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Coinbase has temporarily suspended the gaming platform PlayDapp’s token trading and transfer activities after the recent hack that resulted in the theft of 200 million PLA tokens. Recent updates from the Web3 platform have shared some insight into the investigation process.
Suspension Of Trading Activity On Coinbase On Thursday, the news of the hack was first informed by the security platform Cyvers Alerts on X (formerly Twitter). PlayDapp’s team later confirmed the security breach and immediately contacted partnered exchanges to take measures to protect the holder’s assets.
The gaming platform contacted major centralized exchanges (CEXs) to request deposit and withdrawal suspensions due to the hacking incident and promptly reported to the authorities about the case.
On Monday, the team shared an urgent notice post detailing the state of the investigation and the temporary measures it would take to minimize the hack’s impact on PLA holders.
Following this request, Coinbase announced the suspension of PLA’s trading and transfers across their website, Coinbase Prime, Advanced Trade, and Coinbase Exchange. The exchange expressed its intention to continue monitoring the developments from PlayDapp before giving new updates to customers.
We will continue to monitor developments related to PLA from the issuer and update our customers as more information becomes available.
Learn more: https://t.co/PoDxz71eAp
— Coinbase Assets 🛡️ (@CoinbaseAssets) February 14, 2024
In the notice post, the team informed of its current collaboration with exchanges, blockchain intelligence, security firms, and law enforcement agencies to investigate and resolve the issue further. It has now extended its petition to temporarily pause all liquidity and pool activities related to PLA to decentralized exchanges (DEXs).
According to the circular, decentralized exchanges (DEXs) have hindered the hacker’s attempts at dispersing the stolen tokens.
Migration Process And Price Reaction PlayDapp tried to negotiate with the hacker to retrieve the stolen funds. However, the attempts failed as the hacker “showed no willingness to help recover holders’ losses,” which resulted in an additional attack that led to the issuance of an additional 1.59 billion PLA tokens.
Subsequently, the team continues investigating the hacker’s intrusion methods to prevent further attacks, and they’re currently tracking the minted and swapped tokens by the hacker. Due to this, PLA Holder’s assistance has been requested, asking users for “the halt of transactions because we will conduct a migration based on the snapshot shortly.”
The platform has been discussing with exchanges to assess the best migration solution. The most recent update further details the attack’s damages and the coming migration process:
We are estimating the scale of damage for the initially minted 200 million tokens, while it’s confirmed that there is minimal damage from the secondary minting of 1.59 billion tokens. Currently, the transactions associated with the hacker are being tracked by security firms, so most of the invalidly minted tokens will be filtered out during the migration process.
Loss of ownership over the token smart contract opens the possibility for further attacks on PLA tokens.
As the update explains, PDA is an upgraded version of the new token. It introduces multi-signature implementation, snapshot, pause, and burn authority separation for management while removing minting authority for stability.
PDA will also introduce a DAO voting system, and it can only be swapped at a 1:1 ratio using wallets not associated with the hacker.
PlayDapp will coordinate with CEXes to reimburse PDA to PLA-holding users during the migration. Affected users will be reimbursed using the “current user balance holdings as per the snapshot timing” and receive the full token holdings at a 1:1 ratio. The team will announce the snapshot time in a future update.
According to CoinMarketCap data, the PLA price dropped from $0.1823 to $0.1498 after the attack. Since then, the token price has hovered around $0.14-$0.16.
The price dropped to $0.1383 after the Coinbase announcement, a 13.35% drop in the last seven days. PLA’s daily trading volume at writing time is $5,786,268, representing a 23.4% decrease in the previous 24 hours.
However, after the most recent migration plan update, PLA’s price surged 1.2% in the last hour and 3.7% in the previous 24 hours, as the token trades at $0.1524, perhaps signaling a change in holder sentiment after the recent development.
PLA is trading at $0.15 in the hourly chart. Source: PLAUSDT on TradingView.com Featured image from Unsplash.com, Chart from Tradingview.com
PlayDapp’s smart contract exploit enters its fifth day, accumulating over $290 million in losses, marking the largest hack since 2022.
