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Does VC-Backed Equal VC-Secure

HodlX Guest Post Submit Your Post Blockchain projects often use their investment successes to boast as well as build up an audience. It’s common to assume that if a project is good enough for a venture fund, it must be good enough for a user. After all, would something so big and rich fail to perform due diligence? Sadly, money does not always equal security and some users had to find that out the hard way. Despite having access to powerful mechanisms, ‘money people’ are not usually experts in Web 3.0 security. To put it simply, they won’t know where to look. So, even if a project might be safe from a rug pull or malicious actions from within the company (that they would likely check), it might fall victim to external attacks. And these attacks may affect not just the investor and the owner – but the user too. Vulnerabilities, especially those that end in financial tragedy, often lead to loss of financing. But that’s only a part of the bigger problem. They end up hurting the industry as a whole, convincing potential investors, developers and participants, that Web 3.0 isn’t safe and can collapse at any given moment. The sooner we detect and eliminate vulnerabilities, the more chances we have to prevent incidents. This helps save the reputation of the aforementioned venture funds. To get a better understanding, let’s take a look at five well-financed projects, find out what happened to bring them down and discuss why venture funds should pay special attention to security. WazirX WazirX is a major Indian exchange platform. Founded in 2018, the company ran an extremely successful ICO in 2019-2020. The project managed to gather an impressive $2.9 million in investments. Among three notable sources, the most noticeable was Kalaari Capital – a well-known tech-focused venture capital firm. This, of course, cemented the reputation of WazirX at a rather early stage. Unfortunately, in July 2024, the company lost $230 million in digital assets. The cause for the loss was a multi-signature wallet vulnerability, due to which the attackers managed to manipulate discrepancies in transaction data. A hacker group called Lazarus Group was the main suspect, but insider involvement was not out of the question. As a result of the attack, WazirX was sued by its rival company CoinSwitch for failing to recover $9.7 million of its funds. Radiant Capital DeFi protocol Radiant Capital managed to secure $12.3 million during its investment rounds. The project promised to build a unified money market with the possibility of depositing, buying and borrowing assets across different blockchains. It’s not entirely surprising that the concept attracted hackers. The first incident occurred in October 2024 and included a flash loan attack that had cost Radiant Capital $4.5 million. But the misfortunes didn’t end there, and the second attack came soon after, leaving the project short of another $53 million. The attackers exploited the 3-of-11 multisig scheme, using malware to present false transactions for signing. The attacker then deployed their own malicious contracts on four chains, executing only those on Binance Smart Chain and ARB. Playdapp The successful South Korean platform Playdapp aimed to revolutionize the gaming industry by utilizing blockchain. That promise was enough to secure the company $3.8 million during investment rounds in 2022. With the popularity of Web 3.0 gaming, Playdapp had all the makings of an incredibly successful project and up to February 2024, this was the plan. In the span of three days, Playdapp was hit by two consecutive attacks. A private key exploit turned out to be the cause of the attack. During the first incident, the attacker’s address was added as the minter of tokens, and over 200 million PLA tokens were minted. During the second attack, an additional 1.6 billion were minted, which resulted in a total loss of $290 million. Hedgey Finance The DeFi project Hedgey Finance was founded in 2021 as a token vesting platform. The company quickly rose to popularity among large and well-known funds. The list of investors includes names such as Hiddentao Ventures, WAGMI Ventures, Blockchange Ventures and Compound. Hedgey Finance successfully raised money from 13 different funds. Alas, the story didn’t have a happy ending. Hedgey Finance was attacked on April 19, 2024. The attacker made away with approximately $2 million in ETH and additional BONUS tokens on Arbitrum ( ARB ). The cause was a vulnerability in the smart contract that allowed any user to exploit a certain command to transfer tokens from the contract to their own wallet. The Munchables The Munchables is yet another successfully funded project. The Web 3.0 gaming platform is based on Ethereum layer-two Blast. The project was launched in response to the growing popularity of GameFi projects and quickly received funding from 20 large investors. In March 2024, The Munchables fell victim to the project’s poor security measures. The attack was a result of the compromised upgradable proxy contract. The contract was used during the game’s development, and the ownership belonged to the developer. Even after the contract was upgraded, the owner still had options to manipulate the contract. This resulted in the loss of $62.5 million in ETH. What can be done Looking at the issues that caused all of the losses listed above, it’s easy to notice a pattern. Sure, the projects may have been well-funded and promising, but crucial mistakes must have been made during the audit. Multisig issues are one of the most common causes of third-party attacks on exchanges. The only effective way to eliminate them is a thorough security audit. Unfortunately, not all projects take it as seriously as they should. Many put their trust in the hands of cheap yet unreliable security companies that promise quick results and end up losing money as well as credibility. Here are some ways to avoid such situations. Research your potential auditors. Familiarize yourselves with the reviews, testimonials and the fate of the company’s previous clients. Increase the depth of a security audit by ordering not one but several audits from different reputable companies. Stay in constant communication with your auditor and take their recommendations seriously. It’s better to be overprepared than unprotected. An audit has to be performed at an early stage of the project development. Vulnerabilities never stay hidden for long and any of them may lead to financial losses. Dmitry Mishunin, CEO of HashEx Blockchain Security , excels in cybersecurity, focusing on Web 3.0 and blockchain. With a background in physics, applied mathematics and IT management, he’s a seasoned tech entrepreneur skilled in strategic management and team coaching. Under his leadership, HashEx has conducted over 1,300 audits, securing $3.8 billion in funds. Check Latest Headlines on HodlX Follow Us on Twitter Facebook Telegram Check out the Latest Industry Announcements Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Does VC-Backed Equal VC-Secure appeared first on The Daily Hodl . CoinTurk News

