Connect with us

Hi, what are you looking for?


Web3 Lost $127M to Hackers in January 2024 + More Crypto News

Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.

In today’s edition:

Web3 Lost $127M to Hackers in January 2024; Up 5.9x YoY
Messari Expands Market Intelligence Services to Europe
Portal Raises $34 Million from Major Exchanges for Development of Decentralized Bitcoin-Based Exchange


Web3 Lost $127M to Hackers in January 2024; Up 5.9x YoY

In January 2024, $126,782,617 went into the hands of hackers and fraudsters across 19 specific incidents, according to the latest report by major bug bounty and security services platform Immunefi.

This is a 6x increase from January 2023, when registered losses were $21,021,800. It’s also a 2.8x increase from December 2023, which recorded losses of $45,369,855.

Source: Immunefi

In January 2024, hacks continued to be the predominant cause of losses compared to fraud, scams, and rug pulls. Hacks account for 96.8% of this month’s total losses, and fraud for 3.2%.

The report notes:

$122,709,800 lost to hacks in January across 14 specific incidents;
$4,072,817 lost to fraud at the same time across 5 specific incidents.

Source: Immunefi

DeFi was the main target for exploits, and CeFi hasn’t witnessed a single major attack.

The most targeted chains were Ethereum and BNB Chain, representing more than 58% of the total losses.

Arbitrum follows them with three incidents and Solana with two incidents. Polygon, Conflux Network, and Optimism saw one incident each.

Most funds were lost in two projects. Orbit Bridge, the bridging service of the cross-chain protocol Orbit Chain, suffered a loss of $81,550,000. Gamee (GMEE token), a blockchain gaming project, saw a loss of $15,000,000.

Source: Immunefi

Meanwhile, Immunefi offers over $157 million in available bounty rewards. It has paid out over $90 million in bounties, while saving over $25 billion in user funds, it said.

Messari Expands Market Intelligence Services to Europe

Market intelligence company Messari has announced its strategic expansion into Europe with the establishment of its new entity in Dublin, making European crypto news rounds.

According to the press release, this expansion will enable Messari to provide the tools and support for Europe-based businesses, compliance teams, builders, and investors to seamlessly  engage with the digital assets economy.

“With this expansion into Europe, Messari remains unwavering in its mission to provide advanced digital assets market intelligence and data-driven solutions on a global scale, the announcement said.

2/ As we move into the region, Messari is committed to providing the tools and support for Europe-based businesses, compliance teams, builders, and investors in the region.

Learn more in our press release:

— Messari (@MessariCrypto) January 30, 2024

“We are excited to build on our company’s success by extending our presence into Europe. This expansion is influenced by the region’s significant impact on shaping our industry,” said Messari Founder and CEO Ryan Selkis.

“Europe’s sophisticated regulatory framework and Dublin’s strategic location make the city an easy choice for our expansion. As we move into Europe, we aim to serve as a driving force behind the adoption of digital assets among international businesses and individuals,” he added.

Portal Raises $34 Million from Major Exchanges For Development of Decentralized Bitcoin-Based Exchange

In the latest crypto news, fintech provider Portal announced it has exited stealth mode and raised $34 million in seed funding.

Investors include Coinbase Ventures, Arrington Capital, OKX Ventures, and “many other high-profile fintech and crypto investors,” the press release said.

The seed funding builds on Portal’s angel round of $8.5 million, which closed in 2021.

The project will use the funds to develop its two flagship products: Portal DEX (decentralized exchange) and Portal Wallet.

“Portal DEX is the first Bitcoin-based exchange that enables Layer 2 atomic swaps of cryptocurrencies across blockchains at greater speed, lower cost, and with increased transparency, security, and interoperability,” the team said.

Portal Wallet is a fully non-custodial tool that integrates Portal DEX and allows users to receive, store, and send crypto across blockchains.

In the coming months, Portal will launch several new products previously available only to large institutions and hedge funds.

One is an AI-powered, co-pilot investment application for acquiring financial intelligence and maximizing high-level investment strategies.

Another is an application programming interface (API) integration tool for building Portal DEX cross-chain swap functionality into existing wallets, DeFi applications on any chain, and Web3 dapps.

The team will also announce several strategic partnerships with major Bitcoin projects to enhance the utility and accessibility of Bitcoin, which have been bottlenecks for the crypto community, it said.

The post Web3 Lost $127M to Hackers in January 2024 + More Crypto News appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Cryptonews Podcast host Matt Zahab sat down once again with US-based blockchain entrepreneur and Founder of ETHDenver John Paller for another exciting interview. The two...


Leading DEX Uniswap has witnessed a sudden price retreat as the wider markets bounce from recent lows. This article will provide an analysis of...


Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has demonstrated a significant vote of confidence in the future of Bitcoin by strategically...


Top Crypto Gainers Today on DEXTools As Bitcoin (BTC) pumps to fresh more than two-year highs amid surging demand for its recently launched spot...


United States investors’ activity has spurred growth in the cryptocurrency market leading to ETH price hikes in recent weeks, especially as anticipation of spot...


The Grayscale Bitcoin Trust (GBTC), the world’s largest Bitcoin exchange-traded fund (ETF), has seen continued outflows for an entire month.  According to Bloomberg data, GBTC...

You May Also Like

Financial Advisors


Financial Advisors


Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.