The PlayDapp security breach was previously reported by crypto.news on Feb. 9th, when an unauthorized addition to the PLA token’s minting address was identified by several security analysts, immediately plummeting the token’s value. The incident has continued to unfold throughout the week, as major exchanges like Coinbase have suspended PLA trading.
PlayDapp has paused the PLA smart contract and proposed a migration plan to shift to a new ‘PDA’ token for the network, which will have improved security measures like multi-signature implementation.
The PLA smart contract has been paused.
We kindly request the halt of transactions to conduct a snapshot for migration.
Please understand that we are doing everything to protect holders' assets, and we will continue to keep the community updated.
— PlayDapp (@playdapp_io) February 13, 2024 Analysts from the blockchain security platform Cyvers have provided a detailed breakdown of how the breach occurred, as the attacker added their address as a minter and minted 200 million PLA tokens worth $31 million.
On Feb. 12, the hacker still had access to the smart contract and minted an additional 1.59 billion PLA tokens worth $223 million. Some tokens are deposited to exchanges such as Paribu and HTX. PlayDapp also contacted the hacker via on-chain messages to return the stolen contracts for a substantial reward.
Since the attack, the PLA has been down by over 15%.
Blockchain analytics firm Elliptic says the crypto gaming platform PlayDapp (PLA) lost $290 million worth of crypto assets as a result of security breaches this month.
Elliptic says the first breach, suspected to involve a private key leak, happened on February 9th. An unauthorized wallet minted 200 million PLA tokens worth $36.5 million at the time.
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PlayDapp sought to recover the stolen funds by offering a white hat reward of $1 million in exchange for the return of the assets by February 13th. In a message sent to the hackers on-chain, PlayDapp said it would release the amount as a bounty if they failed to act on the deadline.
On February 12th, the hackers again minted an additional 1.59 billion PLA tokens, then worth $253.9 million.
Elliptic says the hackers have started laundering the tokens, sending them to exchanges and other accounts, albeit the assets are now worth less than their value at the time of the breach.
“Before the breaches, the total circulating supply of PLA tokens was 577 million, so the exploiter may find it difficult to sell the ~1.8 billion newly-minted tokens at anything close to their market value prior to the hacks.”
PlayDapp says it will be difficult to move and exchange the stolen funds because it already contacted law enforcement authorities and blockchain intelligence companies.
Elliptic says crypto firms can also identify the stolen funds.
“The wallets associated with the exploiter have already been labeled in Elliptic’s tools – allowing exchanges and other service providers to identify whether they are receiving the proceeds of this hack.”
Leading cryptocurrency exchange Binance has announced it will support the token swap from PlayDapp (PLA) to PlayDapp (PDA), marking a significant transition for platform users. The recent announcement outlined the details of the token swap process, as well as changes to the trading pairs and services associated with the PLA token.
PLA Tokens to Convert to PDA Tokens at a 1:1 RatioEffective immediately, the deposit and withdrawal of PLA tokens on Binance have been suspended and will no longer be supported. The cryptocurrency exchange advises users to refrain from depositing or withdrawing PLA tokens until the next announcement. Binance will cover all technical requirements for the token swap for its users.
As part of the token swap, PLA tokens will be converted on Binance at a 1:1 conversion rate to receive the PDA ticker. This means that one PLA token will be equivalent to one PDA token on the Binance platform. The smart contract address for PDA tokens will be ERC-20 compatible and will ensure compatibility with the Ethereum Blockchain.
All PLA Trading Pairs to Be Delisted from Spot MarketIn preparation for the token swap, Binance will delist all PLA trading pairs from the spot market, including PLA/BTC and PLA/USDT, starting from 26 February 2024 at 06:00 AM local time. All pending PLA spot trading orders will be canceled at this time.
In addition, Binance will terminate Trading Bots services for the affected spot trading pairs and advises users to update or cancel their trading bots to prevent potential losses.
