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$313m in crypto lost to hackers, phishers in August 🤯😵 According to an X post by blockchain security firm Peck Shield, the crypto ecosystem lost $313.86 million in over 10 different hacks last month. Of this tally, over $293 million was lost to phishing attacks. PeckShieldAlert August 2024 witnessed 10+ hacks in the crypto space, resulting in ~$313.86 million in losses. The 2 largest hacks, both involving unauthorized transfers (Phishing), accounted for 93.5% of the total stolen funds, amounting to $293.4 million. PeckShieldAlert September 1, 2024 This shows an 18% increase in crypto assets lost to fraudulent actors since July. Per a crypto.news report, crypto and decentralized finance companies lost $266 million to hackers with a total of 16 events. The largest hack belongs to a whale that lost 4,064 Bitcoin btc-1.15%Bitcoin, worth roughly $238 million, to a phishing attack on Aug. 19. The attacker soon moved the funds to various crypto platforms including THORChain, KuCoin and Railgun. Quite similarly, another whale lost over $55 million in Dai dai0.15%Dai stablecoin to a phishing attack. Data shows that the funds were stored in the fourth-largest DeFi protocol Maker. Per on-chain data, the hacker has swapped the funds to Ethereum eth-1.27%Ethereum and currently doesn’t have any assets left in the address used for the attack. On Aug. 6, Ronin Network saw a malicious 4,000 ETH transaction, worth $10 million. Luckily, the attack wasn’t engineered by fraudulent actors, instead, whitehat hackers exploited a Maximum Extractable Value bug. The hackers soon returned the funds and pointed out the bug to Ronin Network’s developers. Subsequently, the company hinted at a $500,000 reward for the whitehat hackers as a bug bounty. Another unauthorized transaction worth $5.1 million and Nexera’s $1.8 million exploit secured the fourth and fifth spots among the largest hacks in August, per PeckShield. $BTC $ETH $BNB #TON #DOGSONBINANCE #BNBChainMemecoins #TelegramCEO #SahmRule
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Crypto industry gears up to raise $100,000 for Kamala Harris An upcoming crypto industry fundraiser on September 13 hopes to raise $100,000 or more for Democratic presidential nominee Kamala Harris, according to Reuters. Individual donors are electing to spend anywhere from $500 to $5,000 per person to help catapult Harris to the White House this fall. Although Donald Trump has gained significant financial support from the crypto industry, Harris has attracted a growing list of crypto groups looking for Democrats to extend a new policy on digital assets. Under President Joe Biden and the administration of the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, the digital asset industry has complained about strict oversight and "regulation by enforcement" that stifles innovation domestically. Multiple crypto firms have received a Wells Notice – or a warning of an impending enforcement action by the SEC – prompting some to mull relocating overseas to jurisdictions with clearer laws on crypto. Harris' lack of a clear policy position on crypto, however, presents an opportunity for a fresh start, according to some fundraisers. "Why not seize on the first fundraiser – which there will be many others – to actually make a statement about what crypto is for Democrats as a potentially new administration contemplates how do they look at this?" Cleve Mesidor, an executive director at the Blockchain Foundation told Reuters. "We wanted to make sure that with the change in the presidential nominee for the Democrats, that we were supportive and we came together to help her understand the importance of this industry," WilmerHale's Smith added. Earlier this month, a new group labeling itself "Crypto4Harris" coalesced around the presidential candidate, bringing in prominent, well-heeled crypto thought leaders to promote Harris, including Dallas Mavericks owner and billionaire Mark Cuban and former White House communications director Anthony Scaramucci. $BTC $ETH $BNB #TON #DOGSONBINANCE #BNBChainMemecoins #TelegramCEO
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Realy.... $BTC $ETH $BNB #BNBChainMemecoins #TON #PowellAtJacksonHole #BinanceBlockchainWeek
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You don't need internet access to use #Bitcoin
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El Salvador calls bitcoin experiment 'resounding success' with only 'benefits' President Nayib Bukele recently extolled the merits of El Salvador’s rocky experiment with bitcoin, telling TIME that it has been “a resounding success” that ultimately allowed the Central American country to collect “nothing but benefits.” In 2021, the country made bitcoin legal tender, becoming the first country in the world to do so. Bukele said that citizens could now conduct bitcoin transactions across the country – from McDonald’s to hotels – allowing them to experiment with the nascent technology. “The positive outcomes outweigh the negative,” he said, reflecting on the experiment three years on. Still, Bukele acknowledged his disappointment that more of his countrymen haven't gotten behind bitcoin. “Bitcoin hasn't had the widespread adoption we hoped for,” he told TIME. “Many Salvadorans use it,” he said, not citing the fact that adoption rates are actually declining, with only 12% of citizens using it in the last year compared to 21% in 2022, according to one study. ”The positive aspect is that it is voluntary,” Bukele told TIME. “Those who have not used it have no obligation to use it,” Bukele added. “We have never forced anyone to adopt it. We offered it as an option, and those who chose to use it have benefited from the rise in bitcoin.” Fewer than 1% of Salvadorans believe bitcoin has improved El Salvador's economy. While some citizens are using bitcoin to buy clothes, food, or electricity, the lack of trust or understanding in the technology, coupled with ongoing infrastructure and technical challenges, has condemned the cryptocurrency to a novelty in the country. Still, Bukele, a prominent bitcoin maximalist, remains undeterred. He stated that the problems were “relatively minor,” and touted several benefits instead: “[Bitcoin] gave us branding, it brought us investments, it brought us tourism.” $BTC $BNB $USDC #DOGSONBINANCE #PowellAtJacksonHole #BinanceBlockchainWeek #TON
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