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HECO Chain named best at recovering lost funds – Bitcoin is worst

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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.

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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).

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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.

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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.

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Blockchain

Global Fintech Market Size To Worth USD 1009.10 Billion By 2033 | CAGR Of 14.01%

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Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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