accounts. 🔒 If there is an update on the CEX application, please update it as they might reduce bugs or add extra security. 📲
Layer 2: Once you are done with layer 1, now it's time to set up your 2FA (two-factor authentication). SMS 2FA is no longer safe and not recommended anymore due to the possibility of SIM swap. 📵 Email 2FA is better than SMS. Make sure you use a 2FA app on your email instead of SMS 2FA. 📧 Application 2FA is more sophisticated compared to SMS or email 2FA. Examples are Google Authenticator or Authy. 🔑
Layer 3: Biometrics are used to prevent other people from using your ID, for instance, face biometrics or fingerprint. 🤖 YubiKey is the highest level of security that you may need as your account goes higher. This is a physical key that needs to be plugged when you enter your account, so other people can’t enter your account without it. Compared to all 2FA that are available in layer 2 that are free to access and create without buying anything, YubiKey needs additional investment as it has a price tag on it and makes your account more secure. 🔑🔒
📝 Notes: This is for CEX security only. If you are heavily into DeFi, we recommend using a hardware wallet and remembering where you place your key. 💡
Satoshi emphasized the need for fast distribution and validation of transactions, with a maximum processing time of 10 seconds across all nodes, to prevent double spending💰.
When a node receives a transaction, it must quickly validate and spread the information to all nodes to prevent attackers from spending the same amount in another transaction. 🚀 Fast distribution and validation can outcompete other nodes that have seen the same transaction from the same spender.
Reference: Satoshi. (2010, July 29). Re: Scalability and transaction rate. Bitcoin Forum. https://bitcointalk.org/index.php?topic=532.msg6306#msg6306
Behold the Ethereum network, reigning as the most esteemed of users.
Transaction fees can be a determining factor in identifying the most commonly used blockchain.
According to data from cryptofees.info, the Ethereum network receives the highest transaction fees per day, accounting for 69% of transaction shares in the top 10 layer 1 blockchains. 📈Ethereum is closely followed by Bitcoin and Binance Smart Chain. 💰
The Ethereum network contributes to several aspects such as NFTs, layer 2 solutions, DeFi, and gaming. 🎮Transaction fees on the Ethereum network are either burned or paid to validators. 💸