Crypto Guides, Knowledge & Insights

Cryptocurrency Industry Loses $343 Million in November Due to 296 Hacking and Fraud Incidents

According to the latest report from the Web3 bug bounty platform Immunefi, the cryptocurrency industry suffered losses exceeding $343 million in November 2023 due to hacking and fraud cases, setting a record for the highest monthly losses this year. Compared to the approximately $22 million in losses in October, the November losses increased by over 15 times. According to Immunefis statistics, cryptocurrency hacks and rug pulls have accumulated losses exceeding $1.75 billion so far this year, involving 296 incidents.　　Moreover, the focus of cryptocurrency attacks this month has shifted from DeFi platforms to CeFi platforms. CeFi platforms have become the primary victims, accounting for 53.8% of the total losses, approximately $184 million, while DeFi accounts for 46.2%, approximately $158.6 million.　　

2023-12-04Deep Dive

Analyst: Bitcoin Inflows Could Rise If Federal Reserve Pauses December Rate Hikes

Bitfinex analysts suggest that if the Federal Reserve pauses interest rate hikes at its meeting on December 13, there could be more capital inflows into cryptocurrencies and Bitcoin. Signals indicate that the market expects the Federal Reserve to begin cutting interest rates in the spring of 2024. Additionally, the analyst emphasizes that its worth noting that Federal Reserve Governor Waller warned earlier this week in a speech that inflation remains high. The uncertainty of whether the slowdown trend will persist exists. The analyst states, “While a pause in rates may boost Bitcoin and other cryptocurrencies in the short term, the longer-term impact will depend on a range of economic factors and the overall direction of monetary policy.”　　

2023-12-04Deep Dive

Uranium Finance Attacker Transfers 1800 ETH to Tornado Cash

According to PecShield monitoring, the attackers address from the Uranium Finance attack has now transferred 1800.1 ETH (approximately $3.7 million) to Tornado Cash. Earlier reports indicated that the attackers related address had moved 800 ETH (approximately $1.6 million) to Tornado Cash.　　

2023-12-04Deep Dive

DefiLlama: November Attacks Result in a Total Loss of $329.8 Million

DefiLlama posted on X platform stating that recent vulnerabilities in the past 10 days have resulted in nearly $200 million in losses, bringing the total losses for November to $329.8 million, making it the most severely affected month in 2023.　　

2023-11-30Deep Dive

Insiders: Cryptocurrency Exchange Zipmex Attempts Restructuring Again

Insiders have revealed that cryptocurrency exchange Zipmex is proposing to initially repay creditors around $0.0335 per $1 of debt as part of its restructuring proposal. However, recent court documents indicate that, based on the revised Zipmex $97 million debt restructuring plans recovery scenario, the price per $1 of debt could rise to $0.2935. Insiders state that major creditors oppose the plan and are pushing for an independent review of the recent changes in Zipmexs assets and liabilities shown in the documents. The vote on the companys latest repayment plan will continue until early December. Zipmex Group CEO Marcus Lim stated that he couldnt comment on “ongoing plan arrangements as its confidential.” He mentioned that the information obtained from insiders is inaccurate, but added that he would not comment further on it.　　

2023-11-30Deep Dive

Coingecko: In the Past 5 Years, 2,127 Web3 Games Have Failed, Accounting for 75.5% of Total Releases

According to a post by Coingecko, since the emergence of the GameFi concept, 2127 out of 2817 web3 games have failed in the past 5 years, accounting for 75.5% of the total number of GameFi launches. The average annual failure rate of web3 games from 2018 to 2023, based on the ratio of failed to launched games, is 80.8%. Coingecko defines a game as failed if the average active users drop by more than 99% from the peak within 14 days.　　

2023-11-30Deep Dive

Hackers Have Caused $1.5 Billion in Losses to the Cryptocurrency Space to Date

CertiK co-founder Ronghui Gu has stated that as of November 28, 2023, hacking attacks alone have caused $1.5 billion in losses in the cryptocurrency space. Gu believes that these hacking attacks and vulnerabilities have had a significant impact on the adoption of cryptocurrencies, undermining public trust in the security and stability of digital assets. He considers security incidents resulting from SIM-swaps and multi-signature failures as “unforgivable,” and suggests that companies should adopt native cryptographic multi-factor authentication and undergo regular security audits.　　

2023-11-30Deep Dive

FTX Granted Approval to Sell $744 Million Worth of Grayscale Assets

FTX has obtained approval from the bankruptcy court to begin selling its shares in the digital trusts managed by cryptocurrency firm Grayscale Investments, aiming to raise funds to repay creditors owed billions of dollars. According to court documents, FTX plans to sell these assets in a way that maximizes value while avoiding disruption to the digital investment market. Grayscale sells investments associated with various digital currencies, and buyers do not hold actual currencies but rather acquire shares in trusts formed and managed by Grayscale. According to FTXs statement in court documents, the value of the trust shares it holds was approximately $744 million last month.　　

2023-11-30Deep Dive

PeckShield: Florence Finance Loses Approximately $1.45 Million Due to Address Poisoning Scam

According to PeckShield monitoring, Florence Finance has become a victim of the Address Poisoning scam, resulting in losses of approximately $1.45 million.　　

2023-11-30Deep Dive

U.S. Judge Approves $1.65 Billion Settlement Agreement Between Voyager Digital and FTC

Federal Judge Gregory Woods has approved an order requiring the cryptocurrency lending company Voyager Digital and its affiliates to pay a settlement of $1.65 billion to the Federal Trade Commission (FTC). According to documents filed with the U.S. Southern District Court of New York, the judge stated that the order would largely not impact the bankruptcy court proceedings. Voyager filed for bankruptcy protection in July 2022.　　As part of the settlement agreement, Voyager will be “permanently restrained and enjoined” from marketing or providing products or services related to digital assets. Under the settlement agreement, parties associated with Voyager must cooperate with FTC officials, including testifying in hearings, trials, and evidentiary disclosures. After one year, Voyager must also report its compliance status and be subject to FTC supervision.　　In October, the FTC announced that it had reached a settlement with the bankrupt crypto lending company Voyager Digital, permanently banning it from handling consumer assets. The FTC claimed that Voyager and its former CEO, Stephen Ehrlich, misled consumers, resulting in over $1 billion in cryptocurrency losses for consumers after the company collapsed.　　The proposed settlement agreement with Voyager and its affiliates would permanently prohibit these companies from offering, marketing, or promoting any products or services

2023-11-29Deep Dive

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