Due to the COVID 19 epidemic, orders may be processed with a slight delay

Search

Need help? +1 (848) 628-4551
Need help? +1 (848) 628-4551
Martin Lewis issues warning about amount your energy bill will rise by in weeks

Martin Lewis issues warning about amount your energy bill will rise by in weeks

Money Saving Expert founder Martin Lewis is warning of another energy bill increase that could add extra strain on families’ budgets during the cost of living crisis.

Martin shared his warning on Good Morning Britain saying: “Based on the current prediction, which is likely to be right with a very small margin of error, is this - for every £100 direct debit you currently pay, you will be paying £181 and in January £215.”

Martin's warning follows prognosis from Cornwall Insight - who provides independent analysis to businesses in the energy market - that bills will rise to approximately £3,582 in October. Another rise is expected in the New Year to £4,266.

Martin appeared frustrated with the “absolutely catastrophic” price hike and accused the government of inaction, saying they are “sitting like zombies.” He said: “What we're facing here is a financial emergency that risks lives."

Martin Lewis, who was appointed OBE in 2014 for services to consumer rights and charity, continues to warn the public about soaring energy bills

Martin Lewis, who was appointed OBE in 2014 for services to consumer rights and charity, continues to warn the public about soaring energy bills

The government’s regulator for electricity and gas, the Office of Gas and Electricity Markets (OFGEM) recently announced a change in how it would calculate the price cap on energy bills going forward.

OFGEM reviews the energy price cap twice a year, which is supposed to limit the amount suppliers can charge its customers.

In a new change to the review rules, the regulator announced it will be reviewed twice as often, to four times a year. This means bills may soar not just twice a year, but four times a year instead.

The new price cap level will be announced by OFGEM on August 26. Experts say part of the increase in the forecast is because of soaring wholesale energy prices.

What is a price cap?

A price cap is there to help customers. It limits what you pay for each unit of gas and electricity that you use. It also sets a maximum daily standing charge, which is what you pay to have your home connected to the grid.

Households can expect another huge rise in gas bills

Households can expect another huge rise in gas bills

It is largely based on wholesale energy prices and applies only to providers' standard and default tariffs.

A price cap also means that a typical dual fuel bill - where you receive gas and electric from the same supplier - is currently £1,971 although you can pay more or less depending on usage.

Martin is a financial journalist and broadcaster who has been one of the most vocal campaigners about the cost of living crisis. 

Speaking on ITV’s Peston Show, Martin said if people stop paying their bills and the government doesn’t intervene, there will be “exponential problems.”

He was asked his opinion about a campaign called Don’t Pay, which is calling on energy customers to stop paying bills.

Martin Lewis's warning is not good news for those who are already feeling the squeeze of the cost of living crisis

Martin Lewis's warning is not good news for those who are already feeling the squeeze of the cost of living crisis

Charities have warned households this may be dangerous, saying customers could face “serious consequences” if they refuse to pay bills.

In the event of non-payment of bills, you could face a debt collector appointed by your supplier, which in turn could affect your credit rating.

A warrant could also be granted that would allow your supplier to enter your home and fit a pre-payment card meter.

What to do if you are struggling with your bills

There are organisations that can help with advice on what you can do if you are finding it difficult to pay your bills. Remember you are not alone and that there are people and charities who want to help.

The National Debtline will give you free and independent debt advice over the phone and online, so you don’t have to worry about transport costs for an in-person visit.

Step Change offer a number of solutions including sitting down with you (virtually) and exploring all the financial options available to you including debt management plans.

Citizens Advice is another independent organisation specialising in legal, debt, consumer and housing advice.

READ MORE:


Read More
Akufo-Addo supports Legal Aid and Law Reform Funds with ¢2.2m

Akufo-Addo supports Legal Aid and Law Reform Funds with ¢2.2m

President Nana Akufo-Addo, through the Finance Ministry, has supported the Legal Aid Fund and the Law Reform Fund with a contribution of ¢2.2 million aimed at promoting the rule of law in the country.

He noted that the Law Reform Commission is designated as a subvented agency under the Justice Ministry and advocates the establishment of the Law Reform Fund.

Speaking at the Law Reform Commission Fund launch and the Legal Aid Commission Fund on Wednesday at the Law Court Complex in Accra, the President said that the fund should have been in operation some 10 years ago, but this has not been the case.

