- The 2022 Ronin bridge hack set a record as the largest DeFi breach to date, resulting in the loss of more than $600 million.
- Norwegian authorities have successfully reclaimed $5.7 million of the looted assets from the Ronin hack.
- 85% of the retrieved funds will be channeled back into the Axie Infinity treasury, bolstering the game's resources.
- Norway has also frozen an additional $40 million in assets linked to the hack.
- A recent study by Merkle Science reveals a decline in smart contract breaches but a surge in private key thefts.
The breach of the Ronin Bridge, resulting in a staggering $624 million loss, will undoubtedly etch itself into history as the most significant hack between 2022 and 2024.
In the realm of decentralized finance (DeFi) breaches, the Ronin bridge hack stands unparalleled, overshadowing even the notorious 2021 Poly Bridge hack, which saw $611 million vanish due to an access control exploit.
Remarkably, despite the initial setback, the Ronin network has shown signs of recovery two years post-incident, with Norway successfully reclaiming and repatriating millions of the stolen funds, with more restitution efforts underway.
To provide context, the Ronin network hack transpired in March 2022, targeting the Ronin bridge integral to the popular web3 game, Axie Infinity. This breach, now infamous as the largest DeFi exploit to date, resulted in the illicit extraction of over $600 million, with the Lazarus group, a North Korean cybercrime syndicate, identified as the perpetrators.
Fast forward to the present, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has orchestrated a commendable feat, managing to freeze and repatriate an impressive $5.7 million of the looted funds.
Supported by a coalition including the FBI, international security agencies, and blockchain security firms such as Chainalysis, Økokrim's efforts underscore the collaborative nature of combating cybercrime.
Sky Mavis, the development team behind Axie Infinity, has expressed gratitude for the outpouring of support and pledged to allocate approximately 85% of the recovered funds back into the Axie Infinity treasury to bolster the game's ecosystem. The remaining 15% will be earmarked for compensating victims of the hack.
Moreover, an additional $40 million in assets related to the breach has been frozen, though efforts for their recovery remain ongoing.
Reflecting on the broader implications, the Ronin bridge hack underscores the persistent threat of smart contract vulnerabilities prevalent during the 2021-2022 period. Despite strides in cybersecurity, the frequency of such breaches continues to highlight the need for robust private key management protocols.
While recent data from Merkle Science's HackHub indicates a decline in smart contract vulnerabilities, the rise in private key hacks emphasizes the necessity for enhanced security measures within the crypto industry.
As always, it's crucial to exercise diligence and conduct thorough research before engaging in cryptocurrency transactions, given the inherent volatility and risks associated with these financial assets.

#AxieInfinity #Crypto2024 #cryptocurrency #AXSUSDT
$AXS

Baby boomers hold $68 trillion in assets in the United States alone. Will that cash continue trickling into cryptocurrency markets for the foreseeable future?

Since the inception of cryptocurrency, its markets have been driven largely by millennials, along with younger members of GenX and, more recently, members of Gen Z. However, thanks to the introduction of exchange-traded funds (ETFs), the dominance of those younger generations is eroding.
ETFs are inducing greater participation from baby boomers, the richest demographic in the world. They control an estimated $68 trillion in assets in the United States alone — the most of any single demographic. As investors, they have typically been overexposed to equities and real estate, for which they own the largest slice. The crypto industry is one in which they are underweight. 
In the U.S. half of the investment firms managing their wealth have access to the new Bitcoin 
 ETFs. The influx of experienced investors will continue bringing new dynamics — including price appreciation, different investment approaches and greater stability.

Bitcoin ETFs have attracted more than $15 billion in investment as of June, reflecting a belief in Bitcoin and, arguably, the larger crypto industry. While this is small relative to holdings of traditional assets, the approval of the ETF has mainstreamed access. And just as some experts are recommending a 1-5% Bitcoin allocation in portfolios, products offered by large asset managers and banks ensure boomers can easily invest on platforms where their wealth is already held, bypassing the need for exchanges that don’t diversify.

Bringing new wealth and scrutiny 
Research indicates boomers are here to stay. And why not? Bitcoin has a fixed supply, and it’s been the best-performing asset of the last decade. Cryptocurrencies have become a valuable means to diversification, leading to greater interest and price discovery via both institutional investors acting on behalf of their clients and retail investors allocating directly.
Contrary to popular belief, boomers might be better crypto investors than their younger counterparts. Research from Bybit and Toluna has shown that 34% of boomers spend "a few days" on due diligence before investing, which is 50% more than younger generations.

In North America, 64% of investors spend less than two hours on research before investing. (Meme coins, anyone?) Boomers, particularly those who are retired, have more time for thorough research, making them more knowledgeable and patient investors. Instead, boomers placing greater interest in technical factors of tokenomics, utility, and the competitive landscape will lead to better investment outcomes than younger investors often prioritizing reputational factors.
In a February interview with Bloomberg, Galaxy Digital CEO Mike Novogratz reiterated his long-time prediction that Bitcoin’s market capitalization — around $1.3 trillion as of June — would surpass gold’s roughly $15 trillion, thanks in part to investments from boomers.

"This is probably the first time in the history of Bitcoin that we have a true price discovery," Novogratz said. “For every Charlie Munger – God rest his soul – who passed away, that money is finding its way to Gen Z and millennials, and they feel much more comfortable with digital gold than old, clunky gold.”
Beyond buying directly, the effect of intergenerational wealth transfer is another factor likely to drive the next market cycle. With trillions of dollars set to be inherited, crypto will rise as the primary beneficiaries of this wealth are digitally literate, even if with different expectations. By 2030, estimates suggest millennials will hold five times more wealth than at the start of the decade.
Boomers are likely to be a game changer for crypto because of the wealth they hold; the fact that they are late to the market; and because they take more time to become informed before investing. Their more rigorous research and investment styles bring much-needed stability to the industry.
After all, it is difficult to see the same investors risking capital on meme coins and instead focusing on stablecoins, that’s a positive step. At an industry level, the development of new altcoin ETFs, the asset managers operating in the space and the size of those firms, and the economic transfer of wealth from boomers will see the demand for crypto grow.

By :

ROBERT QUARTLY-JANEIRO

#cryptocurrency #btc #ETHETFsApproved #FIT21