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Binance Ends Support for BUSD Stablecoin: What It Means for Users and the Future of Stablecoins

Binance, one of the largest cryptocurrency exchanges in the world, has made the decision to end support for its Binance USD (BUSD) stablecoin. This move comes after Paxos, the company responsible for minting new BUSD coins, announced that it would be halting its operations. The transition is set to take place on December 15th, and it will have significant implications for users of the BUSD stablecoin. Automatic Conversion to First Digital USD Starting on December 31st, many users' BUSD balances on Binance will be automatically converted into First Digital USD. This conversion will take place seamlessly, and users will not be required to take any action. The transition is designed to ensure a smooth and uninterrupted experience for BUSD users. Implications for BUSD Users While the automatic conversion should minimize any disruption for BUSD users, it is important for them to be aware of the implications of this change. Once their BUSD balances are converted into First Digital US

# Revealed: 46% of Crypto Losses Stem from Traditional Web2 Flaws, Reports Immunefi

Traditional Web2 Flaws Responsible for 46% of Crypto Losses, According to Immunefi Report

In a recent report published by Immunefi, a leading security platform in the crypto space, it has been revealed that a significant portion of crypto losses from exploits in 2022 can be attributed to traditional Web2 flaws. The report analyzed various Web3 exploits and found that nearly half of these vulnerabilities stemmed from centralized infrastructure or elements. This finding highlights the pressing need for improved security measures within the rapidly evolving crypto ecosystem.

The Rise of Web3 and its Vulnerabilities

Web3, often touted as the next frontier of the internet, is built on the principles of decentralization, transparency, and user empowerment. It aims to revolutionize various industries, including finance, by leveraging blockchain technology and decentralized applications (dApps). However, as the crypto space continues to expand, so does the sophistication of cyberattacks targeting this nascent ecosystem.

Immunefi's report sheds light on the vulnerabilities that exist within Web3, particularly in relation to centralized elements. These flaws can be traced back to the traditional Web2 infrastructure that underpins many blockchain projects. The reliance on centralized exchanges, custodial wallets, and other intermediaries exposes users and their assets to potential risks.

Key Findings from the Immunefi Report

The report categorizes the Web3 exploits of 2022 into three main groups:

  1. Infrastructure Exploits (46%): These exploits stem from vulnerabilities in the centralized infrastructure that supports the Web3 ecosystem. Weaknesses in centralized exchanges, custodial wallets, and other key components contribute to a significant portion of crypto losses.

  2. Smart Contract Exploits (35%): Smart contracts, which are self-executing contracts with the terms of the agreement directly written into the code, form a crucial part of many blockchain projects. However, flaws in the code can lead to exploitable vulnerabilities, resulting in substantial financial losses.

  3. Protocol Exploits (19%): Protocol exploits refer to vulnerabilities found within the underlying protocols of blockchain networks. These weaknesses can be exploited to manipulate transactions, compromise network security, or launch attacks on specific dApps or projects.

Implications for the Crypto Industry

The prevalence of traditional Web2 flaws in the Web3 ecosystem raises concerns about the overall security and trustworthiness of the crypto industry. The growing number of high-profile hacks, rug pulls, and exploits has eroded public confidence in the space. Additionally, the financial losses incurred by users can have far-reaching consequences, leading to a loss of funds, reputation, and even the collapse of entire projects.

To address these challenges, the crypto industry must prioritize security and adopt robust measures to mitigate risks. This includes:

  • Enhanced Due Diligence: Projects and individuals operating in the crypto space need to conduct thorough due diligence on the infrastructure, smart contracts, and protocols they interact with. This can help identify potential vulnerabilities and take proactive steps to mitigate them.

  • Audits and Penetration Testing: Regular audits and penetration testing of smart contracts and protocols can help identify and patch vulnerabilities before they are exploited. This proactive approach can significantly reduce the risk of financial losses.

  • Decentralized Solutions: Embracing the principles of Web3, such as decentralization and user empowerment, can help mitigate the impact of centralized vulnerabilities. By minimizing the reliance on centralized intermediaries, users can maintain greater control over their assets and reduce the risk of exploitation.

Looking Ahead: A More Secure Web3 Ecosystem

As the crypto industry continues to mature, it is imperative that security remains at the forefront of development. The findings from Immunefi's report serve as a wake-up call, highlighting the need for increased vigilance and proactive measures to address traditional Web2 flaws within the Web3 ecosystem.

By embracing decentralized solutions and prioritizing security measures such as enhanced due diligence, audits, and penetration testing, the crypto industry can foster a more secure and resilient environment for users. As the stakes continue to rise in the world of digital assets, it is crucial that the industry comes together to safeguard the future of Web3 and protect users from potential exploits.


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