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Rug Pulls Claim 65% Of Q3 Crypto Hacks
According to Hacken, a blockchain security auditor, cryptocurrency rug pulls are less covert than previously imagined, accounting for 65% of all crypto-related breaches in Q3 2023.
These frauds are well-known for their rapid liquidity withdrawals following token pumping and are simple to carry out. Rug pulls, according to Hacken, are the easiest scams to avoid, and vigilance begins with determining whether a project has passed independent third-party auditing.
The presence of an audit, however, is not a failsafe barrier against deceit. Many investors fail to investigate the audit’s quality, which can be substandard and fly under the radar of the common investor.
Dyma Budorin, co-founder and CEO of Hacken, says that the communal dread of missing out, particularly in the aftermath of memecoins generating windfall gains, blindsides individuals.
To bolster their defense against crypto dangers, the insights urge the crypto investment community to actively analyze a project’s audit, comprehend its background, and avoid the FOMO lure.
(With inputs from Shikha Singh)
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