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 (ETH) 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
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Author: Ana Paula Pereira
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