Blockchain
HECO Chain named best at recovering lost funds – Bitcoin is worst
New analysis has identified which popular blockchains most successfully returned users’ funds lost due to scams over the last year – with HECO Chain crowned top.
The findings follow a deep-dive into the De.Fi REKT Database by Smart Betting Guide, which identifies the most common cryptocurrency scams, the losses per scam, and which blockchains were targeted the most – with users losing more than £1.3 billion last year.
While most users saw their crypto taken for good, some chains could return lost funds – but not many, with just 10.3% of the total £1,390,282,076 that was stolen successfully regained.
The data reveals that some chains were more successful at returning lost funds than others, with just over a third (35%) of the 17 targeted blockchains managing to do so.
Of these successful chains, HECO Chain recovered the most, returning 28.6% of the total £6.3 million lost due to exit scams and exploits (equivalent to £180,910). Compared to the average return rate of 10.3%, HECO users are 240% more likely to regain their stolen funds.
The second-most successful chain was Ethereum, recovering 20.9% of the chain’s £728.9 million funds lost over the last year – equivalent to returns of £152,247,155. This means Ethereum users are 103% more likely to see their stolen funds returned than the average.
Rounding out the top three most successful chains was Avax, which recovered 12.2% of the £17,353,827 lost due to scams last year (equivalent to £2,114,891). Although it’s a lower return rate, Avax users are still 18% more likely to regain their funds than the average.
On the other end of the scale, the blockchain that proved the worst at recovering stolen funds was Bitcoin, which unsuccessfully returned any of the £209,975,012 lost last year.
While most (65%) blockchains analyzed in the database failed to return funds, Bitcoin was the one that saw the highest losses out of that list, and so arguably disappointed more users than the likes of Polygon (£98,132,445 lost) and Centralized (£93,383,158 lost).
Other blockchains that failed to recover any lost funds included Optimism (£14,301,993 lost), Fantom (£5,813,833 lost), and zkSync Era (£4,108,000 lost).
As well as identifying which blockchains were most affected by scammers, the analysis reveals which scam types result in the highest losses overall.
Phishing scams were one of the most prevalent, resulting in a total of £58,845,334 lost. A phishing scam sees cybercriminals target users’ eWallet via schemes like fake websites or fraudulent emails, with users encouraged to share their private details or private keys.
While some targeted users hit by other scams could recover their lost sum, the data found that nobody who reported a loss due to phishing successfully regained their funds.
The analysis also shows that March is the riskiest month for cryptocurrency users, as the month reports the highest average losses (£22,956,514) due to phishing scams.
Speaking on the findings, Zigmas Pekarskas, CEO of Smart Betting Guide, said: “As cryptocurrency continues to grow in popularity among investors, so does the appeal to scammers – especially among volatile blockchains or vulnerable users. However, there are some telltale signs to look out for that may indicate you’re being targeted.
“The most obvious sign is if someone is typing to gain access to your private information, like security codes or login details. Do not share your personal information unless you are 100% sure the request is safe – especially if you’ve been randomly contacted over text or email. Also, be wary of ‘too-good-to-be-true’ returns, discounts, or tokens. If you know a cryptocurrency is particularly volatile, exercise caution before accepting investment support.
“Ensure that you are aware of how cryptocurrencies and blockchains work so that you can identify any discrepancies that may allude to ulterior motives. Make sure you only trade via reputable exchanges and always use a secure eWallet to hold funds.”
The post HECO Chain named best at recovering lost funds – Bitcoin is worst appeared first on HIPTHER Alerts.
Blockchain
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Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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