Akufo-Addo supports Legal Aid and Law Reform Funds with ¢2.2m

According to President Akufo-Addo, the Law Reform Commission, for example, had only one vehicle, which it acquired in 1996, but through the intervention of the Attorney-General, in February this year, the Commission was supplied with two new vehicles, bringing its current fleet to three.

“Being fully aware of the significance of reform and development of the laws of any country, not only will I launch this crucial Fund, but I will also throw my full weight behind all activities which will result in the mobilisation of additional resources for the work of the Law Reform Commission,” he said.

Akufo-Addo supports Legal Aid and Law Reform Funds with ¢2.2m

Touching on the Legal Aid Scheme, which is obligated by the Constitution and the Legal Aid Commission Act, 2018 (Act 977), to offer legal aid through the provision of legal services to the poor and vulnerable through legal education, President Akufo-Addo noted that the Commission operates in 11 regional capitals and 46 districts nationwide to administer the services of the Commission.

The President stated that, in spite of its staff strength handicap, the Commission, for example, in the first half of 2022, received 7,558 court cases and resolved 3,163 of them.

Out of the 4,414 ADR cases received, 2,233 were resolved.

Akufo-Addo supports Legal Aid and Law Reform Funds with ¢2.2m

With the main source of funds of the Commission being Government funds, allocated to it by the Ministry of Finance, he bemoaned that fact that these funds are inadequate.

“The current office accommodating the Commission has, in fact, become too small, and literally unfit for the attainment of the objects of the Office.

“The Greater Accra Regional Office and the Head office, for instance, are crammed together on the ground floor of the Council for Law Reporting building. Until this year, the Legal Aid Commission had only six vehicles, the last of which it acquired in 2007,” the President said.

Akufo-Addo supports Legal Aid and Law Reform Funds with ¢2.2m

He continued, “It is refreshing, again, to hear that, through the intervention of the Attorney-General, Godfred Yeboah Dame, 13 vehicles have been recently delivered to the Legal Aid office, increasing its number of vehicles from six 19.

“I have noted the critical needs of the Commission. The depressing and deplorable conditions within the Commission clearly point to some essential needs that have to be addressed to help the Commission perform its mandate, and they will be addressed.”

Describing the proper functioning of the law as a vital tool for development for any country, President Akufo-Addo assured that even though the challenges facing the country are many, the promotion of the rule of law is of the utmost importance, and cannot take a back seat, no matter the circumstances.

Akufo-Addo supports Legal Aid and Law Reform Funds with ¢2.2m

“It is necessary for Government to lend its support to institutions whose objects promote the cause of the people, institutions such as the Law Reform Commission and the Legal Aid Commission,” he stated.

The President was hopeful that the launch of these Funds will usher in a new, progressive chapter in the lives of the two Commissions, and urged all Ghanaians to contribute generously to the Funds.

He assured the Attorney General that the Minister for Finance, through Parliament, will provide more adequate resources for the sustenance of these Funds.

He also urged the Board of the Legal Aid Commission, which is chaired by a respected Justice of the Supreme Court, Justice Nene Amegatcher, and the Board of the Law Reform Commission, which is chaired by the prominent legal practitioner, Anthony Akoto Ampaw, to discharge dutifully their mandates of managing the Funds, per section 34 of Act 977 and section 13 of Act 822 respectively.

“I congratulate the Attorney-General for his activism towards the realisation of the statutory requirement to establish these two Funds. Let us, together, mobilise to build and assist him in discharging this vital task. And, to that end, I am personally contributing ¢100,000 to each of the Funds.

“I am aware that Government, through the Ministry of Finance, is contributing an initial, modest seed fund of ¢1 million to each of the Funds. Hopefully, the Minister will do even more,” President Akufo-Addo added.


Read More
Kyiv: Debt freeze is testament to investors’ willingness to support Ukraine

Kyiv: Debt freeze is testament to investors’ willingness to support Ukraine

(Reuters) – Ukraine’s finance ministry on Wednesday said a two-year deal with creditors to freeze payments on $20 billion of overseas debt was a testament to investors’ willingness to support Kyiv.

“Thanks to the solidarity with Ukraine shown by the private investor community along with the official public sector, we will be able to meet the needs of the state budget of the country in war(time),” Finance Minister Sergii Marchenko said in a statement.

The deal was announced earlier in the day.

