Crypto Security Breaches and Progress in 2023: Solana Saga, Blockchain Loans, Gaming Business Sale, and .shib Domain
Summary:
This report covers various developments in the cryptocurrency sector in 2023. It discusses the security breaches in the industry, notable instances like the breach of Ledger's connector library, and theft from the platform NFT Trader. The piece also mentions signs of industry improvements like better accountability and user safeguarding and collaborative efforts to curb illicit activities. Solana Saga mania, the rise of blockchain-based loans, the sale of Improbable's gaming venture and plans of Shiba Inu to launch a .shib domain, are other key highlights.
In 2023, the cryptocurrency sector witnessed a substantial volume of security breaches, although total losses were lower than those of the previous year. TRM Labs has published a report estimating that around 160 cryptocurrency platforms were compromised this year, leading to approximately $1.7 billion in losses. Despite TRM Labs' assertions that the cryptocurrency landscape is showing signs of improvement alongside decreasing losses due to breaches, the industry still faced considerable security challenges lately. Notable instances include the breach of Ledger's connector library and the theft of millions worth of nonfungible tokens (NFTs) from NFT Trader.
Nonetheless, there have been intriguing developments in terms of addressing blockchain security incidents within the crypto field. Ledger has pledged to reimburse all losses incurred by users, while a security initiative spearheaded by Yuga Labs has awarded 120 Ether (ETH) for recuperating stolen high-value NFTs in a bug bounty. Following an attack event, Flooring Protocol also resolved to repay its affected users.
Another notable step that was taken was by stablecoin provider Tether, who welcomed the U.S. Federal Bureau of Investigation onto its platform as part of cooperative efforts with law enforcement agencies to curb illicit activities. TRM Labs stated that the industry has elevated its overall security standards to counteract such attacks while enhancing community coordination to combat cybersecurity crimes. This recent directional shift in the crypto firms underscores increased accountability and user safeguarding for on-chain services.
This week's Crypto Biz also covers the craziness for Solana Saga, the emergence of blockchain loans, and the sale of gaming business by Improbable.
Solana Saga phones were in huge demand on eBay, selling for upwards of $5,000, more than eight-fold higher than its retail price. This frenzy was attributed to a surge to acquire a free memecoin airdrop, resulting in the devices being sold out on the official website for the first time. Additionally, 20 devices sold for over $2,000 during the weekend, marking a significant increase over their original $599 cost.
Blockchain-backed private loans reached $582 million, doubling from 2022. Despite being yet to achieve its peak of $1.5 billion from June 2022, the resurgence could indicate that individuals seeking loans are exploring blockchain-based alternatives to traditional lenders considering the recent surge in interest rates.
Improbable, the Metaverse technology firm, declared the sale of its gaming venture, The Multiplayer Group (MPG), to Keywords Studios, for 76.5 million euros ($97.1 million). Improbable's CEO, Herman Narula, expressed that this deal corresponds to the company's strategy for 2024 and projects more consolidation and streamlining in gaming, Web3, and crypto industry.
Finally, the creators of the dog-themed memecoin Shiba Inu (SHIB) have submitted an application for a “.shib” domain in partnership with internet domain corporation D3. If the application is granted, Shiba Inu’s memecoin holders will have the opportunity to generate email addresses with the .shib suffix and would be compatible with regular email services. Crypto Biz, your weekly coverage of the business aspects related to blockchain and cryptocurrency, is delivered directly to your inbox every Thursday.
Published At
12/23/2023 6:21:52 PM
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