Hack3d reports are the most detailed and authoritative security reports in the industry, providing the Web3 community with the most comprehensive statistics on onchain hacks, scams, and exploits.

In Q2 2024, $688 million was lost across 184 onchain security incidents, a 37% increase in value lost compared to Q1 2024. Phishing accounted for $433 million of these losses, with private key compromises coming in second at $170 million. Ethereum was hit hardest, with 83 incidents causing $170 million in losses. Despite these breaches, $99 million was ultimately recovered, adjusting total losses to $589 million for the quarter.

Total losses in the first half of 2024 reached $1.19 billion across 408 incidents. Despite these losses, regulatory advancements such as the passage of the FIT21 bill in the U.S. and the approval of spot ETFs for Bitcoin and Ethereum indicate a maturing market poised for increased institutional participation. However, the substantial losses experienced in Q2 and H1 2024 highlight the ongoing challenges in achieving a secure and stable crypto ecosystem.

“Q2 2024 has been another eventful quarter for the blockchain security world,” said Prof. Ronghui Gu, co-founder of CertiK. “The increasing value lost to hacks and scams underscores the importance of continued vigilance and innovation when it comes to onchain security.”

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The crypto-related licenses granted by the Republic of Lithuania are testaments to BitMart’s unwavering dedication to adhering to the highest industry standards and legal requirements for regulatory compliance. By obtaining these licenses, BitMart reinforces its commitment to fostering trust among its European users, paving the way for greater accessibility to digital assets in the region.

BitMart’s new licensing status underscores the exchange’s determination to promote transparency, integrity, and accountability in the cryptocurrency space. As an industry pioneer, BitMart recognizes the importance of fostering a secure and compliant ecosystem that instills confidence in its global user base.

Commenting on this achievement, BitMart’s CEO stated, “We are thrilled to have obtained crypto related licenses in Lithuania, a country known for its forward-thinking approach to blockchain technology and digital assets. This is a crucial milestone for BitMart as it not only strengthens our position in the European market but also highlights our dedication to operating under the highest regulatory standards. We believe that responsible compliance is the cornerstone of a sustainable and prosperous crypto ecosystem.”

BitMart’s expansion into Lithuania aligns perfectly with the company’s overarching vision of becoming a truly global exchange platform. With its robust trading infrastructure, an extensive range of cryptocurrencies, and user-friendly interface, BitMart remains committed to providing an unparalleled trading experience for its global user base. The acquisition of the crypto related licenses in Lithuania is an integral part of this commitment, as it ensures that BitMart’s European users can more confidently participate in the digital asset market.

As BitMart continues to expand its footprint across the globe, this latest achievement cements its position as a trailblazer in the cryptocurrency industry. The company looks forward to further partnerships and collaborations as it strengthens its presence in Europe and continues to deliver innovative solutions for traders and investors worldwide.

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Seed Round Led by Bain Capital Crypto, with Participation from Shima Capital, 6th Man Ventures, Aves Lair, Newman Capital, Modular Capital, and SevenX Ventures

Orb Labs, a blockchain interoperability company, is excited to announce its $4.5M seed round led by Bain Capital Crypto, with participation from Shima Capital, 6th Man Ventures, Aves Lair, Newman Capital, Modular Capital, and SevenX Ventures.

Blockchain interoperability is at the heart of the crypto ecosystem, enabling developers to create new powerful products and services that leverage the benefits of multiple blockchains concurrently. However, existing interoperability protocols are either too expensive, slow, or not secure. Founded in 2022 by highly experienced software engineers, seven-year crypto veterans, and Princeton University classmates Richard Adjei and Felix Madutsa, Orb Labs is working to change this. Through its best-in-class solution for blockchain interoperability, Orb Labs prioritizes efficiency and security, qualities that are critical for developers building user-friendly cross-chain applications.

In pursuit of this mission, the company plans to launch Earlybird, a cross-chain messaging protocol that is more than 10x cheaper than other protocols while boasting a level of security unmatched in the interoperability space. The protocol is versatile and allows developers to choose security models that make sense for their applications based on factors such as use case, cost, and speed. Developers can leverage trust-minimized systems with extremely high degrees of security or utilize lightweight systems that prioritize speed and costs. The company is also working on another product, MagicLane, an efficient, secure, and composable omnichain token and messaging platform built on Earlybird. MagicLane provides developers with a shared security model and makes it easy to use Earlybird by abstracting away security configurations.

