Backpack Wallet, in collaboration with security firm Blockaid, has thwarted $26.6 million in potential losses from DeFi attacks on the Solana network. Between June and September 2024, Blockaid scanned over 180 million transactions, uncovering more than 71,000 malicious activities targeting over 5% of Backpack's user base. Ido Ben-Natan, Blockaid's CEO, highlighted that Solana's user base is increasingly targeted, particularly by scammers capitalizing on the rising interest in memecoins. Phishing attacks remain a prevalent threat, accounting for substantial losses, including $46 million in September alone. As the security protocols in Ethereum-based networks advance, attackers are shifting their focus to Solana and alternative chains. Ben-Natan emphasized the need for the industry to enhance user protection rather than placing the burden of vigilance solely on users. Overall, losses from crypto hacks exceeded $753 million in recent months, showcasing the urgent need for improved security measures in the crypto ecosystem.

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