May losses from crypto rout overshadow DeFi exploits: Biocoin

A blockchain security firm has revealed that the amount of cryptocurrency lost to “rag pulls” or “exit scams” – where founders suddenly up and walk away with investors’ money – has been traced back to amounts stolen from decentralized finance (DeFi) projects. crossed over.

A. June 1 reports Total losses from carpet-pulling and scandals in six incidents in May from Beosin reached more than $45 million.

Meanwhile, there were 10 attacks on decentralized finance (DeFi) protocols, netting only $19.7 million. This amount is down about 80% from April and losses from these types of exploits have been declining for two months.

Rug Pull Outspace Attack: The Total Amount Involved #ragpul reached $45.02 million, surpassing the damage caused by the attacks

2/5

– Beosin Blockchain Security (@Beosin_com) June 1, 2023

The largest of such rig pulls was the $32 million that crypto project Fintouch reportedly pulled off on May 24. The $7.5 million attack on DeFi platform Jimbos Protocol was the largest in the past month, according to Biocoin.

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“Hackers and scammers are gradually shifting the target of their attacks from various project parties to ordinary users,” Beosin wrote.

It recommended crypto users to “raise their anti-fraud awareness”, do due diligence on a project before investing, and learn how to better secure their crypto.

Beosin also warned against using shared or public charging devices for mobile phones as these could potentially be modified to inject malicious programs that could compromise private keys.

In April, the United States Federal Bureau of Investigation (FBI) issued a similar warning, avoiding the use of free charging stations found at airports.

Avoid using free charging stations at airports, hotels or shopping centers. Bad actors have found ways to use public USB ports to introduce malware and surveillance software onto devices. Carry your own charger and USB cord and use an electrical outlet instead. pic.twitter.com/9T62SYen9T

— FBI Denver (@FBIDenver) April 6, 2023

“Bad actors have discovered ways to use public USB ports to introduce malware and surveillance software onto devices,” the FBI’s Denver office tweeted on April 6. Advised to carry a charger and USB cord for use in an electrical outlet instead.

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