“There have been many exciting companies and technological advancements across the cross-chain interoperability space over the last couple of years. However, none provide a great solution to the blockchain interoperability problem. Currently, developers are unable to find messaging protocols that push the limits on usability and security,” said Richard Adjei, Co-Founder of Orb Labs. “Our team is excited to power the next wave of blockchain interoperability by providing gas-efficient, fast, and trust-minimized messaging protocols. We believe Orb Labs has the potential to create the new standard for messaging, token transfers, and advanced interoperation between blockchains, and we look forward to continuing to work towards our mission of unlocking the full potential of the blockchain ecosystem.”

Orb Labs’ protocols enable developers to build a wide range of products they could not build before. For example, DeFi developers can build cross-chain exchanges that are more than 40% cheaper to use on Ethereum than exchanges like Uniswap. This same fee reduction mechanism can be leveraged in any computationally expensive applications on Ethereum, like lending and yield farming protocols. Similarly, new L1/L2 developers can build robust trust-minimized native bridges that allow users to move funds securely and seamlessly between chains. The company is already in conversation with several DeFi, L1/L2 developers, and other developers who are exploring ways to use Earlybird and MagicLane to connect their fragment communities and improve their applications’ usability and security.

“There currently exist a number of challenges facing cross-chain developers, and our goal is to provide the tools and resources so that developers can focus their energy on creating incredible applications that generate value for both themselves and their customers,” said Felix Madutsa, Co-Founder of Orb Labs. “Through Orb Labs’ products, we envision a world in which a developer can launch on any chain of choice and easily access resources, liquidity, and users on other chains leveraging a maximally secure, low-fee, high-speed, and highly-configurable messaging protocol.”

In addition to finalizing and launching Earlybird and MagicLane, Orb Labs will use its seed funding to expand its team, accelerate its product development, scale technology capabilities, and perform security audits ahead of the company’s official launch.

“Orb Labs is at the cutting edge of blockchain interoperability and continue to build innovative solutions to reduce the current inefficiencies and costs that burden Web3 developers,” said Lydia Hylton, Partner at Bain Capital Crypto. “Richard, Felix, and the Orb Labs team are well-positioned to help developers capture more value across multiple blockchains and usher in a multi-chain future. We look forward to continuing to support their mission.”

“There is an ever-growing need for multi-chain infrastructure and interoperability before Web3 achieves mass adoption. The first step towards meeting this need is building flagship protocols to draw in users and nurture a growing community,” said Yida Gao, Founder and Managing General Partner of Shima Capital. “We believe the Orb Labs team is equipped with the technology, capabilities, and products to take interoperability to the next level, starting with Earlybird and MagicLane. We can’t wait to see their efforts play out.”

“We are thrilled to partner Orb Labs on their mission to enable a multi-chain future that is cheaper, more secure, and significantly more gas and capital efficient,” said Carl Vogel, Partner & Head of Research at 6th Man ventures. “Crypto needs cross-chain infrastructure that can support mass market adoption, and we believe Richard and Felix possess the right engineering experience, ingenuity and perseverance to unlock 10x+ improvements in scalability and interoperability.”

The company is currently hiring across its software engineering, marketing and community management, as well as partnerships, integrations, and business development teams. To learn more and apply, visit https://orblabs.xyz.

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Today, ConsenSys, a market-leading blockchain technology company, announced its newest initiative, MetaMask Learn. MetaMask Learn is a free-to-use resource available in 10 languages for anyone interested in learning about web3. It provides an interactive MetaMask UI environment to help onboard those new to self-custody, and guides users through the most common topics to help them get started in web3.

Recent systemic shocks in the crypto ecosystem have undermined investor trust in custodial platforms, however there is still a lack of understanding of the alternatives to custodial solutions. A recent survey of 1505 crypto holders in the US, conducted by Morning Consult and commissioned by ConsenSys, found that three quarters of respondents did not know or were unsure of what self-custody was. MetaMask believes supporting web3 enthusiasts to learn about self-custody in a simulated environment will increase trust and give consumers the confidence they need to participate in the web3 ecosystem in a safe, self-managed way.

As the world’s leading self-custodial crypto wallet, MetaMask recognizes the steep learning curve when it comes to web3 technologies and wants to ensure that those barriers are deconstructed in a simple manner. MetaMask Learn will be available for free starting today at learn.metamask.io.

