Cryptocurrency Hacks and Rug Pulls Drain Investors of $473 Million in 2023

IconCryptoNewsTerminal Staff30 May, 2024

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Cryptocurrency Hacks and Rug Pulls Drain Investors of $473 Million in 2023

Cryptocurrency hacks and rug pulls have taken a significant toll on investors this year, costing them over $473 million, according to a report by blockchain security company Immunefi. The report analyzed security incidents and scams that occurred between January and July 2023. Ethereum emerged as the most targeted blockchain, with 43% of the total losses. Cross-chain bridges, which facilitate transactions between different blockchains, were also heavily exploited. Rug pulls, where developers abandon projects and abscond with investor funds, accounted for a significant portion of the losses. Immunefi emphasized the need for robust security measures and investor vigilance to combat these malicious activities. This article serves as a reminder of the ongoing risks associated with cryptocurrency investments. As the industry evolves, investors must prioritize security and conduct thorough research before committing funds to any project.

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