Following the delisting of PLA trading pairs from the spot market, trading for the new PDA/BTC and PDA/USDT trading pairs will commence on 1 March 2024 at 11:00 AM local time. This will allow users to seamlessly buy and sell the newly swapped PDA tokens on the Binance platform.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Cryptocurrency exchange Coinbase released a statement today that caught attention. The statement is about a specific cryptocurrency. According to it, trading will not be reactivated. Let’s look at the details of this development together.
Coinbase Issues Statement on PlayDapp (PLA)The exchange stated the following in its announcement:
“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our latest review, we will not be re-enabling trading for PlayDapp (PLA).
In light of the ongoing ‘Pause’ function in the PlayDapp (PLA) smart contract, PLA trading and transfers remain suspended on coinbase.com, Coinbase Prime, Advanced Trade, and Coinbase Exchange.
We are aware that the issuer has made an announcement about an upcoming transition. Please remember that our teams are actively evaluating the upcoming transition and will provide necessary updates directly to our users.”
What Is the Development About?This development is related to a security breach in the PlayDapp project. Coinbase had previously made a statement and suspended trading of the token. Now, there is curiosity about what Coinbase will do after the token migration. However, it can be expected that Coinbase will make a new announcement after the project team completes their preparations.
The project was hacked last month, resulting in the theft of 200 million tokens.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
[PRESS RELEASE – Hong Kong, Hong Kong, March 25th, 2024]
The PlayDapp Team announced on March 25 that it plans to launch its long-awaited blockchain mainnet scheduled for April 11 to foster the development and expansion of its ecosystem.
PlayDapp has decided to launch its mainnet through the Avalanche subnet to expand its Web3 business. As a result, PlayDapp will move away from supporting the existing public multi-chain to operate an independent chain with self-verification nodes as its mainnet.
Avalanche is known for its low transaction costs and high scalability, offering improved scalability through a subnet structure that allows for the creation of customized blockchains tailored to specific enterprises.
Wen Lee, Director of Business at PlayDapp stated, “We plan to operate the mainnet to onboard various Web3 gaming projects and expand the ecosystem,” emphasizing the company’s commitment to supporting the onboarding of diverse gaming projects onto the PlayDapp mainnet.
How This Improves The PlayDapp Ecosystem The introduction of the mainnet underscores PlayDapp’s commitment to providing user-friendly services and scalability, further expanding its Web3 ecosystem centered around the PlayDapp token (PDA).
Notably, PDA tokens issued as ERC-20 tokens on the Ethereum chain will be swapped to PlayDapp mainnet tokens (PDA) via bridging, serving as the native currency. This will facilitate various services and be used as a transaction fee processing on the mainnet, enhancing user convenience significantly.
Users will no longer need to pay gas fees in Ethereum (ETH) or Polygon (MATIC) for PlayDapp services. Instead, PDA will play a crucial role as the native currency across PlayDapp’s tournaments, marketplace, and play-to-earn (P2E) game services.
Mikey NFT holders will be able to migrate their NFTs to mainnet and will receive instructions on how to do so. Stakers will benefit from this launch as they will be able to receive regular in-game item drops for their upcoming P2E game. They’ll also receive discounts on transaction on transaction fees in their marketplace as well as be able to participate in their DAO game.
PlayDapp Integrates DAO To Empower The Community Moreover, the PlayDapp mainnet will integrate a Decentralized Autonomous Organization (DAO) voting system. PDA token holders will have the opportunity to participate directly in key decisions regarding the operation and project development of the Mainnet services, fostering trust and solidarity within the community through transparent decision-making processes.
In addition, PlayDapp plans to introduce a DAO game as part of the activation of the DAO. This is expected to be beneficial in helping DAO participants understand the voting and reward system through game participation. By actively involving the community in decision-making and creating a synergistic relationship between decentralized governance and gaming, PlayDapp aims to create a more engaged and vibrant ecosystem.
Strong Partnerships & Proven Track Record of Innovation From PlayDapp PlayDapp has previously showcased NFT interoperability through blockchain-based games, NFT marketplaces, metaverse projects, and tournament services. The company has collaborated with numerous partners such as Samsung Electronics, KB Kookmin Card, LINE FRIENDS (IPX), and Samsung C&T to introduce NFT-based interoperable services.
