2024 marks the fourth consecutive year in which hackers stole more than US$1Billion worth of crypto assets

In recent weeks, Bitcoin, the world’s most valuable cryptocurrency, has once again been making headlines for the impressive bull run that saw it surpassing US$100,000 for the first time ever. While this milestone is likely to draw further investment into digital assets, new data from Chainalysis suggests investors be conscious of the platforms they utilize, as through 2024, crypto hackers managed to steal US$2.2 billion worth of crypto.

This stolen amount represents a 21% year-on-year increase, and marks a fourth consecutive year in which criminals stole over US$1 billion in crypto. Interestingly, it was just 303 individual hacking incidents that resulted in these losses, highlighting the relatively high concentration of attacks, and the potential for significant losses through even single incidents.

Although DeFi still accounted for the largest share of stolen assets in the first quarter of 2024, centralized services were the most targeted in Q2 and Q3. Some of the most notable centralized service hacks include DMM Bitcoin (May 2024; US$305 million) and WazirX (July 2024; US$234.9 million).

“This shift in focus from DeFi to centralized services highlights the increasing importance of securing mechanisms commonly exploited in hacks, such as private keys,” said Eric Jardine, Cybercrimes Research Lead at Chainalysis. Private key compromises accounted for the largest share of stolen crypto in 2024, at 44%. “For centralized services, ensuring the security of private keys is critical, as they control access to users’ assets. Given that centralized exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating.”

In the UAE, both Centralized and Decentralized services are popular, with the former accounting for 47% of the country’s crypto transaction share by volume between July 2023 and June 2024, and the latter accounting for 32% over the same period. “It’s important to recognize that hackers are constantly adapting their techniques, making robust security practices non-negotiable across virtual asset and financial service providers. Security also needs to be seen from the lens of being reactive to proactive, with providers focusing on identifying and addressing threats before they happen. At a very minimum, investors should prioritize using multi-factor authentication (MFA), regularly updating passwords, and storing their private keys securely offline. Additionally, choosing exchanges or platforms with robust security protocols and insurance coverage can provide an extra layer of protection. Fortunately, the UAE’s clear regulatory framework represents a significant step towards creating a more secure crypto ecosystem,” Jardine added.

Describing how a collaborative approach between the public and private sectors is essential to mitigate the growing threat of crypto hacks, Jardine said, “Data-sharing initiatives, advanced tracing tools, and targeted training can empower stakeholders to quickly identify and neutralize malicious actors while building the resilience needed to safeguard crypto assets. By fostering stronger partnerships with law enforcement and equipping teams with the resources and expertise to respond rapidly, the crypto industry can reinforce its defences against theft. Such efforts are not only critical for protecting individual assets, but also for building long-term trust and stability in the digital ecosystem.”

The New Year is just around the corner and we can’t get enough of the kitchen trends that we are about to explore — and we’re not just talking about what’s cooking! 2025 is a year all about embracing trends that bring together a lifestyle and how we redefine cooking and enjoy the heart of our home.

MVP Appliances, the largest supplier and sole distributor in the Emirates for high-end brands, including an expert in kitchen and home appliances is focused on the epitome of modern design and technological innovation. A lot of thought is going on behind the scenes to design the next generation of appliances in a way that will benefit both consumers and the environment in 2025.

Let’s dive into some of the key trends to enhance your cooking experience in 2025

1. Sustainable Practices:

Sustainable trends in kitchen appliances are becoming significantly more focused on sustainability as homeowners seek an eco-friendly lifestyle. By opting for energy-efficient appliances, which include refrigerators, ovens, and dishwashers, plus sustainable materials in the kitchen such as wood and recycled glass, homeowners feel they can contribute to a more sustainable and responsible lifestyle.

Low-impact cooking technologies, such as induction hobs, offer more energy-efficient cooking as these appliances tend to work faster and require less energy than cooking on gas or electric stoves.

Hydro-cleaning appliances are more water-efficient than would be necessary for scrubbing or cleaning them, as only a small amount of water required for the steam cleaning process is comparatively low. Modular kitchen appliances and fixtures that are multi-functional can help reduce the need for excess materials and make kitchen spaces breathable and more efficient.

Overall, recycled kitchen appliances contribute to a circular economy, extending their lifecycle. This approach not only benefits the environment but also drives innovation and creativity from both a brand and a consumer perspective. Furthermore, consumers get to make eco-friendly choices to show their participation in environmental responsibility, while still enjoying modern, well-equipped, and stylish kitchen appliances.

2. Smarter Technology, Smarter Cooking: 

Need more oat milk? Your fridge will let you know before you do. Say hello to appliances that are as connected as your smartphone. Some of the top features that contribute towards a smart appliance are health and safety features, which can enhance food safety with built-in thermometers to ensure that the meals are cooked at the right temperature. Smart overheat protection is also a commendable feature that prevents appliances such as microwaves and ovens from overheating by automatically shutting it off when overheating is detected. This energy-efficient appliance not only contributes to safety but also extends the lifespan of the appliances.

Induction cooking technologies are growing in popularity due to their speed, efficiency in energy consumption, and cost savings, helping consumers save on their resources.

High Tech Refrigerators are trending and are smarter than ever not just for the ease of use, but also to enhance a standard of living. Features like, touchscreens, inventory tracking, and BioFresh options help reduce wastage of food, check available items, and enhance convenience.

Wellness-focused appliances, such as Steam ovens, air fryers, Cold-press Juicers, and sous-vide machines which promote healthier cooking are in high demand as they support a balanced diet without having to compromise on the taste.

Together, these health-focused appliances make nutritious cooking accessible and convenient. They reflect a shift toward conscious, balanced eating and wellness-centered living, empowering users to enjoy healthier meals and make positive lifestyle choices right from their kitchen.