(Reporting by David Ljunggren; Editing by Mark Porter)

Don't miss a thing! Sign up for a daily update delivered to your inbox


Read More
‘The economy is deteriorating’: German finance minister paints dark picture of country’s increasingly fragile outlook

‘The economy is deteriorating’: German finance minister paints dark picture of country’s increasingly fragile outlook

The Ukraine war has supercharged energy costs around the world, sending inflation soaring in virtually every major economy.

But a specific convergence of crises this summer means Germany might be on the cusp of an even more dramatic economic downturn than other places.

On Wednesday, Germany’s Federal Minister of Finance Christian Lindner unveiled a proposal for a series of comprehensive tax breaks that would be worth over €10 billion (around $10.2 billion) by the end of this year in a bid to bring down cost of living expenses for average Germans, the AP reported.

But the plan was controversial within Germany’s ruling three-party coalition, pushing Lindner to quickly justify it by detailing just how bad the economic situation is becoming in Germany, arguing how policies that once seemed radical might be necessary.  

“The economic perspective of our country has become fragile,” Lindner told reporters in Berlin on Wednesday after announcing the tax adjustments. “The economy is deteriorating.”

Germany’s tax structure

Lindner’s tax break proposal was detailed on Wednesday by German outlet DW.

The government would not be directly cutting taxes, but rather raising income thresholds which determine taxation rates. The Finance Ministry will raise the tax-free allowance (the income level at which Germans start paying taxes) by €600 by 2024. The ministry is also planning on raising child benefit payments slightly, and will raise the bar for income that triggers the country’s highest taxation rate from €58,597 (around $60,500) to €63,515 ($65,600) by the end of next year.

Not everyone in Germany’s three-party ruling coalition agreed with Lindner—who is chairman of Germany’s economically liberal Free Democratic Party. Members of the other coalition parties—the Greens and Social Democrats—said that the changes were “regressive” and would disproportionately benefit the wealthy over low-income earners. And new structure will lead to a decrease in tax revenue of over $18 billion by 2024, when the full changes take effect.

But Lindner described the proposed changes as necessary to help Germans handle soaring energy costs.

Fragile economy

Germany’s annual inflation rate is currently 7.5%, exacerbated by rising energy and electricity costs since the Russian invasion of Ukraine in February.

Gas prices in Europe have surged, in part the result of Russia cutting supply along the Nord Stream 1 pipeline as well as from high temperatures and dry conditions affecting energy production in key European energy suppliers such as Norway and France

Germany has arguably been the hardest hit by the rise in gas prices owing to a long-standing reliance on cheap Russian gas. Before Russia began its war in Ukraine, 55% of all gas consumed in Germany originated from Russia.

But if energy prices in Germany are bad now, they could be poised to get even worse. Consumers have yet to feel the full brunt of higher costs because utilities normally lock in prices for the year. If the supply crunch continues, energy bills could start rising as early as next year when winter electricity demand picks up, Uniper, a German utility company, told Bloomberg last month

That’s what Lindner is concerned about: Uniper has already warned that Germans are set to face an “enormous wave” of rising energy costs in 2023.

To prepare for the inevitable crunch, German officials have been scrambling to build up their gas reserves from alternative suppliers like Qatar and Senegal, and have even begun recommending energy rationing measures to German businesses and individuals.

Lindner’s fears about Germany’s “deteriorating” economy echo increasingly pessimistic sentiments from the nation’s banks about the country’s economic outlook in recent weeks. The country’s latest GDP numbers—released at the end of July—showed that growth had stagnated for the second quarter in a row, leading most German banks to revise their forecasts, with many believing a recession to be likely before the end of 2022.

Last month, economists at Deutsche Bank, Germany’s largest, wrote that the country was inevitably “moving towards a recession” as a result of rising fuel costs and the growing possibility that gas supplies will continue to shrink into next year. The bank also predicted that German inflation has yet to peak, meaning more cost of living hikes for Germans for the foreseeable future.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.


Read More
Reusables.com Receives Investment from Sustainable Development Technology Canada

Reusables.com Receives Investment from Sustainable Development Technology Canada

Through its seed fund, SDTC invested $100,000 into the Vancouver-based zero-waste

platform to enhance its tracking technology

,  /PRNewswire/ - Reusables.com, a leading zero-waste packaging platform, secured a $100,000 seed investment from Sustainable Development Technology Canada (SDTC), an independent federal foundation that funds Canadian companies developing new climate technologies. This investment from SDTC will enable Reusables to scale its IoT-enabled technology platform and help more food business transition towards a circular economy for packaging.

