Web3 losses from security breaches, phishing scams, and rug pulls soared to a staggering $890 million in Q3 2023.This figure represents more than double the combined losses of the preceding two quarters.Hackers and scammers predominantly favor private key compromises as their go-to method for fraud.Among the blockchain sectors, DeFi and Ethereum bore the brunt of attacks, with DeFi protocols suffering losses of $227 million in Q3 2023.Unfortunately, only $54.4 million in assets were successfully recovered during this quarter, accounting for just approximately 10% of the total stolen amount. Cryptocurrency Scams and Thefts on the Rise in 2023 The crypto world is no stranger to scams, theft, and wallet-draining schemes. Just recently, a hacker infiltrated Ethereum founder Vitalik Buterin's Twitter account, using a phishing link to siphon nearly $1 million in crypto and NFTs from unsuspecting victims. But the situation runs even deeper. According to a recent report from Beosin.com, the third quarter of 2023 witnessed a staggering total of scams and crypto/NFT thefts, amounting to nearly a billion dollars. Beosin, a web3 security and auditing firm, focuses on safeguarding crypto assets through multi-dimensional security assessments, smart contract scans, real-time risk tracking, and crypto address monitoring. Their findings are unsettling. Web3 and the crypto industry together lost approximately $890 million in Q3 2023 due to various security breaches, phishing scams, and rug pulls. What's astonishing is that this figure more than doubles the combined losses of the preceding two quarters. For context, Q1 2023 recorded losses of around $330 million, while Q2 2023 saw losses of about $333 million. In stark contrast, Q3 alone witnessed a staggering $889.26 million in total thefts. The question that arises is, why are hackers becoming increasingly active as the year progresses? Diving deeper, private key compromises emerged as the preferred method for hackers and scammers, resulting in losses of a jaw-dropping $223 million in Q3 alone. Notable incidents include CoinEx ($70 million), Alphapo ($60 million), Stake.com ($41.3 million), CoinsPaid ($37.3 million), and Polynetwork ($10.1 million). Cloud database attacks ranked second, with losses of $200 million, mainly attributable to the Mixin Network incident. Contract vulnerability exploits came third, with 22 smart contract hacks amounting to $93.27 million. In total, various hacks accounted for $540 million in losses, phishing scams claimed $66.15 million, and rug pulls netted scammers $280 million. Decentralized Finance (DeFi) emerged as the most targeted blockchain sector, while Ethereum, despite being a highly secure smart-contract-enabled platform, suffered significant attacks. Ethereum saw thefts of an astounding $227 million, making it the most attacked public blockchain. Mixin followed with a $200 million loss, and other notable blockchains like BNB, Tron, and Bitcoin also experienced attacks. Unfortunately, a significant portion of the stolen funds—approximately $360 million—remains in hacker-controlled addresses, with only $54.4 million (about 10% of the total) recovered in this quarter. The asset recovery rate also declined compared to the first half of the year. The Lazarus group from North Korea, responsible for stealing $208 million in this quarter, played a major role in these attacks, employing sophisticated money laundering tactics to conceal the stolen funds. As the blockchain space continues to evolve, cybersecurity remains a pressing concern. With the constant threat of cyberattacks and scams, vigilance and security-consciousness are imperative. #crypto2023 #cryptocurrency #crypto #defi #web3

👋🌟 Hello Crypto Enthusiasts!! 📰🔥 Here's your curated list of top stories of the day from Voice Of Crypto! Check it out: 1) 🚀 Shiba Inu Whales Surge as HSBC Embraces SHIB Payments! 🌊 Will SHIB's Price Ride the Wave? Trading insights reveal the potential comeback! To know more, click this link: https://bit.ly/48qhWvf 2) 💰 $890M Lost to Web3 Hacks & Scams in Q3 2023! Private key compromises and DeFi under siege. Discover more in our article: https://bit.ly/48IizAu 3) Dive into the Huobi Global HTX Exchange Hack Mystery! 🔍Curious to uncover the details? Click here to explore our webstory: https://bit.ly/3ZxNEm6 For more such updates, news, and information head over to VoiceOfCrypto.online 🌐📰 #bitcoin #Blockchain #cryptocurrency #crypto2023 #Web3

