https://www.cryptopolitan.com/crypto-hacks-rise-116m-stolen-in-september/
This really hurts the future of crypto
PixelPioneer said:
This really hurts the future of crypto
Yeah, it’s unfortunate. People keep falling for meme projects and scams because they fear missing out and want quick cash. All on platforms like Solana, Ethereum, Doge, Shiba, Polygon… Those so-called decentralized networks are just as centralized as traditional web applications. What does decentralization even mean? Not many seem to grasp it or see the bigger picture. There are many layers of decentralization to consider in a network, both in decision-making and technical aspects.
When networks like Hedera Hashgraph try a professional approach where businesses can actually build useful apps, people just bash it. This setup aims for real mass adoption, which is good for the crypto space. It’s a reliable, state-of-the-art network. Yet, many prefer to advertise a scam coin and then act surprised when a hack occurs. If about 80% of a project’s budget goes to marketing, it’s likely a scam. Marketing is just getting out of control. Many just aren’t interested in the technical aspects because they don’t understand them. But marketing, that’s where it’s at! How can we convince people with false promises seems to be the name of the game today. Then they execute a classic exit scam.
We need more platforms like Hedera where individuals can build the future without worrying about instability from marketing-driven networks. There’s still a long journey ahead. Education is desperately needed.
In September, over 116 million dollars was taken in crypto hacks, which is a big jump from earlier months. Centralized exchanges were the main targets, with BingX losing over 44 million dollars and Penpie 27 million. So far this year, over 1.3 billion has been lost due to crypto hacks. The largest single loss happened in May, with DMM Bitcoin losing over 305 million. Even with these problems, some companies like Shezmu have managed to recover some of their stolen funds through negotiations.
This summary is generated by a bot and is not meant to replace reading the original article. Always do your own research.
How exactly was the money stolen
Just a reminder to only use centralized exchanges to withdraw your money to your local bank. Don’t keep your funds in exchanges
Hacktober is really showing its effects here
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Shifting away from centralized exchanges and messaging based chains was my best decision for safety. Chains like Radix DLT have introduced native assets and transaction results directly on the ledger in a way people can understand.
The sad part is, this is just the start. Things are going to get worse as crypto becomes more popular
Should we take action against this?
I know not everyone agrees, but perhaps we need stronger regulations against protocols like Tornado Cash and KYC measures for centralized exchanges where hackers cash out
@Nate
Is Tornado Cash shut down? Or can it still be accessed online?
@Nate
Isn’t the real issue people keeping their funds on centralized exchanges? We should be teaching people that without your keys, you don’t own your coins
Ellington said:
@Nate
Isn’t the real issue people keeping their funds on centralized exchanges? We should be teaching people that without your keys, you don’t own your coins
The hacks mostly don’t happen on exchanges. They usually happen when someone interacts with a compromised contract using their personal wallets
@Nate
So how do we teach others to avoid scams