According to CoinDesk, Immunefi, a bug bounty and security services platform for Web3, released its 'Crypto Losses in February 2024' report, revealing a loss of $200.5 million to hacks and rug pulls in 2024 year-to-date. This represents a 15.4% increase compared to the same period in 2023. In February alone, $67.1 million was lost due to hacks and rug pulls, with Ethereum being the most targeted chain. Hacks accounted for the majority of losses, totaling $65.4 million, compared to fraud.
Marathon Digital Holdings, a publicly-traded bitcoin mining firm, announced it has been incubating Anduro, a new programmable, multi-chain layer-2 network on top of the Bitcoin blockchain. According to a press release, Anduro is a platform built on the Bitcoin network that allows for the creation of multiple sidechains. Marathon is currently developing the first two sidechains, Coordinate and Alys, which can be further developed by open-source contributors. Coordinate offers a cost-effective UTXO stack for the Ordinals community, while Alys is an Ethereum-compatible chain for institutional asset tokenization. Anduro's sidechains utilize a process called merge-mining, allowing participating miners like Marathon to earn Bitcoin-denominated revenue from transactions on Anduro's sidechains while continuing to mine bitcoin on the base-layer uninterruptedly.
Shiba Inu plans to introduce a new privacy-focused network on top of the Shibarium blockchain, enhancing the value proposition of SHIB tokens. Shiba Inu is collaborating with open-source cryptography company Zama on the unnamed network. The network will use Fully Homomorphic Encryption (FHE), a privacy tool that enables developers to use data on untrusted domains without needing to decrypt it.
