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Analyst explains that crypto hacks will reach all-time highs by 2022. Kim Grauer, research director at Chainalysis, stated that the top priority of the crypto industry should be reducing hacks through improving cybersecurity. According to the firm, crypto thefts through hacks could surpass 2021 this year. These exploits mainly target the field of Decentralized Finance (DeFi). Grauer stated in an interview with Cointelegraph that “this can’t continue in the industry because people will lose faith in investing on DeFi platforms.” [embedded content] Decentralized protocols are more vulnerable than centralized exchanges. This is largely due to the open source code that they are built on. “Anyone can look through this open-source code to find code vulnerabilities they can exploit,” Grauer explained. The researcher believes that hacking vulnerability is not an inherent problem of DeFi but rather a result of insufficient security at the code level. She pointed out that “there are contracts that have shown that they can be kept secure.” Grauer believes that decentralized protocols can be more secure than their centralized counterparts if enough resources are spent on making the code “perfect”. You can see the full interview over on our YouTube channel and don’t forget about to subscribe!
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New report uncovers that there are over 1,900 block-producing nodes within the Solana ecosystem.
Solana has released its “Validator Health Report”, which revealed details about its network operators. The report revealed that the network contains over 1,900 block-producing devices, with almost 1,688 (88.14%) being run by independent entities.
Solana believes that the ecosystem’s long-term health depends on the strength and health of its validators. The network was previously subject to criticism for a lack in decentralization as well as expensive validator hardware.
This new report focuses on the 3,400 validators that are spread across six continents.
9/ Distribution across geographies is important. Resilient blockchains can continue to operate through any type of global event.
This is how the stake is distributed on the @Solana network. It also includes a snapshot of Ethereum miner distribution for benchmarking. https://t.co/1jsylk9J3J pic.twitter.com/faepZ4RvYm
— Solana Foundation (@SolanaFndn)
August 10, 2022
The report also shows that activity on the network has increased over the past year. Since June last year, the network has had 95 new consensus nodes and 99 RPC nosdes each month.
Source: Solana
It was also noted that Solana’s Nakamoto Coefficient, which is the amount of validator collusion required to censor the network by validators, is 31 and growing. A chart in the report showed Solana having the highest Nakmoto Coefficient relative to other networks like Avalanche Binance and Polygon.
This report is nevertheless a result of the hack last week. The hacker stole $5.2 million from Solana ( SOL). This was done using 8,000 wallets, including Trust, Phantom, Slope and Trust.
The industry was shaken by the news and users were asked to switch to cold storage wallets in order to increase security and guard against scammers.
Related: Is your SOL secure? The Market Report
Investigative efforts into the hacking are ongoing. Experts believe that the compromise was caused by the Slope wallet. Slope is a Web3 provider for a hot wallet that supports the Solana layer-1(L1) blockchain. According to reports, the compromised wallets were “created, imported, or used” at one time in the Slope mobile app.
Expert predicted a 40% price increase in SOL prior to the hack. This was despite the bearish market conditions. The hack caused a drop in cryptocurrency prices of almost 8% and then a rebound of $40 per currency.
SOL is currently at $44 USD per coin.
Solana released its first-ever, "Validator Health Report" which revealed information on its network operators. According to...