Providing foundational learning materials for the adoption of web3 is imperative to MetaMask’s mission of democratizing access to decentralized technology. MetaMask Learn is a practical tool that allows the company to play a leading role in ensuring the next generation of participants in web3 are well-informed and comfortable with navigating the space.

Dan Finlay, co-founder of MetaMask, said, “Events in 2022 rightfully undermined confidence in custodial finance, and more crypto investors are looking to use self-custodial products. While we strive to make the product speak for itself, users were often disoriented when searching the web to understand topics more deeply. MetaMask Learn gives users a beautiful and information rich foundation for taking their next steps into the web3 ecosystem by combining visual learning with action-oriented testing.”

MetaMask believes access to information about web3 should be as inclusive as possible. The platform will be available in 10 languages at launch, providing education to users all over the world, many of which currently have high levels of inflation or large unbanked populations. The platform will initially be available in English, Bahasa (Indonesia), Chinese, Portuguese, Tagalog (the Philippines), Spanish, Russian, Ukrainian, Turkish and Vietnamese, with more to come. The MetaMask Learn syllabus will guide users through topics such as: What is Web3, What is a Crypto Wallet, The Era of Digital Identity, What is a Self-Custody Wallet, NFTs and Creators, and Decentralized Finance.

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Native created this technology because the crypto ecosystem has become too reliant on exchanges and market makers. Exchanges stand between users and projects, extracting fees and adding friction. Market makers operate in the shadows and few understand how they work. This needs to change. Crypto needs to become user-centric to scale to 1 billion users. That’s why Native exists.

Native’s technology empowers any project to become their own decentralized exchange (DEX). The protocol’s unique architecture pairs the on-chain transparency and security of a decentralized exchange with the efficiency of a centralized exchange. This solves an important problem for cryptocurrency, disintermediating 3rd-party exchanges and giving individual applications full control over their user journey and liquidity. For more information, see Native’s launch announcement on Medium.

Native is committed to building a community of projects and users who together bring crypto to a mainstream audience. Native’s DEX layer makes the swap experience frictionless and user-friendly.

The team has already announced a technology partnership with Ankr, the leading blockchain infrastructure provider, and a long-term campaign partnership with Galxe, the leading Web3 credential data network. Stay tuned for additional collaborative ventures ahead.

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Through this partnership, PlatonCoin (PLTC) will be integrated into CoinPayments’ crypto payment processing platform. Platon Finance is a growing community of experts sharing ideas and experiences in finance and crypto, and a meeting point for novices to learn about the empowering world of cryptocurrencies and the potential of blockchain technology. CoinPayments is the first payment processor to support altcoins, and it allows merchants to accept altcoins in their store through easy to use plugins, APIs and POS interfaces. Through their joint efforts, Platon Finance and CoinPayments will continue to push forward mainstream adoption of cryptocurrencies by providing usability, trust, security, and adoption of blockchain technology.

Platon Finance encourages blockchain application by developing:

• Trust in the technology: The first crypto-insurance that secures users’ assets up to €500,000. The insurance is provided by Lloyd’s Syndicate, a British insurance company.
• Usability of cryptocurrencies: A club where users can learn, buy, pay and use cryptocurrencies efficiently.
• Security of blockchain: By using the latest Symantec technology, Platon provides security against cyber attacks.

“People are starting to trust cryptocurrencies again, but it’s important that new projects provide the associated security required in the growing crypto environment,” said Daniel Tanner, CEO and Co-founder of Platon Finance. “CoinPayments shares our same values, and our goal to create a crypto environment that not only focuses on trust and security, but it’s also user-friendly and simple to understand.”

“We’re really excited about our integration of Platon Finance which aims to address four issues with the industry: usability, trust, security, and adoption of blockchain technology,” explains Sean Mackay, Operations Lead of CoinPayments. “CoinPayments values all four of these pillars, so we’re happy to provide support for PlatonCoin, and to working together to drive mainstream adoption of cryptocurrencies.”

About
Platon Finance was founded in 2017 by Daniel Tanner, an entrepreneur with more than fifteen years of experience in IT, and Julie Tanner, a PR executive. The company is creating a crypto club aimed at educating people about the empowering world of cryptocurrencies, and the potential of blockchain technology.

Contacts
Company Media:
Maros Khula
Product & Project Manager
+421-917-107-594 (cell)
khula@platonfinance.com

SOURCE URL: https://www.businesswire.com/news/home/20190523005418/en/Platon-Finance-Teams-Coinpayments-Provide-User-Friendly-Crypto

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