Follow me on Twitter @Jacqmelinek for breaking crypto news, memes and more. In the second quarter, the crypto industry lost $204.3 million to hacks, scams, and rug pulls, but only $4.9 million was recovered, according to a report by De.Fi and REKT database. So far this year, the industry has recovered $183 million, or nearly 28% of the total losses. The report also highlighted that exploits and rug pulls accounted for significant losses in Q2. Additionally, web3 startups and unicorns did not see a funding reprieve in Q2. The need for crypto legislation in the US is urgent, according to Coinbase executives. Integration of AI and crypto is also being explored, and crypto startup Pillow is discontinuing all services. Terraform Labs founder Do Kwon has been jailed for four months in Montenegro. Finally, in the latest episode of Chain Reaction, Magic Eden CEO Jack Lu discusses the platform’s expansion and plans for the future.
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