In the ever-evolving world of cryptocurrency, today's news digest delves into the latest trends, developments, and insights shaping the industry. From analyzing the reasons behind the current market movements to exploring the impact of hacks and fraud on the Web3 ecosystem, this comprehensive roundup aims to provide a holistic view of the crypto landscape.

Why is Crypto Up Today?

The crypto market has seen a slight uptick, with the total market capitalization increasing by 0.1% to $2.67 trillion over the past 24 hours. While most top 100 coins are in the green, the increases are relatively modest, with JasmyCoin (JASMY) leading the pack with a 28% surge. Interestingly, nearly all top 10 coins have recorded small gains, with Bitcoin (BTC) leading the charge with a 0.92% increase, now trading at $68,182.

Web3 Lost $52.4 Million to Hackers and Fraudsters in May 2024

The crypto space continues to face challenges, with Web3 losing $52.4 million to hacks and rug pulls in May 2024 alone. This represents a 28% decrease from the previous month, but the losses remain significant. Hacks accounted for the majority of the losses at 96.7%, while fraud made up the remaining 3.3%. Ethereum suffered the most individual attacks, with 9 incidents representing 43% of the total losses.

Unstoppable Launches Fireblocks-Powered MPC Wallet

In a move to enhance user security and convenience, Unstoppable Domains has launched its Multi-Party Computation (MPC) Wallet in partnership with Fireblocks. The new wallet features in-wallet domain minting and management, multi-chain support, and a 'kill switch' to protect against theft and loss. Users can now manage their domains and cryptocurrencies with ease, thanks to password-based recovery and remote deactivation capabilities.

Bitcoin Hashrate Remained at 600 EH/S in First Full Month After Halving

The recent Bitcoin halving event has had a significant impact on miners' daily production benchmark. While the hashrate declined to around 580 EH/s immediately after the halving, it bounced back in May, staying above 600 EH/s. However, this is still lower than the April levels. The daily production benchmark dropped to 0.792 BTC/EH/s in May, a 45% decrease compared to April.

As the crypto industry continues to evolve, it is crucial for investors and enthusiasts to stay informed about the latest trends and developments. This news digest aims to provide a concise overview of the key events shaping the crypto landscape, empowering readers to make informed decisions and stay ahead of the curve in this dynamic market.