By connecting with various gaming companies and NFT projects, PlayDapp has demonstrated its ability to innovate and provide unique solutions for the blockchain gaming industry. The team behind PlayDapp consists of experienced developers, game designers, and business professionals with a strong track record in both traditional and blockchain industries, this gives promising potential for the road ahead.
PlayDapp Road Map For 2024 The team at PlayDapp has been working diligently to create a strong and vibrant community through transparent decision-making processes and innovative NFT interoperability solutions. With their mainnet launch, DAO activation, and upcoming partnerships and collaborations, PlayDapp is set to take the blockchain gaming industry by storm.
Looking ahead, PlayDapp has outlined its roadmap for the remainder of the year, with significant developments slated for the second quarter of 2024
2024. 4.11: Scheduled PlayDapp Mainnet Launch (Subject to change). As alluded to earlier, PlayDapp is set to launch its mainnet scheduled for April 11, 2024. This will be a significant milestone for the company as it marks the official start of their decentralized governance system and NFT interoperability services. Users will be able to participate in staking, voting, and NFT trading on the mainnet, making it a truly decentralized and community-driven platform.
2024. 2Q: 1. EZ Play As a revamped web3 mini game platform (aka tournaments) with new games and a new UI/UX to onboard the next wave of casual gamers to web3, EZ Play will define the core of PlayDapp’s user base. The team has changed the UX to allow users to easily participate in the game without separate logins and wallet connections. Existing P2E will also continue to support faster transactions and lower gas costs with the introduction of the mainnet.
2024. 2Q: Launch of Marketplace Plus ● Issuing exclusive NFTs serviced on the PlayDapp Mainnet to facilitate trading
● Introduction of an aggregator – access and compare market data
● Streamlining the process of buying NFTs and supporting bulk trading feature
With a dedicated marketplace, users will have a seamless experience buying and trading NFTs within the PlayDapp ecosystem. The marketplace will also serve as a platform for creators and artists to showcase and sell their unique NFTs.
2024. H2: Launch of a New P2E Mobile Game With more and more gamers shifting towards mobile gaming, PlayDapp plans to launch a new genre game that will be integrated with the PlayDapp Mainnet. This enhanced P2E model will offer a more immersive and rewarding experience for players, as well as increased accessibility through mobile devices. The game will set a new standard for blockchain gaming, combining traditional game elements with the power of web3 technology.
Throughout 2024: Ongoing Partnerships & Collaborative Projects It’s no secret that many companies are eager to work with PlayDapp, and 2024 will see even more partnerships and collaborations. The team is actively seeking out opportunities to expand the functionality and reach of the PlayDapp ecosystem. From joint development projects with other blockchain platforms to strategic alliances with major gaming companies, there are endless possibilities for growth.
PlayDapp Mainnet: A New Era in P2E and Blockchain Gaming The launch of the PlayDapp Mainnet in 2024 will mark a major milestone for the gaming and blockchain industry. With its enhanced P2E model and integration with mobile gaming, it will revolutionize how gamers interact with blockchain technology. Moreover, ongoing partnerships and collaborations will further expand the functionality and reach of the PlayDapp ecosystem.
The future is bright for PlayDapp as this launch on mainnet makes the entire ecosystem more efficient while their P2E hyper casual game platform called Ezplay will empower players to receive PDA Tokens directly on the mainnet. This will eliminate the need for players to use matic or eth for gas, making their gaming experience seamless and hassle-free.
Furthermore, their upcoming marketplace creates an economy for their P2E game, providing a platform for gamers to buy and sell their unique in-game assets securely. As PlayDapp continues to grow and evolve, the possibilities for innovation and growth are endless. The launch of the mainnet is just the beginning, and we can’t wait to see what other groundbreaking developments are in store for the PlayDapp ecosystem.
