Crypto Losses Decreased By 85% In October 2023

1. WHO was/is affected? Cryptocurrency investors, traders, and holders across the market were affected by these security incidents in October 2023. 2. WHAT happened? The crypto market experienced 23 security incidents including hacker attacks, rug pulls, and phishing scams that resulted in $51.6 million in losses. While substantial, this represented an 85.6% decrease from September's losses. 3. HOW it happened, and how can the viewer prevent themselves from getting scammed? Losses occurred through three main vectors: hacker attacks ($28.3 million), rug pulls ($12 million), and phishing scams ($11.2 million). To prevent becoming victims, users should: implement strong security practices like hardware wallets and 2FA; conduct thorough research before investing in new projects; verify all transaction requests and communications; use reputable exchanges with proven security measures; and stay informed about common scam tactics. 4. WHY this happened? These incidents typically stem from a combination of technical vulnerabilities, social engineering tactics, and fraudulent projects designed to exploit investor FOMO (fear of missing out). The decentralized and sometimes unregulated nature of crypto markets creates opportunities for malicious actors. 5. WHERE are people affected? Crypto users globally were impacted, as digital asset markets operate worldwide. The incidents affected various blockchain networks, exchanges, and DeFi protocols without geographic limitations.