Published on augustus 31, 2024, 12:24 am
Image source: Fox News
```json [ "TLDR: Crypto hacks in 2024 surpass 2023 with $1.2 billion stolen, raising cybersecurity concerns; Celsius repays $2.53 billion to creditors but still owes $3 billion; efforts to make Web3 and crypto public goods by Gavin Wood; RDX Works downsizes post Radix network launch; PayPal's stablecoin PYUSD exceeds $1 billion market cap; DeFi remains active despite fluctuations." ] ```
Crypto hacks in 2024 have already surpassed the previous year’s record, with over $1.2 billion stolen, raising concerns about cybersecurity within the cryptocurrency industry. This marks a 15.5% increase from the total value stolen in 2023.
On a more positive note for investors, Celsius, a bankrupt crypto lender, has begun repaying its creditors. So far, Celsius has repaid $2.53 billion to 251,000 creditors, which accounts for two-thirds of its customers. The company still owes a total of $3 billion to over 375,000 creditors.
The rise in cryptocurrency theft highlights the ongoing challenges facing the industry as it aims for wider adoption. In 2024 alone, $1.21 billion worth of digital assets have been lost to hacks and rug pulls in various exploits.
In separate developments, Gavin Wood is working towards making Web3 technology and cryptocurrencies beneficial to society as public goods. Wood emphasizes the importance of removing transaction fees from cryptocurrency transactions to fulfill Web3’s true purpose.
Additionally, RDX Works had to downsize by cutting 15% of its workforce as part of cost-cutting measures after launching the Radix network’s mainnet in July 2023.
PayPal’s US dollar-pegged stablecoin, PayPal USD (PYUSD), has exceeded $1 billion in total market capitalization since its launch in 2023. The stablecoin is backed by US dollars on a 1:1 ratio and is issued by Paxos Trust Company.
Finally, despite some fluctuations in cryptocurrency values over the week, with notable decreases like Notcoin’s (NOT) token falling by over 22%, DeFi remains an evolving space with significant active engagement and development.
These events reflect the dynamic nature of the cryptocurrency industry and DeFi sector’s continuous evolution toward greater security and innovation. Stay tuned for updates on these transformative spaces weekly for deeper insights into these groundbreaking industries.
Original article posted by Fox News
