Over $356M Lost to Hacks, Phishing Scams and Rug Pulls in Crypto in November: Beosin
According to a recent report by blockchain security firm Beosin, bad actors caused more than $356 million in monetary losses for crypto users in November, primarily from hacks, phishing scams, and rug pulls.
Approximately $266 million was lost to malicious hacking, while phishing scams and rug pulls led to an additional $90 million and users of decentralized finance (DeFi) projects lost as much as $10 million.
Beosin’s report highlights the numerous security threats faced by crypto users and calls for more effective security measures to protect vulnerable users. It is estimated that nearly $2.3 billion has been lost to hacks, phishing scams, and rug pulls in the world of crypto over the last twelve months alone.
Beosin’s report notes that the current security measures in place are insufficient and points to the need for increased efforts to create a “smarter and more secure digital economy.” This includes improved public education on the dangers of online scams, as well as stronger enforcement and systematic risk mitigation measures. In addition, it suggests improved monitoring of suspicious transactions, a greater emphasis on decentralization, and enhanced collaboration between security professionals and stakeholders.
The report also puts to light the need for better industry practices, as well as improved customer service and third-party risk management services. As crypto continues to gain in popularity, it is essential that users are aware of the risks and that vendors implement stronger policies to protect them.