Crypto Market Suffers $51.6 Million Losses in October, Beosin Report Reveals
A recent report by blockchain firm Beosin has revealed that the crypto market experienced over 23 security incidents in October 2023, resulting in a total loss of more than $51.6 million worth of cryptocurrency. However, this represents an 85% decrease compared to the losses in September.
The majority of the funds were stolen due to hacker attacks, accounting for approximately $28.3 million. Rug pull incidents resulted in $12 million in lost funds, while phishing scams caused about $11.2 million in losses, according to Beosin.
One notable hack attack targeted the Fantom Foundation wallet, which lost around $7 million worth of crypto. Beosin highlighted that incidents involving Fantom Foundation, Coins.ph, and LostPass all had one thing in common: private key compromise.
Overall, the crypto industry lost nearly $890 million to hacks, scams, and rug pulls in Q3 of 2023.
Hot Take: Crypto Market Sees Decrease in Losses Despite Ongoing Security Threats
The crypto market experienced a significant decrease in losses during October 2023, despite continuing security threats. While over $51.6 million worth of cryptocurrency was lost due to various security incidents, this represents an 85% decrease compared to the previous month.
Hacker attacks remain the primary cause of stolen funds, with rug pulls and phishing scams also contributing to significant losses. The compromise of private keys was identified as a common factor in several high-profile incidents.
These findings highlight the ongoing need for robust security measures within the crypto industry. As hackers continue to target wallets and platforms, it is crucial for users to prioritize the protection of their private keys and take necessary precautions to safeguard their assets.
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