The amount of cryptocurrency lost to rug-pull scams – in which founders walk away suddenly with investor money – has surpassed the amount stolen from decentralized finance (DeFi) projects in Mayas revealed by a blockchain security firm.
According to a report from Beosin published on June 1, May’s losses for rug pull and scams amounted to more than USD 45 million in six incidents.
On the other hand, there were 10 attacks on decentralized financial protocols (DeFi) that resulted in USD 19.7 million. This figure represents a decrease of almost 80% compared to April; Losses from this type of attack had been declining for two months, he adds.
Rug Pull Outpaces Attacks: The total amount involved in #rugpull reached $45.02 million, surpassing losses from attacks
2/5
— Beosin Blockchain Security (@Beosin_com) June 1, 2023
Rug Pull Outpaces Attacks: The total amount involved in rug-pulls reached $45.02 million, exceeding losses from attacks 2/5
The largest of the rug-pulls was the USD 32 million allegedly taken by the Fintoch crypto project may 24th. The $7.5 million attack on the DeFi platform Jimbos protocol was the largest in the past month, according to Beosin.
“Hackers and scammers are gradually shifting the target of their attacks from various parts of the project to ordinary users,” Beosin wrote.
He recommended cryptocurrency users to “increase their anti-fraud awareness,” do some deep research on a project before investing, and learn how to better safeguard their cryptocurrencies.
Beosin also recommended against using shared or public charging devices for mobile phones.as they could be modified to inject malicious programs that could compromise private keys.
In April, the US Federal Bureau of Investigation issued a similar warning; It said that the use of free charging stations like those found in airports should be avoided.
Avoid using free charging stations in airports, hotels or shopping centers. Bad actors have figured out ways to use public USB ports to introduce malware and monitoring 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
Avoid using free charging stations at airports, hotels or shopping malls. Criminals have figured out how to use public USB ports to introduce malware and surveillance software onto devices. Bring your own charger and USB cable and use a power outlet.
The FBI’s Denver office tweeted on April 6: “Criminals have figured out how to use public USB ports to smuggle malware and surveillance software onto devices.” Instead, he advised bringing a charger and a USB cable to use in a power outlet.
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