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Top New Meme Coins to Invest in Today: BTFD Coin’s 90% APY Stuns Investors as Peanut the Squirrel and Goatseus Maximus Surge

What if the next big crypto opportunity is hiding in plain sight? That’s the vibe as meme coins like Peanut the Squirrel (PNUT) and Goatseus Maximus (GOAT) make waves, all while BTFD Coin (BTFD) emerges as the newest powerhouse with staking rewards and a presale buzz that’s hard to ignore. Meme coins aren’t just internet jokes anymore—they’ve become a cultural and financial phenomenon. While PNUT rebounds from a $0.50 low and GOAT holds steady with impressive market metrics, BTFD is taking the meme coin world by storm with a 90% APY on staking and a presale that’s raked in over $5.1 million. So, what makes these coins worth a spot in your portfolio? Let’s dive into the unique narratives driving these top new meme coins to invest in today. BTFD Coin: The Ultimate Staking Opportunity BTFD Coin—short for “ Buy The Dip ”—is more than just a catchy name; it’s a movement. Built on Ethereum, BTFD is designed to capitalize on market volatility, flipping every dip into a launchpad for gains. But what sets BTFD apart is its jaw-dropping 90% APY staking rewards. Imagine this: You invest $650 in Stage 13 of the presale, where BTFD is priced at $0.000142 per coin. That buys you over 4.57 million tokens. When BTFD hits its post-presale listing price of $0.0006, your investment could balloon to nearly $2,742. Now add the potential of staking rewards. With 90% APY, your BTFD stash could double in a year, offering returns most projects can only dream about. What’s more, BTFD isn’t just about individual gains—it’s about community. With over 8000 holders already, the “Bulls” are charging ahead, turning this token into a collective force in the market. BTFD’s 90% APY Staking: A New Era of Crypto Earning BTFD Coin is turning heads with its groundbreaking 90% annual percentage yield staking program, offering investors the chance to grow their holdings exponentially. This isn’t just about holding tokens—it’s about making your crypto work for you. The process is simple: stake your BTFD tokens once claimed and start earning immediately. With rewards that compound over time, staking becomes a powerful tool for long-term growth. This program isn’t just lucrative for investors; it strengthens the BTFD ecosystem by promoting token stability and reducing sell-offs. With $5.1 million raised and over 63 billion tokens sold in its presale, BTFD’s staking feature is proving to be a key driver of its success. For anyone seeking top new meme coins to invest in today, BTFD’s 90% APY staking program is the opportunity you don’t want to miss. Peanut the Squirrel (PNUT): The Rebound King If there’s a meme coin to watch, it’s Peanut the Squirrel. PNUT has clawed its way back from a $0.50 dip to $0.70, fueled by significant whale accumulation. One standout transaction saw a whale snag 10 million tokens, worth $6.1 million—roughly 1% of the total supply. PNUT’s resurgence has also captured futures traders’ attention, with open interest surging 35% to $223 million. This shows that PNUT isn’t just a retail favorite; institutional players are taking notice too. And with analysts hinting at a potential rally toward the $1 mark, PNUT is proving it’s not just a flash in the pan. Goatseus Maximus (GOAT): A Meme Coin with Staying Power Goatseus Maximus, or GOAT, is living up to its name. Trading at $0.54 with a market cap of $538 million, GOAT has solidified its position as a meme coin heavyweight. Its 24-hour trading volume of $128 million underscores its liquidity and active community. GOAT’s success is partly thanks to its origin story. Designed by the Truth Terminal AI, GOAT blends internet culture with cutting-edge tech. Listed on major exchanges like HTX and OKX, it’s not just surviving—it’s thriving. And while its all-time high of $1.03 may seem distant, GOAT’s steady metrics suggest it’s here for the long haul. How to Buy BTFD Ready to jump on the BTFD bandwagon? Here’s how: Set up your wallet. Get started with MetaMask or Trust Wallet. Keep your private key secure. Load your wallet. Add BNB or ETH to your wallet. Connect your wallet. Head to the presale page and link your wallet. Buy BTFD. Choose your currency, enter the amount, and confirm the transaction. Claim your tokens. Once the presale ends, claim your $BTFD coins. Stay updated. Keep an eye on staking rewards and token unlocks. Conclusion Based on our research and market trends, these top new meme coins to invest in today are more than just hype. BTFD Coin stands out with its 90% APY staking rewards and a P2E game that’s redefining earning potential in crypto. Meanwhile, PNUT’s rebound and GOAT’s solid metrics make them strong contenders in the meme coin race. If you’re looking to diversify your portfolio, now’s the time to consider these rising stars. Don’t let this opportunity pass—start your journey with BTFD and join the “Bulls” today. Find Out More: Website: https://www.btfd.io/ X/Twitter: https://x.com/BTFD_COIN Telegram: https://t.me/btfd_coin The post Top New Meme Coins to Invest in Today: BTFD Coin’s 90% APY Stuns Investors as Peanut the Squirrel and Goatseus Maximus Surge appeared first on TheCoinrise.com . CoinTurk News