About PlayDapp PlayDapp is a global blockchain middleware provider. It enables companies across many different industries to integrate blockchain technology into their business models and easily turn their assets into Non-Fungible Tokens (NFTs). The company also owns and operates web3 games, NFT collections and a NFT marketplace (formally Polygon’s #1 Marketplace). Currently as of writing PlayDapp’s marketcap is $86 million dollars.
Social Media Links: Twitter: https://twitter.com/playdapp_io
The PlayDapp token (PLA) is a digital asset used within the PlayDapp Blockchain gaming ecosystem to purchase and trade NFT items through games and the global C2C market ‘playdapp.com’.
PlayDapp aims to bring non-crypto game users and blockchain game users together through the PlayDapp service platform. To do this, PlayDapp offers PG solutions for gaming without the need for cryptocurrency. PlayDapp will provide a variety of blockchain networks and game dApps to enable more users to play games on the PlayDapp service platform and to become crypto game users.
According to statements, the mission of the project is to create a world where digital assets are more valuable and accessible to everyone. To achieve this, it offers three products to its users:
Content Leverage: The use of the CryptoDozer character in games allows for greater content leverage as the number of games increases.C2C Marketplace: Users can transact characters, keys, pets, and other items through users in the Marketplace.Platform Leverage: Users can access ETH, XRP, BCH, KLAY, LIBRA, etc., using Interchain or DEX.On the other hand, PLA, the native token of PlayDapp, is a basic utility token that uses the ERC20 standard. PLA serves as the primary exchangeable token for processing transactions from users. Game dApp operators or developers receive PLA for every in-game purchase or transaction after PlayDapp charges a reasonably small transaction fee.
In addition, the PlayDapp team consists of 40 experienced developers, operators, marketers, and designers, who have 10 to 20 years of experience in the PC online and mobile game industry.
PLA Coin InsightsIt is not surprising that PlayDapp is attracting attention, especially nowadays when NFTs and blockchain-based game projects are popular. In addition, having significant names like Facebook, Klaytn, Certik, Samsung, and Line among PlayDapp’s partners also draws attention.
On the other hand, the PLA coin has received significant interest following its listing on Binance. We can see investors’ expectations about the PLA coin more clearly by looking at current figures.
How to Buy PlayDapp Coin?PLA Coin can be quickly and safely purchased through Binance, the world’s largest cryptocurrency trading platform by trading volume.
To buy PLA Coin, you first need to register with Binance and then send fiat money. After sending a fiat currency like the dollars, you can carry out a purchase transaction in the Binance Coin (BNB), BUSD, Tether (USDT), and Bitcoin (BTC) PLA trading pairs.
In addition, on Binance, you can also place a buy order at a lower price than the market value. To do this, use the Limit tab, and simply enter the amount and price you want to buy.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
PlayDapp Coin (PLA) is the native cryptocurrency used to purchase NFT items within the global C2C marketplace of the PlayDapp Blockchain gaming ecosystem.
What is PlayDapp (PLA)?PlayDapp is a dApp gaming portal that provides a C2C marketplace. All PlayDapp games are interoperable, offering players an NFT portfolio they can enjoy as in-game content. Additionally, players can trade their characters and items on the platform. By leveling up, players can increase the value of their NFTs, and the C2C marketplace can be used to upgrade and combine items.
PlayDapp has developed a PlayDapp SDK within its blockchain-based service ecosystem to facilitate the easy participation of game developers. The SDK provides digital assets for companies that struggle to build blockchain infrastructure for integrating their assets or seek a simple system integration.
Once an NFT is tokenized on the blockchain, it becomes interoperable across various other games within the PlayDapp ecosystem. This creates the potential for synergy between games and facilitates user acquisition through cross-communication. Particularly, the value of NFTs can increase with more usage.
PlayDapp’s vision is to create a world where digital assets are more valuable and accessible to everyone. Players will not only own their games but also have participation rights that can be earned for the ecosystem through their game assets for the first time.
Where to Buy PLA Coin?PLA Coin can be securely bought and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. PlayDapp Coin is traded on Binance in PLA/BTC, PLA/BNB, PLA/USDT, and PLA/BUSD pairs.