Here are 50 terms you should know Airdrop: To send someone free crypto things such as NFTs or tokens. This has nothing to do with Apple's airdrop feature. Sometimes airdropping gives NFT holders something special. But usually airdropping is for giveaways or a sketchy marketing tactic. Alpha: This is another term for "insider information." If someone has "alpha," they have information the rest of the market hasn't found out about yet. Ape in: To invest a lot of money into a new cryptocurrency or NFT project without doing the proper research first. It comes from the "apes together strong" meme. Bearish: The belief that a project is going to lose value over time. Blockchain: A type of database. Information is stored in groups (blocks) that can't be changed after they're created. The entire group of groups (chain of blocks = blockchain) is copied across many different computers so the data is public and safe. Blue chip: As close to a "reliable" investment as you can get in the NFT space. These NFT projects are well-known and generally perceived as having a high value. Bored Ape Yacht Club, CryptoPunks, World of Women are considered bluechips. Bullish: The belief that a project is going to gain value over time. Binance: A popular platform to buy and sell crypto. Crypto wallet: A place (app or physical item) where you can keep your crypto holdings (NFTs, Ethereum, etc.) A wallet is necessary to buy things (NFTs) with crypto. Some popular wallets are Coinbase Wallet and MetaMask. Crypto wallet address: A public address you can give people so they can send crypto/NFTs to you. Usually it's a long alphanumeric string, but you can also purchase a shorter domain name if you want. For example, mine is aprilynne.eth. Decentralized: Power is spread across many people instead of a through a single person. DAO: Short for "decentralized autonomous organization." This group's members votes are automatically tallied and used to decide on things. Sometimes actions are automatically taken. The code for all automatic actions are publicly available so everyone can make sure things are run correctly. DAPP: Short for "decentralized application," it's an app built on the blockchain. Instead of data being collected/manipulated/sold by Big Brother (cough, cough, Meta), all data is stored publicly on the blockchain. DEFI: Short for "decentralized finance." It basically means banking but without the fees/approvals for transactions and loans. You can lend, trade, and borrow crypto through public code that automatically stores/verifies transactions. Diamond hands: Holding onto a high-risk NFT despite the pressure to sell. Sometimes people use this as justification when an NFT of theirs starts dropping in value. It originates from "diamonds are created under pressure." Doxxed: When the true identities of a team behind an NFT project are revealed. Usually used to build credibility in a project. Drop: The initial launch of a new collection or project. DYOR: Short for "do your own research." This is a disclaimer, and honestly pretty good advice,often added to the end of an opinion on an NFT project. Its pronounced like Dior the brand. DOT ETH (.eth): A personal crypto wallet address someone can purchase. For example, my Ethereum wallet address is aprilynne.eth. Ethereum: A popular blockchain used for NFTs often criticized for its slow, expensive transactions. Also home of Ether (ETH), the second most popular cryptocurrency. Flip: Buying an NFT and selling it quickly rather than holding it with the intent to try to make immediate profits. It's a pretty common yet risky strategy. Floor: The NFTs at the floor price of a collection. Floor price: The lowest market price for NFTs within a collection. Often used as a rule-of-thumb measure of the value of an NFT project. Floor sweep: When someone buys all of the NFTs of a collection at the floor price. Buyers can do this because they believe in the project. Sellers can do this to artificially inflate the floor price of the NFT collection. FOMO: Short for "fear of missing out." It's an emotional factor that drives someone to irrationally buy into a project. FUD: Short for "fear, uncertainty, doubt" and is used to express concerns about the legitimacy/value of an NFT project. For example, someone can come into an NFT Discord server and spread FUD. Gas fee: Basically a transaction fee for crypto (Ethereum) transactions. The busier the Ethereum network, the more expensive the gas fee. This is one of the most complained-about feature of the Ethereum network. GM: Short for "good morning," it's a popular greeting on NFT Twitter. It signals that someone is online. HODL: A misspelling of "hold" that caught on and earned the acronym "hold on (for) dear life." The term signals that someone is not selling, despite potential volatility and uncertainty. LFG: Short for "let's fuuking go." Usually used to hype up an NFT project. Marketplace: A platform for buying and selling NFTs. Popular NFT marketplaces include OpenSea, Rarible, and Magic Eden. MetaMask: A popular crypto wallet. MetaMask has a logo that looks like a fox. Metaverse: A virtual world where you have an avatar and you can buy things, play games, and even build businesses. Many different companies (cough, cough, Meta) are trying to make a metaverse that "wins" and will become mainstream. Minting: Taking a digital asset and putting it onto the blockchain to create an NFT. Mooning: Describes the trend when numbers go up. It means growing in price very quickly. NGMI: Short for "not gonna make it." It's used to roast people and projects that won't last long in the NFT space. OpenSea: A popular NFT marketplace. Currently only supporting NFTs on the Etherium and Polygon blockchains. Paper hands: Selling NFTs under pressure. Usually used by "diamond hands" as a roast against people who actually sell. PFP project: Short for "profile picture project." These are collections launched with the intent of being avatars that people can use as their Twitter profile picture to flex ownership. Polygon: A blockchain used for NFTs that's popular for its lack of gas fees. Technically built on top of Ethereum. Pump and dump: A nefarious scheme to artificially "pump" (drive up) the price of an NFT project before selling everything at once, effectively "dumping" the price while making a profit. P2E: Short for "pay to earn." You get paid in crypto/NFTs for playing certain kinds of games. Road map: A public general plan for an NFT project. Usually gives insight into the timeline and the utility of the project. Rugpull: An NFT project gone wrong. People lie about an NFT project in order to lure others into buying in. Once they've collected the money, they abandon the project, leave with the cash, and everyone is left sad and broke. Sharding: Breaking down a single NFT into smaller pieces, or shards so a group of people can buy and own an NFT that is otherwise too expensive to be bought in its entirety. Solana: A popular blockchain for NFTs known for its cheap, fast transactions. Smart contract: Public code attached to an NFT that runs by itself. Usually how the utility of an NFT is enforced. Useful because you don't have to trust the individual behind a project — you just need to trust the code that you can see and verify yourself. Staking: A way to earn passive income by locking up your NFTs on the blockchain for a period of time. You can earn rewards for this in the form of crypto. To the moon: A celebratory term used when prices of an NFT project are going up and up. Utility: Underlying value of an NFT. Utility is the perks, products, services, benefits, or rights associated with owning an NFT. For example, some NFTS come with 30% off of future products, membership to a private fund, access to an online course, access to private events, or copyright rights to a brand. #DeFiTrends #DeFiMeme

