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 <p class="is-style-lead">The crypto <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> in October amounted to $51.6 million, an 85% <a rel="noopener noreferrer nofollow" title="decrease" href="https://thebittimes.com/tag/decrease.html">decrease</a> compared to September 2023.</p>
 <p>The crypto market in October 2023 suffered over 23 security incidents, such as hacker attacks, phishing scams, and rug pulls, resulting in a total loss of more than $51.6 million worth of crypto, blockchain firm Beosin revealed in a recent report.</p>
 <p>According to the firm, despite the multi-million <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a>, October saw an 85.6% <a rel="noopener noreferrer nofollow" title="decrease" href="https://thebittimes.com/tag/decrease.html">decrease</a> in stolen funds compared to September 2023. Most funds were stolen due to hacker attacks, accounting for approximately $28.3, followed by rug pull incidents with $12 million in lost funds. Phishing scams resulted in about $11.2 million in <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a>, Beosin added.</p>
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 <p>As noted by another analytic blockchain firm, CertiK, the largest hack attack in October targeted the Fantom Foundation wallet, which lost around $7 million worth of crypto. Beosin emphasized that incidents related to the Fantom Foundation, Coins.ph, and LostPass had one thing in common: private key compromise.</p>
 <p>In total, the crypto industry lost nearly $890 million to hacks, scams, and rug pulls in Q3, 2023. As Beosin analysts earlier noted, over $540.16 million were lost in 43 cyber-attacks per Q3, with almost $283 million and more than $66 million lost in 81 rug pulls and phishing scams, respectively.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-losses-decreased-by-85-in-october-2023-tbt68677.html">https://thebittimes.com/crypto-losses-decreased-by-85-in-october-2023-tbt68677.html</a></p>

Crypto losses decreased by 85% in October 2023

TheBitTimes

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