The importance of a true enterprise blockchain

The global amount of crypto assets stolen in hacks more than doubled in the first six months of 2024 compared to the same period the previous year, a new report shows. This surge was driven by a few large-scale attacks and increasing crypto prices. These escalating attacks show the importance of a secure and stable blockchain has never been more clear.

The report was published by blockchain researchers TRM Labs at the start of July. It shows that by 24 June, hackers stole $1.38 billion, compared to $657 million this time last year. Similar to 2023, a small number of large attacks made up the lion’s share of the haul: the top five hacks and exploits accounted for 70% of the total amount stolen so far this year. Private key and seed phrase compromises remain a top attack vector in 2024, alongside smart contract exploits and flash loan attacks.

In May, DMM Bitcoin, a Japanese exchange, suffered the largest attack so far in 2024. It resulted in the theft of over 4,500 BTC, valued at over $300 million at the time. While the exact cause of the attack remains unknown, potential vectors include stolen private keys or address poisoning — a tactic wherein attackers send tiny amounts of cryptocurrency to a victim’s wallet to create fake transaction histories, potentially confusing users into sending funds to the wrong address in future transactions.

‍More money was stolen during each of the first six months of 2024 than in the corresponding months in 2023, with the median hack 150% larger. However, thefts from hacks and exploits are a third below the same period in 2022, which remains a record year.

BSV blockchain — Built for enterprises

The BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.

Additionally, the BSV blockchain’s stable protocol and fixed block size offer a dependable and predictable environment, crucial for enterprise-level applications. Its emphasis on data management and security allows businesses to store, manage, and verify large amounts of data transparently and immutably. Additionally, its dedication to regulatory compliance and industry standards builds trust and provides legal certainty.

Learn more about how the BSV blockchain can help your business here.

Recovery of lost and stolen assets

One company which specialises in the recovery of stolen digital assets is Token Recovery. Token Recovery is committed to bringing compliance, accountability, and a solution to the industry for lost or stolen digital assets.

As a member of the Crypto Valley Association, one of the oldest and most mature organisations grouping companies in the blockchain and digital asset, and the Global Blockchain Business Council, the largest organisation in the field, Token Recovery will begin by providing its solutions for recovering lost/stolen digital assets to the association members.

Without effective mechanisms for the recovery of lost or stolen digital assets, the enforcement of property rights will remain elusive. Part of the BSV Blockchain’s stewardship delivers on the concept of Digital Asset Recovery, a protocol that aligns blockchain technology with existing legal frameworks for asset protection.

This initiative enables the recovery or freezing of digital assets in cases of loss, theft, or if they require ownership or transfer. This is essential in establishing a regulatory-compliant network and framework for digital assets, as well as for enforcement and compliance with existing property laws.

Originally published at https://bsvblockchain.org on August 9, 2024.