Here are some key updates from the crypto industry that have taken place recently:
Immunefi’s Report on Crypto Losses in Q2 2024
Immunefi, a leading on-chain security platform, released a report highlighting a significant increase in losses due to hacks and rug pulls in Q2 2024. The report reveals a total loss of $572 million, marking a 112% rise compared to the same period in 2023. The majority of successful exploits targeted CeFi platforms, accounting for 70% of the total losses, while DeFi platforms accounted for the remaining 30%.
REDACTED Raises $10M for Building Web3 Entertainment Datasphere
REDACTED, a company focusing on creating an ecosystem of products in the entertainment industry, has secured $10 million in funding. The investment was co-led by Spartan Group and Saison Capital, with participation from various prominent investors and industry players. REDACTED aims to enhance entertainment and gamification products by leveraging its data protocol to deliver tailored and improved user experiences.
Rebar Labs Secures $2.9M for MEV-Aware Infrastructure in Bitcoin
Rebar Labs, a startup dedicated to building MEV-aware infrastructure for Bitcoin, has raised $2.9 million in seed funding. The funding round was led by 6th Man Ventures, with support from ParaFi Capital, Arca, Moonrock Capital, and UTXO Management. Rebar Labs aims to address the challenges posed by MEV (Miner Extractable Value) in Bitcoin’s ecosystem by developing solutions to ensure fair value distribution and enhance user and miner experiences.
SSV Network Extends Incentivized Mainnet Program
Validator infrastructure provider SSV Network has extended its incentivized mainnet program after a successful decentralized governance vote. The program has been revised to run until December 2024, with updated reward tiers to encourage early validators’ participation. The changes aim to maximize rewards, boost validator engagement, and enhance the overall program effectiveness.
Cobo Launches ‘Portal’ for Businesses
Cobo, a leading crypto custody and wallet infrastructure provider, has introduced ‘Cobo Portal,’ a comprehensive platform designed to help businesses streamline the management of their digital assets. Cobo Portal offers an all-in-one wallet platform with various types of wallets, advanced risk control features, and a seamless development environment to facilitate easy integration for blockchain developers.
DFINITY Foundation Introduces ‘UTOPIA’ for Sensitive Sectors
The DFINITY Foundation has launched ‘UTOPIA,’ a groundbreaking initiative aimed at enhancing cybersecurity for sensitive sectors such as defense, utilities, and financial services. UTOPIA leverages on-chain serverless clouds to provide unparalleled operational resilience and security, ensuring utmost protection and digital sovereignty for critical infrastructure.
Wanchain Launches Token Bridge to Polkadot Relay Chain
Wanchain, a leading proof-of-stake blockchain focusing on interoperability, has unveiled a token bridge connecting the Polkadot Relay Chain and the Cardano blockchain network. This bridge enables seamless cross-chain transactions between the two networks, setting the stage for enhanced interoperability and collaboration in the broader blockchain ecosystem.
Conclusion
These recent developments in the crypto industry underscore the ongoing innovation and advancements taking place within the space. From addressing security vulnerabilities to enhancing cross-chain interoperability, companies and projects are continuously pushing the boundaries of what is possible in the world of blockchain and cryptocurrency.