To buy PLA, you must first register on the Binance exchange. Once registration is complete, you will need to transfer cryptocurrency or fiat currency to your Binance account wallet. After completing the transfer, you can purchase PlayDapp Coin from any of the four trading pairs listed above. For buying from the PLA/USDT trading pair, navigate to the interface of this pair. Enter the desired amount in the field specified under the “Limit” tab in the PLA/USDT interface. Once the amount is entered, complete the purchase by placing a “Buy PLA” order.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
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According to a report published today by blockchain security firm Hacken, decentralized finance (DeFi) protocols witnessed a steep decline in exploits in 2024, while centralized finance (CeFi) platforms more than doubled their losses due to security breaches.
DeFi Platforms Show Better Security Mechanisms In its annual “Web3 Security Report,” Hacken outlined the general trends in the cryptocurrency industry with regard to scams and security infrastructure. The report notes that total losses arising from security failure in 2024 stood at $2.91 billion.
DeFi protocols accounted for $474 million in losses this year, a 40% decline from $787 million in 2023. This sharp drop reflects the growing adoption of advanced security techniques, such as zero-knowledge cryptography and multi-party computation, across the DeFi ecosystem.
One key factor contributing to the reduction in DeFi exploits was the sharp decline in cross-chain bridge hacks. Losses from these attacks have consistently fallen – from $1.89 billion in 2022 to $338 million in 2023, and finally to $114 million in 2024.
In contrast, CeFi platforms, including cryptocurrency exchanges, reported $694 million in losses in 2024, more than double the $339 million recorded in 2023. CeFi accounted for nearly one-third of all crypto-related incidents, highlighting persistent vulnerabilities in centralized systems.
Gaming and metaverse projects were another major target in 2024, responsible for nearly 20% of all crypto-related hacks, with $389 million in losses. The largest gaming/metaverse breach of the year was the PlayDapp exploit in Q1 2024, which resulted in a $290 million loss.
Phishing scams also remained a significant concern, causing more than $600 million in losses this year. These scams highlight increasingly sophisticated social engineering tactics in the Web3 space.
In November, the sector faced a $129 million address poisoning attack. For context, address poisoning phishing involves attackers sending small transactions from an address that closely resembles one the victim has interacted with, tricking them into mistakenly sending funds to the fraudulent address in future transactions.
Memecoins And Rugpulls Continue To Prey On Users While memecoins were all the rage for the majority of 2024 – particularly on the Solana (SOL) blockchain due to its low transaction costs – a significant proportion of them preyed on investors through presale scams and celebrity-endorsed rug pulls.
One notable example is the Hawk Tuah memecoin, launched by viral influencer Hailey Welch, popularly known as “Hawk Tuah Girl”. The coin’s value plummeted 95% shortly after launch, sparking severe backlash from the wider Web3 community.
The rise in memecoin-related scams also underscores the need for greater investor education, particularly when engaging with such speculative assets. At press time, Bitcoin (BTC) trades at $98,921, up 5.8% in the past 24 hours.
BTC trades at $98,921 on the daily chart | Source: BTCUSDT on TradingView.com Featured image from Unsplash, chart from Tradingview.com
The Ethereum ecosystem witnessed the largest losses in 2024 amid a massive rise in crypto hacks.
According to a Cyvers report, the Web3 ecosystem suffered staggering financial losses in 2024, with over $6 billion drained through hacks, exploits, and cyberattacks, with Web3 hacks resulting in $2.3 billion loss.
Among the affected blockchains, Ethereum emerged as the hardest hit, accounting for 51% of these losses. Notably, as the backbone of decentralized finance (DeFi), Ethereum’s widespread adoption and liquidity made it a primary target for cybercriminals.
Alarming Growth in Web3 Security Breaches The numbers highlight a troubling trend. Losses soared by 40% compared to 2023, showing how hackers are evolving faster than ever. The year saw $2.3 billion siphoned from blockchain projects, exchanges, and DeFi platforms, with Ethereum users bearing the brunt.