Reusables' tech-enabled platform for zero-waste packaging has emerged as an innovative solution to single-use plastic waste since its 2021 launch and has built a large pipeline of opportunities with food retailers and packaging distributors throughout North America. Reusables is backed by Ryan Holmes and Manny Padda through LOI Venture and is currently raising a seed round to expand its network in the U.S. and Canada.

Governments around the world are demanding food businesses shift away from single-use plastics towards a more circular economy for packaging. In the U.S., the Wall Street Journal reports that only 5% of plastic actually gets recycled, and alternatives like biodegradeable or compostable plastics are also coming under scrutiny. Large food businesses like Starbucks, Loblaw and Walmart have made ambitious sustainability commitments and Reusables has created a turn-key solution to help them achieve these goals.

"SDTC invests in clean technology trailblazers with the potential to transform the environmental and economic prosperity of Canada," said Jason Hawkins, the CEO and Co-Founder of Reusables. "We are honoured to receive their backing and look forward to a long-term partnership focused on impact."

"To seize the opportunities of the Net Zero economy in Canada, we need to be supporting all stages of innovation. Seed companies like Reusables represent the next generation of sustainable solutions paving the way to a greener future. SDTC is proud to support innovative young companies get their ideas off the ground."

Leah Lawrence, President, and CEO of SDTC

Reusables was also recently accepted into the Canadian Technology Accelerator (CTA) for climate-tech companies looking to expand into the U.S. and raise capital.

About Reusables.com:

Reusables.com, a leading zero-waste packaging platform, is the technology solution to the problem of single-use plastic waste. Reusables helps food businesses and their customers transition to a circular economy by providing the tracking technology and digital experience that makes reusable packaging a no-brainer. Becoming a Reuser lets people enjoy takeout from participating stores as much as they like, without contributing to packaging waste. Returns are managed through a user-friendly app and Reusables partners with industry leading providers of distribution and cleaning.

About Sustainable Development Technology Canada

At SDTC, we support companies attempting to do extraordinary things. From initial funding to educational support and peer learning to market integration, we are invested in helping our small and medium-sized businesses grow into successful companies that employ Canadians from coast to coast to coast. We are relentlessly focused on supporting our companies to grow and scale in an increasingly competitive marketplace. The innovations we fund help solve some of the world's most pressing environmental challenges: climate change, regeneration through the circular economy, and the well-being of humans in the communities they live in and the natural environment they interact with.

Cision

Cision

View original content:https://www.prnewswire.com/news-releases/reusablescom-receives-investment-from-sustainable-development-technology-canada-301603589.html

SOURCE Reusables.com


Read More
Asif Razzaq Joins Dubai’s MidChains as Head of Trading

Asif Razzaq Joins Dubai’s MidChains as Head of Trading

Asif Razzaq, a former forex executive at Sharia-compliant Noor Bank, has joined MidChains as the Head of Trading.

Razzaq announced his appointment on Wednesday in an update to his LinkedIn profile.

The executive’s role is based in Dubai where he will help MidChains empower retail investors and link global institutions to the Middle East and North Africa region.

Before the new appointment, Razzaq spent four years and one month at Noor Bank, which was acquired in 2020 by the Dubai Islamic Bank. He joined the firm in August 2016.

MidChains is a regulated virtual asset trading platform provider based in Dubai, the United Arab Emirates.

“By changing the way people exchange, MidChains seeks to democratize new ways of gaining and holding wealth, with the transparency and regulation that makes it safe for all,” Rassaq wrote on his LinkedIn profile.

"We act as a key access point for crypto and virtual asset products," he added.

Rassaq's Career Dossier

Razaaq’s career spans over almost two decades. He started out as a forex dealer for retail bank AIB in the United Kingdom in February 2004.

In seven years, he rose to become the Head of EM FX Options Trading at pan-European commercial bank UniCredit.

At UniCredit, Rassaq worked for a little over three years, helping the bank to trade and manage option books in Central and Eastern Europe, Middle East and Africa.

Between 2005 and 2016, the executive worked in other firms apart from UniCredit.

He joined HSBC, a leading British bank and financial services firm, as a forex dealer in April 2005.

Rassaq spent 10 months at HSBC before leaving to join another British bank, Standard Chartered Bank, as a FX Options Trader.

