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Unveiling the MailerLite Phishing Attack: A Deep Dive into the Crypto Market Breach

The recent phishing attack on email service provider MailerLite has raised significant concerns within the crypto market. The company disclosed to Decrypt that the breach, which occurred when a support team member unwittingly fell victim to a deceptive link and provided their Google credentials, resulted in unauthorized access to MailerLite's internal system. Here are the key points of the incident: Hackers gained access to MailerLite's internal system by executing a password reset for a specific user on the admin panel. They were able to impersonate user accounts, focusing primarily on cryptocurrency-related accounts. A total of 117 accounts were accessed, with some being used to launch phishing campaigns using stolen information. Notable affected accounts included CoinTelegraph, Wallet Connect, Token Terminal, DeFi, and Decrypt. The hackers managed to steal over $580,000, according to ZachXBT, with the funds being sent to a specified address. Web3 security firm Blockai

The Rise of Proof of Stake: Surge in Staking Rates in Q3 2023

The third quarter of 2023 has brought Proof of Stake (PoS) assets into the spotlight once again, as staking rates for the top 35 stakable assets experienced a significant surge. According to the State of Staking report by Staked at Kraken, the average stake rate for these assets reached an all-time high of 52.4% in Q3 2023, up from 49.3% in the previous quarter.

Staking, which involves actively participating in the operation of a proof of stake blockchain, plays a crucial role in creating new blocks and confirming transactions. Validators are chosen based on the number of coins they stake or lock up as collateral. This process also helps secure the network by discouraging malicious behavior, as a higher stake rate makes it more difficult for bad actors to attack the network.

The report highlights the most staked networks in the last quarter, with Aptos and SUI leading the way at 84.1% and 80.5% of the supply staked, respectively. They are followed by Mina at 77.6%, Solana at 71.9%, and Cosmos at 67.6%.

Stake rates tend to increase as holders become more familiar with the underlying protocol and are willing to use their tokens to support the network. Tim Ogilvie, Product Director and Head of Staked at Kraken, explained that if network activity remains relatively the same, an increase in stake rate can result in a reduction in the average return. This is because staking rewards need to be shared among a larger number of validators.

However, the recent increase in the average stake rate has led to a drop in the average staking yield by 0.4% from the previous quarter, with the current average yield standing at 10.2%. The report notes that this continues the downtrend that began in March 2022, when the average yield peaked at 15.4%.

It is worth noting that among the top 10 assets, only two chains offer yields higher than 7.5%: Polkadot at 15.1% and Cosmos at 18.9%. Ethereum, the second-largest cryptocurrency in the industry in terms of market capitalization, falls below this threshold.

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