Beosin: Web3 Incurs $2.02 Billion Loss in 2023 from Hacking, Phishing, and Project Rug Pulls

According to Beosins EagleEye platform monitoring, as of December 25th, the total losses incurred in the Web3 domain in 2023 due to hacker attacks, phishing scams, and project Rug Pulls amounted to $2.02 billion. Among these, there were 191 reported attack incidents, resulting in a total loss of approximately $1.397 billion; 267 Rug Pull incidents by project parties led to a loss of around $388 million; and the total loss from phishing scams amounted to about $238 million.  In 2023, there was a significant decline in hacker attacks, phishing scams, and project Rug Pull incidents compared to 2022, with an overall reduction of 53.9% in the total amount of losses. Notably, hacker attack incidents saw the most substantial reduction, dropping from $3.6 billion in 2022 to $1.397 billion in 2023, a decrease of approximately 61.2%. Phishing scam losses decreased by 33.2% compared to 2022, while Rug Pull losses declined by 8.8%.  There were four attack incidents in 2023 that incurred losses exceeding $100 million, and 17 incidents incurred losses between $10 million and $100 million. The top 10 security incidents accounted for approximately $1 billion, constituting 71.5% of the total yearly attack incident amount.  In 2023, the types of projects targeted in attacks

2023-12-28Deep Dive

DFX Labs Submits Application for Virtual Asset Trading Platform License to SFC

The Hong Kong Securities and Futures Commissions official website was updated today with information about applicants for virtual asset trading platform licenses. Among the updates, it reveals that DFX Labs Company Limited formally submitted a license application to the Hong Kong Securities and Futures Commission on December 27th. The company does not have a Chinese name at present, and its virtual asset trading platform is named DFX Labs.  

2023-12-28Deep Dive

Multicoin Capital Bullish on 2024; Sees Cryptocurrency's "Huge AI Opportunities"

Multicoin Capitals Managing Partners, Kyle Samani and Tushar Jain, remain bullish on the investment landscape for 2024, especially considering recent developments in the blockchain ecosystem, with an optimistic outlook on the Solana ecosystem. Samani also believes that cryptocurrencies present a “massive opportunity” within the realm of artificial intelligence.  He stated, “Specifically, there is currently a severe shortage of GPUs, and competition for these resources will grow exponentially. This presents an opportunity for computational markets supporting cryptocurrencies and professional cloud providers to step in and fill this void.”  “Token-incentivized reinforcement learning products are another huge opportunity,” Samani added. “Models need to be trained by humans to transfer knowledge. Cryptographic networks are excellent tools for organizing and incentivizing people worldwide to contribute to a shared model.”  Jain anticipates the emergence of “a slew of entirely new neobanks, DeFi primitives, payment applications, on-ramps/off-ramps, and DEXes in 2024,” filling the void left by centralized lending platforms that vanished in 2023. He also noted, “These products will far surpass earlier generations of DeFi projects and match the user experience of custodial providers.”  

2023-12-27Deep Dive

Bitcoin Mining Difficulty Surges 74% in 2023 with 27 Total Adjustments

According to statistics, the Bitcoin mining difficulty experienced a total of 27 adjustments this year, with 20 increases and 7 decreases. Throughout the year, there was an approximate 74% increase in difficulty, with the largest increase of 10.26% occurring on January 16th and the smallest increase of 0.12% on August 9th. The most substantial decrease in difficulty was 3.59% on January 3rd, while the smallest decrease was 0.49% on February 12th. The 27th and final adjustment of the year occurred on December 24th.  Furthermore, according to BTC.com data, it is anticipated that the first Bitcoin mining difficulty adjustment in 2024 will take place around January 4th, with the difficulty potentially increasing by 2.25% to reach 73.62 T.  

2023-12-27Deep Dive

Solana Co-Founder: Solana Can Serve as an Ethereum Layer 2 Solution

Solana Labs co-founder Anatoly Yakovenko stated that “Solana is Ethereum,” hinting at the possibility of interoperability between the two blockchains. Solana can function as an Ethereum Layer 2 blockchain using Wormhole EigenLayer. With the Danksharding scaling solution, there is potential to submit all Solana blocks into certain data validation bridging contracts on Ethereum. Danksharding is anticipated to enhance Ethereums scalability and performance.  