Between September 2014 and August 2016, he served as the Head of FX and PM at Banque Saudi Fransi, a Saudi joint stock company.

Asif Razzaq, a former forex executive at Sharia-compliant Noor Bank, has joined MidChains as the Head of Trading.

Razzaq announced his appointment on Wednesday in an update to his LinkedIn profile.

The executive’s role is based in Dubai where he will help MidChains empower retail investors and link global institutions to the Middle East and North Africa region.

Before the new appointment, Razzaq spent four years and one month at Noor Bank, which was acquired in 2020 by the Dubai Islamic Bank. He joined the firm in August 2016.

MidChains is a regulated virtual asset trading platform provider based in Dubai, the United Arab Emirates.

“By changing the way people exchange, MidChains seeks to democratize new ways of gaining and holding wealth, with the transparency and regulation that makes it safe for all,” Rassaq wrote on his LinkedIn profile.

"We act as a key access point for crypto and virtual asset products," he added.

Rassaq's Career Dossier

Razaaq’s career spans over almost two decades. He started out as a forex dealer for retail bank AIB in the United Kingdom in February 2004.

In seven years, he rose to become the Head of EM FX Options Trading at pan-European commercial bank UniCredit.

At UniCredit, Rassaq worked for a little over three years, helping the bank to trade and manage option books in Central and Eastern Europe, Middle East and Africa.

Between 2005 and 2016, the executive worked in other firms apart from UniCredit.

He joined HSBC, a leading British bank and financial services firm, as a forex dealer in April 2005.

Rassaq spent 10 months at HSBC before leaving to join another British bank, Standard Chartered Bank, as a FX Options Trader.

Between September 2014 and August 2016, he served as the Head of FX and PM at Banque Saudi Fransi, a Saudi joint stock company.


Read More
M-DAQ Completes Acquisition of Wallex

M-DAQ Completes Acquisition of Wallex

M-DAQ, one of the leading fintech companies in Singapore, recently announced the completion of the acquisition of Wallex. The company termed the latest acquisition an 'important milestone'.

The recent announcement from M-DAQ came approximately six months after the company first confirmed its plan to acquire Wallex. Through the acquisition, M-DAQ is planning to expand its global presence.

With licenses in Hong Kong, Indonesia and Singapore, Wallex is one of the prominent cross-border payment providers. The company has broad operations in the Asian region.

“We are delighted to announce that Wallex is now part of M-DAQ Global, effective today. This is an incredibly exciting milestone for us, as this synergy marks the first of many steps in expanding our ecosystem. We will strive as one team to deliver greater value to our customers globally,” M-DAQ noted in an official post on LinkedIn.

Cross-Border Payments

The overall demand for smooth cross-border payments has increased significantly in the past few years. M-DAQ’s flagship FX solution Aladdin has cleared billions of dollars worth of cross-border transactions so far.

“M-DAQ is also investing in building an ecosystem that complements the core FX business. In this instance, M-DAQ will be the upstream FX provider to supply Wallex with the necessary liquidity it needs to run its core payments business. This business model is an ecosystem of businesses that complements each other, reduces duplication, increases efficiency and ultimately reduces transaction costs for the end clients, as economies of scale are materialized,” Richard Koh, the Founder and Group CEO of M-DAQ, said.

M-DAQ, one of the leading fintech companies in Singapore, recently announced the completion of the acquisition of Wallex. The company termed the latest acquisition an 'important milestone'.

The recent announcement from M-DAQ came approximately six months after the company first confirmed its plan to acquire Wallex. Through the acquisition, M-DAQ is planning to expand its global presence.

With licenses in Hong Kong, Indonesia and Singapore, Wallex is one of the prominent cross-border payment providers. The company has broad operations in the Asian region.

“We are delighted to announce that Wallex is now part of M-DAQ Global, effective today. This is an incredibly exciting milestone for us, as this synergy marks the first of many steps in expanding our ecosystem. We will strive as one team to deliver greater value to our customers globally,” M-DAQ noted in an official post on LinkedIn.

Cross-Border Payments

The overall demand for smooth cross-border payments has increased significantly in the past few years. M-DAQ’s flagship FX solution Aladdin has cleared billions of dollars worth of cross-border transactions so far.

“M-DAQ is also investing in building an ecosystem that complements the core FX business. In this instance, M-DAQ will be the upstream FX provider to supply Wallex with the necessary liquidity it needs to run its core payments business. This business model is an ecosystem of businesses that complements each other, reduces duplication, increases efficiency and ultimately reduces transaction costs for the end clients, as economies of scale are materialized,” Richard Koh, the Founder and Group CEO of M-DAQ, said.


