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Shata Fund loses $5.1 million due to failed upgrade

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According to reports, PeckShield monitoring data shows that it seems that the EFVault of Shata Fund was upgraded and failed four days ago, resulting in a loss …

Shata Fund loses $5.1 million due to failed upgrade

According to reports, PeckShield monitoring data shows that it seems that the EFVault of Shata Fund was upgraded and failed four days ago, resulting in a loss of about $5.1 million. Shata Capital is a VC invested in Crypto Native.

Shata Fund encountered an upgrade failure, resulting in a loss of about US $5.1 million

Analysis based on this information:


According to reports released by PeckShield, a prominent blockchain security company, the EFVault of Shata Fund failed four days ago, resulting in a loss of $5.1 million. The Shata Capital, a venture capital firm, has invested in Crypto Native, a digital asset management platform that serves high net worth individuals and institutions.

PeckShield’s monitoring data indicated that the upgrade to the EFVault failed, resulting in the loss of funds belonging to the Shata Fund. This event serves as a reminder to the cryptocurrency community about the importance of upgrading blockchain protocols with caution and thorough testing.

An upgrade is a crucial process in ensuring that blockchain protocols continue to operate efficiently, eliminate bugs, and enhance security features. However, upgrading requires careful planning and testing to minimize the risk of loss or disruption of the system. Often, upgrades come with new protocols and features, which can introduce vulnerabilities in the system if not adequately tested.

The Shata Fund’s lost funds highlight the need for caution when making upgrades that may have unintended consequences. It also serves as a warning to venture capitalists and other investors in the cryptocurrency markets. While investing in digital assets may be attractive due to their potential high returns, it is also essential to consider the risks involved.

As the cryptocurrency market continues to expand, various risks, including fraud, theft, and cyber attacks, are becoming more prevalent. As investors and users, it is essential to remain vigilant and informed about the security measures involved in cryptocurrency trading and investment.

In conclusion, the Shata Fund’s loss of $5.1 million serves as a warning to the cryptocurrency community, highlighting the importance of caution when making protocol upgrades. The need for thorough testing and due diligence when introducing new features and protocols cannot be overstated. Investors and users must remain informed and vigilant to protect their digital assets.

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