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
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
CoreNest Capital Announces Strategic Investments in SpaceX, CTGT, Open Clinic, Asha Health, CollectWise, Curo, Hybrd, and Study Dojo
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Blockchain
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