According to Cyvers, the quarterly breakdown showed consistent financial damage, with Q1 losses reaching $517 million, Q2 rising to $587 million and Q3 peaking at $669 million. Interestingly, in Q4 2024, losses slowed to $130 million.
Although 2024’s total remained below the $3.78 billion record set in 2022, the upward trajectory signals worsening vulnerabilities in the Web3 space.
Why Ethereum Was a Prime Target Ethereum’s dominance in the DeFi ecosystem made it particularly vulnerable. Its extensive user base and massive liquidity pools presented hackers abundant opportunities. From smart contract flaws to access control weaknesses, attackers leveraged every vulnerability.
While Ethereum suffered the most significant financial damage, other blockchains also endured heavy hits. The BNB Chain accounted for 24% of losses, while Bitcoin, XRP, and Arbitrum each faced smaller but substantial breaches.
Access Control Failures Security lapses involving access controls were the primary culprit behind the year’s crypto losses, contributing to 81% of the stolen funds. Weak authentication and poor permission management left users and projects exposed.
The remaining 19% stemmed from smart contract exploits. Hackers exploited coding errors to manipulate systems, drain funds, and compromise platforms. Together, these vulnerabilities showed the pressing need for better security practices across the industry.
Major 2024 Hacks The Cyvers report also called attention to some of the most high-profile incidents of 2024. For instance, DMM Bitcoin lost $305 million, while PlayDapp saw $290 million vanish. Other notable breaches included WazirX, which lost $235 million, and Radiant Capital, which suffered a $55 million theft.
While some funds were recovered, success rates declined sharply as the year progressed. Early 2024 saw promising recoveries, with $620 million reclaimed in Q1 and $562 million in Q2. However, this momentum faded by Q4, with only $25 million recovered during the final months.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Cryptocurrency exchange colossus Binance has again sent shockwaves across the broader market with its plans to delist 4 cryptocurrencies. An official announcement by the CEX on Thursday, April 24, revealed that the following tokens are to be delisted from the platform on May 2, 2025, at 03:00 UTC:
Alpaca Finance (ALPACA) PlayDapp (PDA) Viberate (VIB) Wing Finance (WING) As a result, usual market sentiments about the mentioned crypto prices remain highly bearish as one of the top crypto exchanges discontinues trading support for them.
Binance Delisting News: Here’s Why ALPACA, PDA, VIB, & WING Were Removed According to Binance’s official release, the abovementioned cryptos will be delisted shortly due to a stockpile of risk factors that hamper user experience. Per the announcement, a thorough periodic review by the CEX concluded that these assets no longer meet the level of standards or industry requirements.
In response, the crypto exchange behemoth will delist the 4 tokens mentioned above. Mentioned below are some of the key factors that the exchange took into consideration before delisting the coins.
Commitment of the team towards the project. Level and quality of development activity. Trading volume and liquidity factors. Stability and safety of the network from all types of malicious attacks Level of public communication, community engagement, and transparency. Responsiveness to our periodic due diligence requests. Binance revealed that, based on these vital factors, among many others, the decision to remove Alpaca Finance, PlayDapp, Viberate, and Wing Finance spot trading pairs was taken. Moreover, ‘Trading Bots’ services for the same will also be suspended on the same date and time.
Users can move on to the official announcement for more details on Futures, Margin, Convert, and other related delistings for these assets. Overall, the announcement has dealt a severe blow to the market sentiment for these coins, with traders and investors even speculating about a sustained price crash ahead.
How Are The Coins Performing Today? Binance’s delisting saga appears to have triggered a waning action in three of the four tokens mentioned above. WING price crashed over 30% in the last 24 hours and is currently sitting at $0.8451. Whilst VIB price also took heat, slumping 31.5% over the past day to $0.01530.
PDA price tanked nearly 17% and even hit a low of $0.009517 in the past 24 hours. However, ALPACA price has conversely gained roughly 13% to $0.04953. Crypto market traders and investors continue to monitor the tokens, mainly expecting increased volatility ahead due to the delisting.
In another similar chronicle, Binance recently delisted cryptos ACT, ALPHA, BLUR, CELR, PENGU, POND, and RUNE.
