Cryptocurrency scams and hacks have cost investors $2.2 billion so far in 2023, according to a new report by blockchain analytics firm Chainalysis. This represents a 21% increase from the previous year. Centralized finance (CeFi) platforms have been particularly hard hit, with some of the biggest hacks of the year taking place on these platforms. In July, Indian exchange WazirX was hacked for $235 million, and in May, Japanese exchange DMM Bitcoin was hacked for $304 million. The report also found that decentralized finance (DeFi) platforms have been targeted by scammers, with a number of high-profile rug pulls taking place in recent months. In one case, a DeFi project called Mango Markets was exploited for $117 million in October. The rise in crypto scams and hacks is a major concern for the industry, as it can damage the reputation of cryptocurrencies and deter investors from entering the market. It is important for investors to be aware of the risks involved in investing in cryptocurrencies and to take steps to protect their funds.
