Safereum

Cross Finance

Flash

Fantom

Shiba Inu

<p>The crypto market has been <a href="https://coingape.com/crypto-prices-today-market-soars-as-btc-pepe-coin-axs-rises/" target="_blank" rel="noopener noreferrer nofollow">witnessing a bullish momentum</a> in October, reflecting the “Uptober” sentiment in the segment. However, despite the gains, the security breaches and <a href="https://coingape.com/blog/how-to-spot-a-crypto-scam/" target="_blank" rel="noopener noreferrer nofollow">crypto scams</a> have continued to weigh on the investors’ sentiment.</p>
<p>Meanwhile, October 2023 has been a tumultuous month for the cryptocurrency world, with a string of incidents leading to substantial financial losses. The monthly report from CertiK Alert reveals that crypto enthusiasts lost a combined total of over $32 million due to exploits, hacks, and scams. These events continue to raise concerns about the security and integrity of digital assets.</p>
<h2 id="a-detailed-look-into-the-october-crypto-incidents">A Detailed Look Into The October Crypto Incidents</h2>
<p>As detailed in the CertiK Alert report, the losses were categorized into different types of incidents. Exit scams, which involve fraudulent projects suddenly disappearing with investors’ funds, accounted for around $8 million of the total losses.</p>
<p>On the other hand, flash loans, a financial instrument that has gained popularity in the <a href="https://coingape.com/glossary/defi-decentralized-finance/" target="_blank" rel="noopener noreferrer nofollow">decentralized finance (DeFi)</a> space, resulted in losses of approximately $1.7 million. In addition, exploits, which are vulnerabilities or weaknesses in a blockchain network that are manipulated for financial gain, made up the largest portion of the losses, reaching around $22 million.</p>
<p>Here, we take a closer look at the report.</p>
<p><strong>Also Read: <a href="https://coingape.com/xrp-price-prediction-as-bulls-pick-up-the-pace-above-0-6-can-hit-it-2-in-november/" target="_blank" rel="noopener noreferrer nofollow">XRP Price Prediction As Bulls Pick Up The Pace Above $0.6, Can Hit It $2 In November?</a></strong></p>
<h3 id="crypto-scams-in-october-2023">Crypto Scams in October 2023</h3>
<p>Some of the major incidents in October include Fantom Foundation <a href="https://coingape.com/fantom-foundation-suffers-hack-via-google-chrome-flaw/" target="_blank" rel="noopener noreferrer nofollow">grappling with a substantial setback</a> of $7 million, while Coins.ph reported notable losses totaling $6 million. In addition, Burgel.eth and <a href="https://coingape.com/scam-alert-friend-tech-rival-stars-arena-confirms-protocol-exploit/" target="_blank" rel="noopener noreferrer nofollow">Stars Arena incurred a financial loss</a> amounting to $3 million and $2.9 million, respectively.</p>
<h3 id="flash-loan-attacks-in-october-2023">Flash Loan Attacks in October 2023</h3>
<p>Flash loan attacks were responsible for significant losses, with the top three incidents being <a href="https://coingape.com/platypus-halt-pools-amid-2-mln-hack-investigation/" target="_blank" rel="noopener noreferrer nofollow">Platypus DeFi suffering a loss</a> of $2.22 million. Simultaneously, BH Token and Hope.Money experienced losses of around $1.27 million and $0.42 million, respectively.</p>
<h3 id="exit-scams-in-october-2023">Exit Scams in October 2023</h3>
<p>Exit scams, a perennial issue in the crypto space, contributed to substantial losses in the crypto segment in October. The top incidents include Standard Cross Finance losing around $1.6 million, and Ivy experiencing a setback of $1.58 million. In addition, Safereum incurred a loss of $1.3 million.</p>
<h2 id="year-to-date-losses-in-2023">Year-To-Date Losses In 2023</h2>
<p>With a series of losses in October, the year-to-date (YTD) figure for crypto scams, hacks, and exploits in 2023 has reached a staggering $1.35 billion. This significant sum underscores the persistent challenges and vulnerabilities in the cryptocurrency industry.</p>
<p>Meanwhile, the events of October serve as a reminder of the importance of due diligence and security measures in the world of digital assets. Given the increasing threats in the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> industry, investors as well as project developers must remain vigilant to protect their investments and ensure the integrity of the crypto ecosystem.</p>
<p><strong>Also Read: <a href="https://coingape.com/whales-move-4-trillion-shib-fuelling-shiba-inu-speculations/" target="_blank" rel="noopener noreferrer nofollow">Whales Move 4 Trillion SHIB Fuelling Shiba Inu Speculations</a></strong></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/crypto-loses-32-mln-in-scams-exploits-amid-market-recovery/">Crypto Loses $32 Mln In Scams &amp; Exploits Amid Market Recovery</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.</p>

Crypto Loses $32 Mln In Scams & Exploits Amid Market Recovery

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