The most recent ‘Crypto Losses in October 2023 Report’ from the cybersecurity firm Immunefi has surfaced, indicating a concerning $1.41 billion lost due to cybercriminal activities from the start of the year until October, spanning 292 separate events. In October, the losses amounted to $22.2 million. BNB Chain and Ethereum were the main targets, constituting 83.3% of all attacks. The majority of the financial damage stemmed from hacks, amounting to $16.4 million, while fraud accounted for $5.9 million. The report pointed out that decentralized finance (DeFi) platforms bore the brunt of the assaults, unlike centralized finance (CeFi) platforms, which remained largely unscathed.
In a strategic move, Nym Technologies has joined forces with the NEAR Foundation to enhance privacy on the NEAR blockchain with state-of-the-art encryption. This integration will shield all blockchain transactions, including NFTs and DeFi services, from potential cyber threats by obscuring the metadata, making it tough for anyone to track users’ online activities via their public IP addresses.
Blockchain and Tech Developments
Google Cloud has taken a significant step by integrating the Solana network dataset into BigQuery, Google’s robust data analysis tool. This integration will provide rich, detailed insights into the Solana network’s activities, which can greatly benefit builders and developers by streamlining their project development process.
A groundbreaking development is coming to the Avalanche blockchain through its newly announced IBC connection with Cosmos Hub, among others. This connection, developed by Landslide, promises to foster unparalleled interoperability within the DeFi space. The developers anticipate that this will encourage a more cohesive environment for DeFi applications across various blockchains. The incentivized testnet for this initiative is set to kick off on November 1st.
Financial Insights
Tether Holdings Limited’s latest financial assurance opinion for the third quarter of 2023 reveals a notable increase in its cash and cash equivalents holdings, which now constitute 85.7% of its reserves. A significant chunk of this, $72.6 billion to be precise, is invested in US Treasury Bills. The report also mentions a drawdown in secured loans offered by Tether and a significant quarterly return from cash investments, alongside hefty investments in industry research.
Trending in Adoption
Boba Guys, a well-known tea chain, is embarking on an innovative customer loyalty journey with Hang, a customer engagement platform that recently garnered a $16 million investment. They are introducing the Boba Guys Passport, a novel, gamified loyalty program built on the Solana blockchain. Scheduled to launch on November 24 across all 26 Boba Guys stores, this program promises to offer a unique customer experience where each purchase contributes to unlocking special rewards.
