The rising crypto frauds may have dampened the spirits of scores of global enthusiasts hoping to shine in the promising digital currency space. But is this going to be a permanent concern? Or is there a way to safely navigate the market without becoming a sitting duck for scamsters?
While the threats are real, and the participants may have little chance to escape an attack, especially those involving high-security breaches, some frauds could be avoided by taking basic precautions.
Experts believe that simple security measures could help avoid the risks to a great extent.
Why Is The Threat Real?
London-based blockchain analytics firm Elliptic estimated that the DeFi-based NFT industry lost an astounding $12 billion in frauds, which includes price manipulation, money laundering, etc., in 2021.
In many cases, hackers used a bug or flaws in the DeFi protocol to steal the crypto assets, said the Elliptic study titled 'NFT Report 2022', released on August 26.
In a tweet on August 4, the...
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