{"id":140260,"date":"2023-06-02T08:04:48","date_gmt":"2023-06-02T08:04:48","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=140260"},"modified":"2023-06-02T12:12:53","modified_gmt":"2023-06-02T12:12:53","slug":"beosin-says-losses-from-crypto-rug-pulls-surpassed-defi-exploits-in-may","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/beosin-says-losses-from-crypto-rug-pulls-surpassed-defi-exploits-in-may\/","title":{"rendered":"Beosin Says Losses From Crypto Rug Pulls Surpassed DeFi Exploits In May"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Blockchain security firm,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Beosin<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0has just published a <a href=\"https:\/\/beosin.com\/resources\/blockchain-security-monthly-recap-of-may-1969m-lost-in-to?lang=en-US\" target=\"_blank\" rel=\"noopener\">report<\/a><\/span><strong><span data-preserver-spaces=\"true\"><a href=\"https:\/\/beosin.com\/resources\/blockchain-security-monthly-recap-of-may-1969m-lost-in-to?lang=en-US\" target=\"_blank\" rel=\"noopener\">\u00a0<\/a>revealing that losses resulting from rug pull and exit scams in the crypto market surpassed those from\u00a0<\/span><\/strong><a href=\"https:\/\/crypto-economy.com\/defi-decentralized-finances\/\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">decentralized finance (DeFi)<\/span><\/strong><\/a><strong><span data-preserver-spaces=\"true\">\u00a0hacks in May.<\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><!--more--><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">On June 1, Besoin took to Twitter to disclose total losses from rug pull and scams throughout May reached over\u00a0<\/span><strong><span data-preserver-spaces=\"true\">$45 million<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0across six incidents. On the other hand, there were 10 attacks on DeFi protocols that drained almost $19.7 million. However, on a positive note,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Beosin also said the amount of money involved in various security incidents continued to decline for two months.<\/span><\/strong><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udc94Rug Pull Outpaces Attacks: The total amount involved in <a href=\"https:\/\/twitter.com\/hashtag\/rugpull?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#rugpull<\/a> reached $45.02 million, surpassing losses from attacks<\/p>\n<p>2\/5<\/p>\n<p>&mdash; Beosin \ud83d\udee1 Blockchain Security (@Beosin_com) <a href=\"https:\/\/twitter.com\/Beosin_com\/status\/1664171533064081409?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 1, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify\">Crypto-Related Scams On The Rise<\/h2>\n<p style=\"text-align: justify\">It noted 22 typical security incidents and the total amount of losses from various attacks was about $19.69 million, decreasing about 79% compared to April. In addition, the total amount involved in fraud reached $45.02 million, more than the amount lost in attacks.<\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">According to the\u00a0<\/span><span data-preserver-spaces=\"true\">report<\/span><span data-preserver-spaces=\"true\">, the most significant rug pull occurred on May 24 when the crypto project Fintoch allegedly made off with $32 million. Meanwhile, <strong>the largest attack on the DeFi platform last month was a $7.5 million breach of\u00a0<\/strong><\/span><strong><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/arbitrum-based-jimbos-protocol-hacked-races-for-revival\/\" target=\"_blank\" rel=\"noopener\">Jimbo&#8217;s protocol<\/a><\/strong><span data-preserver-spaces=\"true\">, an Arbitrum-based liquidity protocol. Besoin wrote,<\/span><\/p>\n<p style=\"text-align: center\"><em>&#8220;The amount involved in Rug Pulls exceeded that in attacks this month, and new ways of stealing coins such as using shared rechargeables to steal private keys also emerged. Hackers and scammers are gradually shifting the target of their attacks from various project parties to ordinary users.&#8221;<\/em><\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/06\/Crypto-Scams-e1685692336247.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-140265 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/06\/Crypto-Scams-e1685692336247.jpg\" alt=\"Crypto-Related Scams On The Rise\" width=\"825\" height=\"315\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/Crypto-Scams-e1685692336247.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/Crypto-Scams-e1685692336247-300x115.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/Crypto-Scams-e1685692336247-768x293.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/a><\/p>\n<p style=\"text-align: justify\"><strong>Owing to such exploits, the security firm also recommended that crypto users enhance their anti-fraud awareness<\/strong>, conduct thorough due diligence before investing and learn how to better secure their cryptocurrencies. Beosin warned against using shared or public charging devices for mobile phones, as they may be <strong>modified to inject malicious programs that compromise private keys.<\/strong><\/p>\n<h2 style=\"text-align: justify\">Exploits Continue To Plague Crypto Industry<\/h2>\n<p style=\"text-align: justify\">In the past few years, investors and users trading on cryptocurrency platforms have been increasingly losing billion worth of dollars in various fraudulent\u00a0activities\u00a0such as exit scams, phishing attacks, rug pulls, and flash loan attacks.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/CertiKSkynetAlert?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#CertiKSkynetAlert<\/a> \ud83d\udea8<\/p>\n<p>Combining all the incidents in April we\u2019ve confirmed ~$103.6M lost to exploits, hacks, and scams.<\/p>\n<p>Exit scams were ~$9.3M.<\/p>\n<p>Flash loans were ~$19.8M.<\/p>\n<p>See the details below \ud83d\udc47 <a href=\"https:\/\/t.co\/jflvMPiJGQ\" target=\"_blank\">pic.twitter.com\/jflvMPiJGQ<\/a><\/p>\n<p>&mdash; CertiK Alert (@CertiKAlert) <a href=\"https:\/\/twitter.com\/CertiKAlert\/status\/1652625412948729861?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">Fraudsters have become more and more sophisticated along with t<strong>he maturity of the digital assets industry, targeting unsuspecting investors and stealing their money<\/strong>. In April 2023, CertiK <a href=\"https:\/\/crypto-economy.com\/certik-reveals-crypto-related-scams-drained-over-103m-in-april\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> hackers looted more than $103 million of funds from crypto projects and investors in April 2023, in the form of exploits, exit scams, and flash loan attacks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain security firm,\u00a0Beosin\u00a0has just published a report\u00a0revealing that losses resulting from rug pull and exit scams in the crypto market surpassed those from\u00a0decentralized finance (DeFi)\u00a0hacks in May.<\/p>\n","protected":false},"author":21,"featured_media":140299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111,84,74],"tags":[9496,5502,4708],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/140260"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=140260"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/140260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/140299"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=140260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=140260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=140260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}