2023-12-27Deep Dive

Report: 25 Countries/Regions Implemented Stablecoin Legislation in 2023

According to the “PwC Global Cryptocurrency Regulation Report 2023” released on December 19th, as many as 25 countries/regions have established legislation or regulations concerning stablecoins in 2023. As analyzed and assessed by PricewaterhouseCoopers (PwC), these countries include Austria, the Bahamas, Denmark, Estonia, Finland, France, Germany, Greece, Japan, Luxembourg, Portugal, Spain, Sweden, Switzerland, among others. The majority of these nations/regions that have enacted stablecoin laws have also ensured or implemented all other regulatory checks, including cryptocurrency regulatory frameworks, licensing or registration, and the Financial Action Task Force (FATF) travel rule.  The report assessed the cryptocurrency regulatory landscape in 43 countries/regions, including the United States and the United Kingdom. According to the reports analysis, countries such as the United States, the United Kingdom, and Canada have yet to finalize legislation concerning stablecoins and have not established a regulatory framework for cryptocurrencies. Data reveals that certain crypto-friendly countries/regions, such as Singapore and the United Arab Emirates, have adopted all cryptocurrency-related regulations except for stablecoins.  

2023-12-27Deep Dive

Binance Announces Launchpool's 42nd Project: Sleepless AI (AI)

Binance launchpool has launched its 42nd project - Sleepless AI (AI), a Web3+AI gaming platform. Users can deposit BNB, FDUSD, and TUSD into the AI mining pool on the Launchpool website to earn AI rewards, which will run for a total of 7 days starting from December 28, 2023, 00:00 (UTC). The website is expected to be updated approximately within the next twenty-four hours before the mining activity begins.  Binance will list Sleepless AI (AI) on January 4, 2024, at 10:00 (UTC). The trading pairs available will include AI/BTC, AI/USDT, AI/BNB, AI/FDUSD, AI/TUSD, and AI/TRY, and will follow the Seed Token Label trading rules.  According to a research report released by Binance Research Institute on the Web3+AI companion gaming platform SleeplessAI, the project has raised $3.7 million through three rounds of private token sales, selling 7.6% of the total AI token supply, with a latest valuation of $200 million. As of December 26, 2023, the total supply of AI tokens is 1,000,000,000, and the circulating supply after listing is 130,000,000 (approximately 13% of the total token supply).  Regarding its token sale and economics, 7.00% of the total token supply is allocated to Binance Launchpool, 1.00% for initial airdrops, 18.00% for investors, 18.00% for

2023-12-27Deep Dive

Tokenized U.S. Treasury Bond Market Reaches $770M, Ethereum Blockchain Holds Over $410M Value

According to data from the RWA monitoring platform RWA.xyz, as of the time of writing, the market size of tokenized US Treasury bonds has grown from around $100 million at the beginning of the year to $770 million, marking an increase of over 600%.  Within this, the value of tokenized US Treasury bonds on the Ethereum blockchain amounts to $410.4 million, while the corresponding market value on the Stellar blockchain is $336.6 million.  

2023-12-26Deep Dive

Year-to-date 2023: Crypto VC Investments at $10.7 Billion, a 68% Drop from Last Year

In 2023 so far, venture capital firms have invested $10.7 billion in cryptocurrency and blockchain startups, marking a 68% decrease compared to 2022 ($33.3 billion).  Most of these investments occurred during the first half of this year, showing a decline in the latter half, although there was an increase in funding in November. Notably, there has been an increase in the proportion of transactions allocated to Pre-Seed, Seed, and Series A startups in 2023, while mid and late-stage deals have decreased compared to the previous year.  Regarding verticals, NFT/Gaming, Infrastructure, and Web3 remain dominant in terms of transaction volume, while other sectors such as Data, Transactions, and Enterprises have seen fewer transactions.  

2023-12-26Deep Dive

Ethereum's L2 TVL Reaches $18.27 Billion, Showing a 13.05% Increase in 7 Days

L2BEAT data shows that the current Total Value Locked (TVL) on Ethereum Layer 2 stands at $18.27 billion, marking a 13.04% increase over the past 7 days.  The top five in terms of TVL are as follows:  Arbitrum One: $85.9 billion, with a 4.23% increase over the past 7 days.  OP Mainnet: $57.3 billion, showing a 20.00% increase in the last 7 days.  Base: $741 million, with a 3.73% increase over the past 7 days.  zkSync Era: $572 million, indicating a 5.67% increase over the last 7 days.  dYdX V3: $353 million, with a 2.22% increase in the past 7 days.  

2023-12-26Deep Dive
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