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.”
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Blockchain
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution
Blockchain
Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
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Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
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