Read More
Curve Finance’s Hackers Loot $570K Via DNS Hijacking

Curve Finance’s Hackers Loot $570K Via DNS Hijacking

You are here: Home / News / Cyber Security / Curve Finance’s Hackers Loot $570K Via DNS Hijacking

Curve Finance's Hackers Looted $570K Via DNS Hijacking

by

Exchange liquidity protocol Curve Finance was targeted by hackers who took away approximately $570k, per a screenshot of the protocol’s wallet shared on Twitter on 9th August.

After the hack, Curve Finance advised users to avoid using curve.fi or curve.exchange until the protocol’s operators locate the origin of the exploit.

“We are becoming aware of a potential front-end issue that is approving a bad contract. For now, please do not perform any approvals or swaps. We’re trying to locate the issue, but for now, for your safety, do not use curve.fi or curve.exchange,” the Telegram announcement read.

Upon initial investigation, the team revealed that the attack was suspected to be a breach at the system @iwantmyname instead of the registrar level. “The contract that needs to be revoked is: 0x9eb5f8e83359bb5013f3d8eee60bdce5654e8881 If you have approved it please revoke it immediately on https://revoke.cash”, it added.

The team behind the project also spun the following theory from Lefteris Karapetsas, founder of Rotkia App, about the attack affecting their Domain Name System [DNS],

“It’s DNS spoofing. Cloned the site, made the DNS point to their IP where the cloned site is deployed, and added approval requests to a malicious contract.”

From the above details, the hacker likely manipulated the domain name system entry for the protocol, redirecting users to a fake clone and approving a malicious contract. However, the program’s contract remained unaffected by the onslaught.

Curve Finance’s Native Token Down By 8%

Curve Finance is a popular automated market maker [AMM] that offers an efficient way to swap tokens while maintaining low fees and low slippage by only accommodating liquidity pools made up of similarly behaving assets.

Following the incident, the CRV token registered a dip of 8% but has posted a marginal recovery of 5%.

Immediately after the announcement, the decentralized finance [DeFi] protocol’s operators said via Telegram that they found the root cause of the problem and fixed it.

“If you have approved any contracts on Curve in the past few hours, please revoke immediately,” they continued. The protocol also advised users to use curve.exchange until the propagation of curve.fi reverts to normal.

“Updates should have propagated for http://curve.fi everywhere by now, which means it should be safe to use.”


Read More
Curve Finance Resolves Front-End Exploit After $570K Stolen

Curve Finance Resolves Front-End Exploit After $570K Stolen

Curve Finance was the victim of a front-end exploit caused by a DNS issue. It has since resolved the exploit, and FixedFloat has frozen 112 Ethereum worth of stolen funds.

The Curve team believed a glitch led to the site’s nameserver being compromised. This was later confirmed, and in the interim, the team asked users to revoke any approved contacts.

Curve fixes the issue within hours

Curve Finance announced a few hours ago that updates had been sent out, and the platform was safe to use again. The team had pinpointed the issue fairly soon after it was discovered, asking users to use curve.exchange instead of curve.fi

As for how the exploit was present in the first place, the team said that they did not know and that it was iwantmyname that likely got hacked in the first place.

An analysis of the exploit shows that whenever a transaction was approved to spend any asset, it could manually drain the funds into a malicious externally owned account (EOA) instead.

About $570,000 had been stolen. Others have also acted quickly on the matter, ensuring that the damage was limited to the initial thefts. FixedFloat froze 112 ETH of the stolen funds.

There have been several attacks on the DeFi market this year, and it is clear that attackers will use whatever means possible to exploit the most popular platforms. Bridge attacks, in particular, have become popular among attackers, and several of these have taken place in 2022.

The Ronin Bridge attack earlier this year saw over $620 million stolen, and the service only just relaunched, with the Axie Infinity developer having to reimburse victims. Most recently, the Nomad Bridge experienced an attack where hackers made away with nearly $200 million.

Most of these attacks have been because of centralization issues, according to a Certik report. While hacks can have a huge impact on projects and their reputation, it’s not always the case that they are rendered a failure forever. Many DeFi projects have successfully returned following an exploit or hack.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.


Read More
Back to Top
Product has been added to your cart