3. Designs and Aesthetics:

Kitchens are bidding farewell to the colourful era and welcoming minimalist, sleek, warm wood tones and warm terracotta hues. Appliances with sustainable materials such as recycled metals or eco-friendly coatings, are trending as consumers are understanding the importance of conscious living. Appliances in matte and pastel colours make a bold statement, allowing homeowners to add warmth into their kitchens. Every household has a willingness to experiment with their kitchen space, making it into a hub for gathering and cooking together and enjoying the whole experience while doing so.

Drawer appliances are gaining popularity due to their focus on space. These appliances are family-friendly as they can be installed at any height suitable for children, encouraging them to prepare their snacks or drinks and promoting self-service among young children. They also contribute to a sleek finish making it very appealing to the space and last but not least, the versatility in using these drawer appliances comes with multi-functionality, allowing a variety of uses in a single appliance and it also saves on the utility bills!

Designers are focusing on shaping the elements of the appliances in a way that is appealing to consumers with less space consumption and ease of use. In brief, design plays a vital role in kitchen appliances by blending technology, functionality, and visuals, making kitchen spaces more enjoyable and resourceful.

4. Food Processors:

Food processors are multi-functional appliances used for chopping, dicing, grating, etc. which are gaining more consumer attention as they support the preparation of a wide range of dishes from salads and sauces to dough and dips, saving time and money. They are extremely user-friendly with great featured controls and safety mechanisms that make them accessible to cooks and consumers of any skill level. Food processors also encourage healthy eating habits amongst households due to their ease of creating simple dressings, sauces, and healthy salads. They can also be timed and controlled through innovative features and embedded technology which function on pre-programmed settings and touch controls that help manage the whole process of preparing a meal.

The UAE’s payments industry is poised to achieve significant growth, with total revenues projected to reach $27.3 billion by 2028, according to the latest Global Payments Report 2024 from Boston Consulting Group (BCG). Despite a global slowdown in growth rates, the UAE continues to lead in the GCC, driven by its rapid digital transformation and strategic investments in the financial sector.

The Global Payments Report 2024 marks BCG’s 22nd annual analysis of the global payments industry, emphasizing the need for decisive action in navigating a rapidly evolving landscape. The report aptly titled Fortune Favors the Bold highlights the importance of adapting to shifting customer expectations, heightened regulatory scrutiny, and technological disruptions. While growth is slowing globally, the UAE remains a bright spot in the region, continuing its high growth and innovation trajectory.

Globally, payments revenue growth is projected to slow significantly, with CAGR halving to 5% through 2028, resulting in a global payments revenue pool of $2.3 trillion. This marks a sharp decline from the 9% CAGR observed over the previous five years, which pushed the global revenue pool to $1.8 trillion in 2023. North America and Europe are expected to experience the most significant slowdowns, with projected annual revenue increases of just 3%. In contrast, regions like the Middle East, Latin America, and Asia-Pacific are forecasted to see higher growth, with the Middle East projected to grow at a 7% CAGR, driven by accelerating digital payments in emerging markets.

UAE Payments Sector Set for Continued Growth

The UAE’s payments sector has seen robust growth in recent years. From 2018 to 2023, the country’s payments revenue grew from $9.8 billion to $18.8 billion, with a CAGR of 13.8%. By 2028, the UAE is projected to reach $27.3 billion in revenues, marking a 45% increase over the next five years.

Transaction volumes in the UAE are also forecast to rise significantly, from 1.7 billion in 2023 to over 3.1 billion by 2028, representing a 78% increase. The shift from cash-based to digital payments, spurred by government initiatives and increased fintech adoption, continues to drive this expansion.

“The UAE’s payments landscape is reaching a critical inflection point,” says Lukasz Rey, Managing Director and Partner and Head of the Middle East Financial Institutions Practice at BCG. “As we move beyond the era of easy growth, the sector must pivot from pure expansion to sustainable profitability. Tech modernization is no longer optional – payment firms must upgrade their legacy systems to modular, scalable, cloud-ready architectures to reduce tech debt, improve unit economics, and adapt efficiently to evolving market demands. Early adopters already leverage generative AI to enhance customer service, strengthen fraud detection, and drive operational efficiency at scale. With intensifying global pressures and regulatory scrutiny, UAE companies that act decisively now – investing in modern tech stacks while strengthening their risk and compliance frameworks – will be best positioned to deliver the seamless experiences customers demand and the sustainable returns investors expect.”

New Strategies Needed as Payments Industry Faces Transformation

The global payments industry is at a turning point, requiring companies to shift from easy growth to bold, strategic approaches, and reporting highlights that digital payments are nearing maturity in critical markets like the U.S. and U.K., with less than 10% of transactions still in cash. Shareholder value creation has evolved, with buybacks and dividends making up over one-third of total returns. Instant payments are now standard in 60+ countries, while central bank digital currencies (CBDCs) are poised to disrupt the landscape. Generative AI is already cutting costs by up to 70% for early adopters, making modernization essential for staying competitive.

Future-Proofing UAE’s Payments Industry for Sustainable Success

As emerging technologies like generative AI, real-time payments, and digital currencies reshape the global payments landscape, the UAE remains well-positioned for long-term success through continued innovation and modernization.

“The growth momentum in the UAE payments sector is clear,” says Mohammad Khan, Managing Director and Partner at BCG. “With UAE transaction volumes expected to increase by 78%, reaching 3.1 billion by 2028, we’re witnessing one of the most dynamic markets globally. This growth brings both opportunities and challenges. While digital payments and emerging technologies like real-time transfers and digital currencies reshape the landscape, success will belong to those who effectively combine innovation with strong execution. Companies that strategically invest in their capabilities today while maintaining operational discipline will be the ones who capture this significant market opportunity.”