• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Challenges in the Cryptocurrency Market

user avatar

by Giorgi Kostiuk

2 years ago


The cryptocurrency market has been facing significant challenges in recent days, struggling to gain momentum due to security uncertainties leading to substantial losses for investors and organizations. Today, on June 14, 2024, CertiK Alert, a blockchain security firm, disclosed that the crypto market encountered losses exceeding $30 million this week as a result of various attacks.

The total crypto stolen through exploits and exit scams has reached $85 million by June 14, 2024. A significant portion of this week's losses stemmed from the DeFi lending protocol, UwU Lend, which fell victim to multiple attacks by a single hacker, resulting in a loss exceeding $22 million. In response, the UwU Lend team is reaching out to the hackers and offering a 20% bounty reward amounting to $5 million to the hacker or anyone who can identify them.

The midpoint of June has witnessed a notable surge in incidents like exploits and exit scams, each leading to losses of over $1 million. Experts are warning investors to be cautious, emphasizing the importance for platforms to enhance their security measures to prevent further financial setbacks. The increase in malicious activities underscores the urgent need for enhanced safeguards in the rapidly evolving cryptocurrency ecosystem.

In addition to these challenges, the overall cryptocurrency market is currently experiencing a significant price decline. Data from CoinMarketCap indicates a decrease of over 2.1% in the cryptocurrency market valuation within the last 24 hours. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have seen substantial price drops in the past day, with a notable market decline observed in recent hours.

As of the latest data, BTC, ETH, and SOL have all witnessed price decreases of 2%, 1.5%, and 4%, respectively, over the past 24 hours.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Ethereum Faces Volatility Around $2,000 Mark

chest

Ethereum is experiencing heightened volatility as it hovers around the critical $2,000 threshold, with limited conviction in price stabilization.

user avatarMaya Lundqvist

Cumulative Exchange Netflows Limit Bitcoin's Price Expansion

chest

Cumulative exchange netflows are a critical constraint on Bitcoin's price expansion.

user avatarKaterina Papadopoulou

Ripple Shifts to Decentralized Funding for XRPL Builders in 2026

chest

In 2026, Ripple is transitioning to a decentralized funding model for builders on the XRP Ledger, aiming to reduce reliance on Ripple-linked programs and enhance ecosystem growth through independent organizations and DAOs.

user avatarLi Weicheng

Ripple Unveils FinTech Builder Program for XRPL Startups

chest

Ripple has launched a new FinTech Builder Program aimed at supporting startups that are developing institutional-grade financial applications on the XRP Ledger.

user avatarLeo van der Veen

Dogecoin's Profit Days Metric Surpasses 1,100

chest

Dogecoin's Profit Days metric has reached a historic high, surpassing 1,100 days, indicating sustained profitability among holders.

user avatarBayarjavkhlan Ganbaatar

Bullish Sentiment Grows Among Dogecoin Traders

chest

Bullish sentiment is growing among retail and whale traders for Dogecoin, with significant long positions on major exchanges.

user avatarAisha Farooq

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.