Protocol Village: Crypto Losses From Hacks, Rug Pulls Doubled to $572M in Q2: Immunefi Report

As a seasoned crypto investor with several years of experience in the industry, I find the recent news updates both intriguing and concerning. The increasing losses to hacks and rug pulls in the crypto space is a stark reminder of the risks involved in investing in this asset class. With Immunefi reporting a whopping $572 million in losses during Q2 2024, it’s essential for investors like me to stay informed and vigilant about potential threats.

As a researcher studying the blockchain security landscape, I’d like to share some findings from the latest report published by Immunefi on June 27, 2024. In this report, they revealed that during the second quarter of 2024, a staggering $572 million was lost due to hacks and rug pulls – representing an alarming 112% increase compared to the same period in the previous year. These unfortunate events brought the total losses for the year up to over $920 million. The month of May 2024 saw the most significant monthly losses, with a staggering $358 million being stolen. Notably, CeFi (Centralized Finance) was the primary focus of these successful attacks, accounting for 70% of the total losses in Q2, while DeFi (Decentralized Finance) accounted for only 30%.

REDACTED, Building Web3 ‘Entertainment Datasphere,’ Raises $10M

On June 27th, REDACTED, which is constructing a “datasphere of entertainment” by developing an ecosystem of related products, successfully secured $10 million in investment. This funding round was jointly spearheaded by Spartan Group and Saison Capital, with the participation of Animoca Brands, Polygon Ventures, Web3 founders, venture capitalists, angel investors, and notable figures such as Dingaling and Grail. The team behind REDACTED explains that their data protocol significantly improves the functionality and personalization of entertainment and gamification products.

Rebar Labs Raises $2.9M to Build “MEV-Aware Infrastructure” for Bitcoin

June 27: Rebar Labs, focused on creating MEV-centric infrastructure, offerings, and research for Bitcoin, announced the successful completion of a $2.9 million seed funding round. The investment was spearheaded by 6th Man Ventures, with contributions from ParaFi Capital, Arca, Moonrock Capital, and UTXO Management. Rebar Labs intends to tackle MEV issues as new Bitcoin protocols such as BRC-20s, Runes, L2s, and rollups gain traction. Similar to the early days of Ethereum DeFi, MEV strategies are emerging in Bitcoin’s ecosystem. Rebar Labs is dedicated to ensuring fair value distribution, fostering efficient markets, and enhancing user and miner experiences within the Bitcoin community.

Validator Infrastructure Provider SSV Extends Incentivized Mainnet Program Through December

Starting on June 27, the validator infrastructure provider, SSV Network, announced modifications to its Incentivized Mainnet Program (IMP) following a productive decentralized governance vote. The changes include extending the program until December 2024, reorganizing reward levels, and denying eligibility to SAFE multisig wallets. The revised rewards structure presents substantial Annual Percentage Rate (APR) enhancements for early validators, bolstering incentives for engagement. These amendments aim to magnify rewards, stimulate validator involvement, and rectify past program constraints.

Cobo Launches ‘Portal’ for Businesses, Featuring ‘All-in-One Wallet Platform’

June 27: Cobo, a company specializing in crypto custody and wallet infrastructure, introduced “Cobo Portal,” a unified solution designed to simplify the experience for businesses looking to construct on robust wallet infrastructure and effortlessly manage their digital assets. The platform offers the following capabilities:

Dfinity Foundation Launches ‘UTOPIA’ for ‘Sensitive Sectors’ Like Defense With ‘On-Chain Serverless Clouds’

On June 27, the DFINITY Foundation, a significant player in the Internet Computer Protocol (ICP) development and decentralized AI innovation, unveiled its latest project: UTOPIA. The team shared that UTOPIA is designed to address the massive $10 trillion cybersecurity challenge globally. By utilizing on-chain serverless clouds, this technology promises unmatched operational resilience and security. Particularly relevant for industries with high risk and sensitive data, such as defense, utilities, and financial services, UTOPIA ensures impenetrable security and absolute digital autonomy.

Cardano-Focused Interoperability Project Wanchain Launches Token Bridge to Polkadot Relay Chain

On June 27, Wanchain, a blockchain specializing in interoperability via proof-of-stake consensus, announced the launch of a token bridge linking the Polkadot Relay Chain and Cardano blockchain. The team stated, “There has been much talk about the necessity of a bridge within both communities, but Wanchain is the first to make this connection a reality, which can be accessed through the Wanchain Bridge Web Portal.” Temujin Louie, CEO of Wanchain, expressed, “Wanchain advocates for interconnectivity among all networks, not just Ethereum Virtual Machines (EVMs). We expect this initial implementation to pave the way for additional advancements, such as cross-chain functionality calls between two non-EVM networks.” (ADA) (DOT)

2024-06-27 16:20