The amount of cryptocurrency lost to “rug pulling” or “exit scams,” where founders suddenly get up and walk away with investor money, surpassed the amount stolen from decentralized finance (DeFi) projects in May, revealed a blockchain security firm.
a June 1 report de Beosin said in May the total losses of carpet pulls and rips reached more than $45 million in six incidents.
Meanwhile, there were 10 attacks on decentralized finance (DeFi) protocols that generated just $19.7 million. The number is a nearly 80% decrease from April and losses from these types of exploits had been on the decline for two months, he added.
Rug Pull Exceeds Attacks: The total amount involved in #rug reached $45.02 million, surpassing losses from attacks
2/5
— Beosin Blockchain Security (@Beosin_com) June 1, 2023
The largest of such rug pulls was the $32 million that Fintoch crypto project he allegedly ran away on May 24. He $7.5 million attack On the DeFi platform, the Jimbos protocol was the largest attack last month according to Beosin.
Related: Could Ben.eth's PSYOP Tokens Face Legal Scrutiny? It depends, say the lawyers.
“Hackers and scammers are gradually shifting the target of their attacks from various parts of the project to ordinary users,” Beosin wrote.
He recommended cryptocurrency users to "raise their anti-fraud awareness," do due diligence on a project before investing, and learn how to better protect their cryptocurrencies.
Beosin also warned against using shared or public charging devices for mobile phones, as these could be modified to inject malware that could compromise private keys.
In April, the US Federal Bureau of Investigation (FBI) issued a similar warning that the use of free charging stations such as those found at airports should be avoided.
Avoid using free charging stations at airports, hotels, or shopping malls. Bad actors have discovered ways to use public USB ports to introduce malware and monitoring software onto devices. Bring your own charger and USB cable and use a power outlet instead. pic.twitter.com/9T62SYen9T
— FBI Denver (@FBIDenver) April 6, 2023
“Bad guys have figured out ways to use public USB ports to smuggle malware and monitoring software onto devices,” the FBI's Denver office tweeted on April 6. Instead, he advised bringing a charger and a USB cable to use in an electrical outlet.
Hall of Flames: Crypto Wendy on trashing the SEC, sexism, and how underdogs can win
Post navigation
Previous Post
Binance loses market share after regulatory clampdown
