$1.4 billion stolen in crypto hacks in first half of 2024, study finds

$1.4 billion stolen in crypto hacks in first half of 2024, study finds

The amount of cryptocurrency stolen in global hacking attacks more than doubled to a record $1 billion during the first six months of this year, compared to all of 2023, according to TRM Labs' blockchain researchers.

By June 24, 2024, more than $1.38 billion in crypto had been pilfered, which is significantly higher compared to the amount stolen during the first half of last year, estimated at $657 million. The median theft size also increased by 50%.

This spike is...

Dubai Customs launches blockchain platform to bolster smart city ambition

From smart city to blockchain pioneer: Dubai's latest trade initiative

Dubai Customs has launched its own blockchain platform to improve clearance procedures by providing a more comfortable and easy way for shipping operations across Dubai and its borders.

This program, unveiled on July 8, 2024, is a key pillar in Dubai's intention to become one of the leading 'smart' cities, as reported by the Dubai Media Office.

Ahmed bin Sulayem, chairman of the Ports, Customs, and Free Zone Corporation, said: "This innovation reflects our vision to make...

US Senate recommends use of blockchain to enhance national security

Trump - defence bill - blockchain study

The US Senate Committee on Armed Services has recommended that the Department of Defence (DOD) explore blockchain technology to potentially revolutionise national security.

This directive signifies a notable change in the government's strategy towards new technology, which now focuses on investigating innovative solutions for supply chain management and other essential defence applications.

The committee's recommendation, detailed in the fiscal year 2025 National...

Nigeria takes bold step in blockchain technology with ‘Nigerium’ initiative

Nigeria takes bold step in blockchain technology with 'Nigerium' initiative

The Nigerian Government has revealed that the National Information Technology Development Agency (NITDA) is working on a locally-made blockchain, dubbed 'Nigerium', to secure national data and ensure security.

This comes after ongoing concerns about its commitment to technologies like Ethereum, primarily because blockchain technology is popular and mostly owned by foreigners who may not have interests that align with Nigeria's best interests.

The Director General of...

Bittensor’s billion-dollar dream derailed by $8m hack

Crypto Hacker

Cybercriminals have perpetrated a multi-million dollar raid on AI-focused blockchain firm Bittensor.

An estimated 32,000 TAO tokens, valued at approximately $8 million, have reportedly been stolen from the network's validators. The situation came to light after TAO suddenly plunged 9%. According to data from CoinMarketCap, the token's value plummeted to a low of $227, down 13% from its pre-hack price of $260. That prompted Bittensor co-founder Ala Shaabana to confirm that the...

From recovery to dominance: Cryptocurrency’s path forward in 2024

From recovery to dominance: Cryptocurrency’s path forward in 2024

Over the past fifteen years, the cryptocurrency and digital asset sectors have undergone substantial changes, introducing various opportunities and challenges for investors, regulators, and market participants.

Research firms have become indispensable in this dynamic and complex environment by offering essential analysis and insights to guide stakeholders.

Since its establishment, Architect Partners has been an active participant in this sector, consistently releasing...

MegaLabs secures $20 million seed funding for ‘real-time’ Ethereum scaling protocol

MegaLabs secures $20 million seed funding for "real-time" Ethereum scaling protocol

MegaLabs, the primary development team behind a novel Ethereum scaling protocol designed for unprecedented speed, has raised $20 million in seed funding.

CoinDesk reported that the recent round, led by Dragonfly Capital, attracted diverse investors, including Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, and Tangent. The investment also garnered support from notable figures such as Ethereum co-founder Vitalik Buterin, Consensys CEO Joseph Lubin, EigenLayer...

US Treasury finalises crypto tax reporting rule, legal challenges for Binance continue

U.S. Treasury finalises crypto tax reporting rule, legal challenges for Binance continue

The US Treasury Department has established a regulation mandating that cryptocurrency brokers, such as exchanges and payment processors, provide the Internal Revenue Service (IRS) with detailed data on users' transactions involving digital assets.

Originating from the bipartisan 2021 Infrastructure Investment and Jobs Act, which is valued at $1 trillion, this regulation is designed to combat tax evasion in the cryptocurrency industry and is expected to produce close to $28 billion...

$9M in life insurance policies tokenised by Infineo on provenance blockchain

$9M in life insurance policies tokenised by Infineo on provenance blockchain

Infineo, a blockchain-based life insurance company, has successfully transferred the 'first-ever' tokenised life insurance policy on a distributed ledger system.

Using the Provenance network, Infineo minted policies worth a total of $9.4 million. A partnership with Provenance Blockchain Labs, the group behind the development of the Provenance ecosystem, enabled this industry-first initiative. Infineo is not stopping there, though. They are also laying the groundwork to build...

Venice Court awards Quantum Blockchain €6.1M in landmark case

Quantum Blockchain Technologies has announced a significant legal development concerning its subsidiary, Clear Leisure 2017 (CL17).

On 10 June 2024, the Court of Appeal of Venice adjudicated judicial appeals made by CL17 in a lawsuit against former directors and statutory auditors of Sipiem in Liquidazione (Sipiem).

The court confirmed the majority of damages awarded to CL17, as announced on 1 November 2022. One of the ex-directors' liability was slightly reduced by...