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A staggering 80% of crypto projects that endure a major hacking incident never fully recover. The primary cause is not the initial financial loss, but the subsequent collapse of operational and trust systems during the response phase. This highlights a significant gap between rapid Web3 innovation and the adoption of robust, proactive security measures.
The Critical Failure Points
When a breach occurs, the immediate aftermath is often the most destructive period. Many project teams are paralyzed by hesitation and a lack of preparedness, exacerbating losses.
Absence of Incident Response Plans: Most protocols lack pre-established plans for security incidents. In the crucial initial hours, this leads to slow decision-making, allowing attackers more time to drain funds and cause further damage.
Trust Erosion: Fearing reputational damage, teams may hesitate to pause smart contracts or communicate openly with users. This silence fuels panic and permanently damages community trust, causing users and liquidity to disappear, which is often an irreversible "death sentence" for the project.
Operational Security Gaps: Weak operational security, such as poorly secured private keys or compromised multi-signature setups, remains a top threat vector. Human error is often the weakest link, susceptible to increasingly sophisticated social engineering attacks.
Common Vulnerabilities
Web3 security risks are a mix of traditional and unique challenges:
Smart Contract Flaws: Logical errors and vulnerabilities in smart contract code are common attack vectors. Once deployed, these errors are often immutable, making them difficult to correct.
Cross-Chain Bridge Issues: Bridges that connect different blockchains are frequent targets, often due to their complexity and reliance on centralized components.
Phishing and Social Engineering: Human-layer attacks are highly effective in the self-custody environment of Web3, tricking users into revealing sensitive information or approving malicious transactions.
A Call for Proactive Security
To improve recovery rates, the Web3 ecosystem needs to mature its security practices. This means moving beyond a reliance solely on third-party audits and implementing a holistic approach.
Layered Security: Combining audits with in-house measures like static analysis, unit testing, and vulnerability scanning is essential.
Transparency and Education: Fostering a security-first culture internally and educating users on safe practices can mitigate risks.
Robust Incident Planning: Having a clear, practiced incident response plan is critical to acting swiftly and containing a breach effectively.
The data from Immunefi's CEO Mitchell Amador indicates that while the technology is innovative, the human and operational elements of Web3 security urgently need to catch up to ensure long-term sustainability
$BNB $XRP $BTC
#MarketRebound #CPIWatch #StrategyBTCPurchase #HackerAlert

The Coinbase hack saga continues following a breaking development about the US Justice Department’s plans to open an investigation into the data breach against the top crypto exchange.
This follows the company’s debut on the S&P 500, with the COIN stock price closing the day in the red.
US Justice Department To Investigate Coinbase Hack
According to a Bloomberg report, the US DOJ has opened a probe into the recent data breach at crypto exchange Coinbase.
Investigators, including those in the department’s criminal division in Washington, are reportedly digging into the events that led to the breach.
As we reported last week, the top crypto exchange suffered a cyberattack. The criminals allegedly bribed and recruited rogue customer service agents overseas to gain access to users’ personal data.
The company claimed that the hackers didn’t gain access to any sensitive data. Meanwhile, the exchange promised to reimburse affected customers of the Coinbase hack.
Additionally, they launched a $20 million reward to track down the exploiters, who had blackmailed them for the said amount in exchange for not releasing the data.
The Coinbase data breach affected top executives, including Sequoia Capital’s Roelof Botha. Meanwhile, exchanges Binance and Kraken reportedly also faced similar incidents.
Crypto millionaires have moved to hire bodyguards following the hack. The exchange is also facing up to six lawsuits due to the compromised user personal data.
Exchange Debuts On S&P 500
Amid the launch of the probe into the Coinbase hack, the exchange debuted on the S&P 500 today, becoming the first and only crypto company to achieve this milestone.
We also reported last week that the crypto exchange would replace Discover Financial Services, following Capital One’s acquisition of the latter.
Despite the debut, the COIN stock price closed the day in the red, trading at around $263.
The stock rebounded to this price level last Friday following the crash on May 15 due to reports of the data breach and the ongoing SEC investigation into alleged misleading user numbers in past disclosures.
The exchange’s Chief Legal Officer, Paul Grewal, confirmed that they are cooperating with the SEC on the investigation, although he believes it shouldn’t continue.
Meanwhile, concerning the Coinbase hack, Grewal also revealed that they have notified and are working with the DOJ and other US and international law enforcement agencies.

#CoinbaseExchange. #coinbase #Hack #Hacked #HackerAlert

Hackers Exploited the Account to Promote Fraudulent Tokens
The @TrumpDailyPosts account on the X platform (formerly Twitter) has been hacked and is being misused to spread fake meme coin addresses. The compromised account continues to actively promote several fraudulent tokens, including a fake token named $POWER.
According to Scam Sniffer, a Web3 platform focused on combating scams, the hackers not only post but also quickly delete content related to these fraudulent schemes. Users are advised to verify the credibility of any investment promises, especially those originating from compromised accounts.

Connection to Other Organized Scams
Investigations revealed that the gas source used to create the fake $POWER token address was linked to the same platform involved in a recent hack of the Farcaster account, owned by a MetaMask co-founder.
During that incident, hackers promoted fraudulent meme coins and were accused of generating over 1,000 SOL (Solana). These activities point to a well-organized cybercriminal gang targeting prominent crypto figures and organizations.
Social Media as an Emerging Tool for Fraud
A troubling trend in the crypto space is the increasing use of social media accounts to promote fraudulent tokens. Hackers exploit high-profile accounts to create an illusion of trustworthiness and maximize their financial gains.
The hacking of @TrumpDailyPosts is yet another example of how cybercriminals are adapting their methods. By leveraging fraudulent meme coins and social media, they are creating new ways to deceive investors and extract illicit profits.
How to Protect Yourself From These Scams
Given these trends, it is crucial for both users and platforms to pay closer attention to identifying fraudulent activities. Users should exercise extreme caution when considering any investment opportunities, especially involving meme coins or less-known tokens.
Safety should always take precedence over the promise of profit. Verify sources, thoroughly check addresses, and avoid suspicious projects promising unrealistic returns. The crypto space offers numerous opportunities but also comes with heightened risks that require vigilance and proactive measures.

#CryptoNewss , #blockchain , #CryptoScamAlert , #cryptohacks , #HackerAlert

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“