46% Of Crypto Losses Due To Web 2 Flaws, Says Blockchain Firm; Solana Dismisses Vulnerability In Saga Smartphone

Here are some of the major developments from the world of crypto over the past few days

About 46 per cent of money lost through exploits is due to flaws in Web 2 issues, according to Blockchain security platform Immunefi. These infrastructural faults, rather than smart contract flaws, are responsible for a major portion of the losses, Immunefi said in a report.

The report covered cryptocurrency exploits from 2022, excluding data for exit scams and frauds.

“In 2022, we saw losses of $3,948,856,037 across the Web 3.0 ecosystem. Of this, $3,773,906,837 was lost to hacks across 134 specific incidents, and the remaining $174,949,200 was lost to fraud across 34 specific incidents,” the report said.

Solana Dismisses Vulnerability In Saga Smartphone

Solana Labs has dismissed claims by Blockchain security firm CertiK which says that Solana’s Saga smartphone contains a critical “bootloader vulnerability”. Solana Labs has said that the claims are entirely inaccurate.

CertiK had claimed in a post on X (previously Twitter) on November 15, 2023 that the Saga phone had a “critical vulnerability” known as a “bootloader unlock” attack that would allow a malicious actor to instal a covert backdoor in the phone.

CertiK said in a report to Cointelegraph that unlocking the bootloader would “allow an attacker with physical access to a phone to load custom firmware containing a root backdoor”. “We demonstrate that this can compromise the most sensitive data stored on the phone, including cryptocurrency private keys,” CertiK said in the report.

A Solana Labs spokeswoman, however, told Cointelegraph that CertiK’s claims are false, and their video did not demonstrate any serious threat to the Saga device. Solana Labs said that the recent video from CertiK made a series of “inaccurate” statements concerning a potential security flaw in their crypto-enabled Saga phone.

NFT Sales Volume Upward Trend To Continue, Say Crypto Experts

Non-fungible token (NFT) data has revealed a constant increase in weekly sales in the weeks running up to November. While the volume is still far from its peak in 2021, industry insiders anticipate the upward trend will certainly continue.

According to data provided on November 6, 2023 by Blockchain analytics firm Nansen, NFT sales volume increased from $56 million in the week ending October 9, 2023 to $129 million in the week ending November 6, 2023. This trend, according to Jonathan Perkins, co-founder of NFT marketplace SuperRare, will most certainly continue in the coming months.

Perkins said that the worst is over and that the market will soon begin to rise. “I believe the worst of the NFT-hangover-induced bear market has passed us by, and things are beginning to turn around. Market volume will always be erratic, but I anticipate a significant upward macro trend in the next six months,” he said.

Perkins said that the decline in NFTs was caused by “pure sentiment”, adding that nothing “inherently went wrong” with NFTs in the previous 18 months

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