Security failures don’t just drain funds, they often destroy trust, leaving most hacked crypto projects unable to recover despite fixing the technical flaws. Nearly four out of five crypto projects that suffer a major hack never fully regain their footing, according to Mitchell Amador, CEO of Web3 security platform Immunefi. Amador told Cointelegraph that most protocols enter a state of paralysis the moment an exploit is discovered. “Most protocols are fundamentally unaware of the extent to which they are exposed to hacks, and are not operationally prepared for a major security incident,” he said. According to Amador, the first hours after a breach are often the most damaging. Without a predefined incident plan, teams hesitate, debate next steps and underestimate how deep the compromise may go. “Decision-making slows as teams scramble to understand what happened, leading to improvisation and delayed action,” he said, adding that this is frequently when additional losses occur. Read more
This piece was originally published on July 1, 2024. At the far corner of the pediatric unit at Karachi Burns Center, a woman desperately tries to latch her daughter for feeding. The infant, covered in gauze, fails to hold on as her shrill cries fill the room, cutting through the white walls of the facility. Two-year-old Fariha Hassan bears the burns of a fire that ripped through her apartment in Kharadar last week. The story is not unheard of; a gas cylinder explosion that engulfed her family into flames. The incident, one of many reported across the metropolis every week, was preventable if only a handful of safety rules and regulations were followed. According to an analysis of five-year data compiled by the Karachi Metropolitan Corporation (KMC), at least six fires erupt in the city daily. The reasons behind these fires may vary from case to case, but the casualties and injuries that arise from them are easily preventible if only the authorities and citizens themselves take some basic precautions. Doctors...