'Mischief Makers' Evolving With Crypto Industry, Single-Week Losses Hit $250M

The Web3 space remains vulnerable to frauds, scams and exploits even as some protocols and crypto firms are evolving their security measures. (Credit: Bybit/flickr.com)

KEY POINTS

• The industry lost over $251 million last week, including the ETHTrustFund DAO rug pull
• Last week's losses prove that many protocols aren't doing enough: Chimp Exchange's Akshay Nassa
• In the first half of 2024 alone, more than $920 million was lost to hackers and fraudsters

Security has been a key talking point in the cryptocurrency industry since the technology first started making waves in the financial realm, and as companies evolve their safety and security measures, threat actors are also changing their ways.