Offchain transaction validation could prevent 99% of crypto hacks, scams
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jan 10 2025Emerging Blockchain Security Solution: A new blockchain security solution could prevent over 99% of cryptocurrency hacks and scams, addressing the $2.3 billion loss in 2024 due to such incidents, according to Cyvers.
Impact on Cryptocurrency Adoption: The solution involves offchain transaction validation, which can protect centralized exchanges and wallets from vulnerabilities, significantly reducing the risk of access control exploits and smart contract attacks that accounted for the majority of losses in the crypto industry.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
