$10 Billion Has Evaporated in Altcoins! Cryptocurrency Investors Beware!

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The crypto currency markets are not yet fully regulated, of course, this also leads to serious victimization. We see the financial version of the wild west in the crypto currency markets. The fact that it creates a relatively free space compared to traditional markets certainly works for fraudsters as well. Investors need to be careful at this point.

2021 Losses are $ 10 Billion

ImmuneFi in 2021, he announced that $ 10 billion had evaporated through cases of fashion show attacks and fraud. The research covers all the exploits and fraud methods called rug-pulls. Rug-pulls is the name given to the disappearance of the entire supply of the team in the hands of a project by selling it, it can be defined as the most simple way. in 2020, there was a 137% increase compared to the calculated figure.

On Thursday, ImmuneFi published an official report calculating the total volume of losses on the crypto currency markets in 2021. According to the report, the company says that attacks, fraud and other malicious activities stole $ 10.2 billion from investors last year. According to the report, there were 120 cases of crypto abuse or fraud during 2021, the highest value hacking with $613 million, Poly Network was followed by Venus and BitMart with $200 million and $150 million, respectively.

Other notable entries on the list are, both of which were hacked for $37.5 million Alpha Finance and Cream Finance, Yearn.finance’s $11 million was Furucombo’s infamous Alchemix rugby, which he claimed was welcome to platform users, as well as the diabolical contract abuse of $14 million. After a withdrawal issue arose with alETH, one of the platform’s smart contract synthetic assets, the founding team disappeared with a fortune of $6.5 million.

the year 2021 saw a sharp increase in both the frequency and volume of security breaches compared to the previous year, recording 123 cases, bringing the total to $4.38 billion, i.e. an increase of 137%.

Cryptocurrency Investors Beware

Mitchell Amador, CEO and founder of Immunefi, in a speech maintained his optimism for the future of on-chain security, although he called it a “year full of dramatic losses” for the industry.

“Despite the fact that completely new vulnerabilities have appeared in the onchain economy, the community is adapting quickly. At Immunefi alone, we have saved twice the amount lost due to abuse this year, and best security practices are becoming widespread in the community”.

According to Amador, IMMUNEFI Polygon‘flour (MATIC) it prevented the billion-dollar loss by pre-identifying what was described as a “critical” vulnerability in the Proof-of-Stake Genesis contract on the network. Thus, he received a very nice reward from the project.

Crypto currency if their investors do not want to financially support the losses that will be experienced in 2022, they especially invest in DeFi he should be attentive to his projects. There are many guides on our website that tell you about the important details that you need to study before investing in a project. You can reduce your risk of being scammed by browsing through them.

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