$437M lost to crypto hacks in Q1 2024, Ethereum main target, highlighting security risks.

From Investing.com: 2024-04-08 14:19:30

Cryptocurrency users lost $437 million to scams, rug pulls, and hacks in the first quarter of 2024, a concerning trend highlighting security risks in the industry according to Smart Betting Guide. Decentralized finance (Defi) is particularly vulnerable, with Ethereum as the primary target of 33 hacking incidents.

Smart Betting Guide recommends avoiding cloud storage for passwords and seed phrases, suggesting physical storage instead. Hardware wallets are preferred over exchange-based storage for increased security against cyber attacks and potential exchange failures.

Thorough research is advised before investing in cryptocurrency projects to avoid scams like “rug pulls.” Users should scrutinize developers, whitepapers, liquidity locking measures, and third-party audits for authenticity and security. Stay cautious of fake apps and exchanges targeting unsuspecting investors, and follow general cybersecurity practices for overall asset and data protection.

Read more at Investing.com: 2024 sees over $437M lost to crypto hacks, Ethereum most affected By Investing.com