Binance has announced the delisting of Alpaca Finance (ALPACA), PlayDapp (PDA), Viberate (VIB), and Wing Finance (WING), effective May 2, leading to immediate price plunges of up to 42%. The exchange cited quality, safety, and market relevance standards as reasons for the decision. Deposits will stop being credited after May 3, while withdrawals will be unavailable from July 4, with potential stablecoin conversions after July 2025. This follows a pattern of market volatility tied to Binance’s listings and delistings, as seen earlier this month with 14 other altcoins. Conversely, tokens gaining Binance support, like DeepBook (DEEP) and Cat in a Dogs World (MEW), often experience strong rallies, highlighting the exchange’s outsized influence on crypto markets.
about Binance Delisting Triggers Major Altcoin Price DropsPlayDapp
0 in Finance and 0 in Crypto last weekCrypto industry faces over 3 billion dollars in losses from hacks and scams
In 2024, the cryptocurrency sector faced over $3 billion in losses due to hacks and scams, with $2.15 billion attributed to hacks and $834.5 million to scams, marking a 15% increase from 2023. Decentralized finance platforms were primary targets, highlighted by significant breaches like the AlphaX DeFi hack and Lumos Bridge exploit. Despite the rise in losses, the frequency of attacks decreased towards the end of the year, with a notable increase in phishing scams, prompting calls for enhanced security measures as the industry matures.
about Crypto industry faces over 3 billion dollars in losses from hacks and scamsVulnerabilities in Well-Funded Blockchain Projects and the Importance of Security Audits
Venture-backed blockchain projects often face significant security vulnerabilities despite their funding, leading to substantial financial losses. Notable cases include WazirX, Radiant Capital, and Playdapp, which suffered attacks due to multisig issues and poor security audits, highlighting the need for thorough and reliable security measures in the industry. As the reputation of Web 3.0 hangs in the balance, the importance of comprehensive audits and expert oversight cannot be overstated.
about Vulnerabilities in Well-Funded Blockchain Projects and the Importance of Security AuditsCrypto Industry Faces Over 3 Billion in Losses Due to Hacks and Scams
The crypto industry faced over $3 billion in losses from hacks and scams in 2024, a 15% increase from the previous year. Hacks accounted for $2.15 billion, while scams contributed $834.5 million, with phishing scams emerging as a significant threat, causing over $1 billion in losses. Major incidents included a $305 million hack of Japanese exchange DMM Bitcoin and substantial losses at WazirX and Gala Games.
about Crypto Industry Faces Over 3 Billion in Losses Due to Hacks and ScamsTop Crypto Security Incidents of 2024 Highlight Ongoing Vulnerabilities and Risks
In 2024, significant crypto security incidents revealed vulnerabilities across various platforms, with North Korean-linked groups implicated in many attacks. Notable breaches included DMM Bitcoin’s $330 million hack, PlayDapp’s phishing incident leading to 1.79 billion PLA tokens created, and WazirX’s $230 million loss due to interface exploitation. These events underscore the urgent need for enhanced security measures in the rapidly evolving crypto landscape.
about Top Crypto Security Incidents of 2024 Highlight Ongoing Vulnerabilities and Risks