Various Coin /token offering terms in crypto projects Initial Coin Offering (ICO): ICOs were one of the earliest methods used to raise funds for cryptocurrency projects. In an ICO, investors purchase tokens at an early stage of a project in exchange for cryptocurrencies like Bitcoin or Ethereum Security Token Offering (STO): STOs are similar to ICOs but involve tokens that are considered securities and are subject to regulatory compliance. STOs offer investors a share in the project's profits or assets. Initial Exchange Offering (IEO): IEOs are conducted on cryptocurrency exchanges. The exchange acts as an intermediary, vetting projects and hosting token sales on their platform. Investors can buy tokens directly from the exchange. Initial DEX Offering (IDO): IDOs take place on decentralized exchanges (DEXs). Projects launch their tokens directly on a DEX, and users can participate in the token sale without going through a centralized entity. Private Sale: Before a public offering, some projects conduct private sales to accredited investors or institutions. These investors usually get tokens at a discounted rate.Pre-sale: Pre-sales occur before the public sale and often offer tokens at a reduced price to early backers or supporters of the project. Airdrops: Airdrops involve distributing tokens for free to holders of a specific cryptocurrency. This is often used as a promotional strategy or to reward the community. Forks: Sometimes, existing cryptocurrencies undergo a "fork," resulting in the creation of a new blockchain with new tokens. Holders of the original cryptocurrency may receive an equivalent amount of the new tokens. Minting or Mining: Some cryptocurrencies distribute tokens as rewards to miners or validators who secure the network. This is common in proof-of-work and proof-of-stake systems. Token Sales with Vesting: In certain cases, tokens may be distributed with vesting periods, meaning that the tokens are locked and released to investors gradually over time. for educational purpose ...

According to Foresight News, the Web3 sector experienced a total loss of approximately $890 million in the third quarter of 2023 due to cyberattacks, phishing scams, and project Rug Pulls. Beosin, a blockchain security audit company, reported these findings through its Beosin EagleEye platform. The data shows that there were 43 attack incidents, with a total loss of around $540 million; phishing scams accounted for a loss of about $66.15 million; and 81 Rug Pull events led to a loss of approximately $280 million. In terms of attacked project types, DeFi (Decentralized Finance) remained the most frequently targeted category, with 29 attack incidents occurring in the DeFi sector, accounting for 67.4% of the total events. The project type with the highest loss amount was public chains. Regarding platform types, Ethereum suffered a total loss of $227 million, ranking first among all platform losses. Ethereum also experienced the most security incidents, with 16 occurrences. As for attack methods, there were nine private key leakage incidents during the quarter, causing a loss of $223 million, making it the attack type with the highest loss amount. In terms of fund flow, $360 million (67%) remained in hacker addresses. Only 10% of the stolen funds were recovered during the quarter. In terms of audit status, the proportion of audited and unaudited projects was roughly equal, at 48.8% and 46.5%, respectively.

Blockchain bridge security and high-profile hacks: 1. Blockchain Bridging in DeFi: Blockchain bridges enable interoperability in decentralized finance (DeFi), allowing the transfer of digital assets between different blockchain networks. 2. Power and Risk: While bridges offer great potential, they have become prime targets for hacks, resulting in losses exceeding $2 billion in 2022. 3. Ronin Hack: The Ronin Bridge hack, orchestrated against Axie Infinity's sidechain, resulted in a $600 million theft through social engineering and compromised private keys. 4. Binance Hack: The Binance bridge hack exploited a bug, causing the loss of $570 million by tricking the contract's logic. 5. Wormhole Hack: Wormhole, connecting Solana to other blockchains, suffered an attack due to an outdated code function, resulting in the minting of 120,000 wETH tokens. 6. Nomad Hack: A misconfiguration in Nomad's main smart contract allowed unauthorized withdrawals, leading to $190 million in losses. 7. Harmony Hack: The Harmony bridge faced a $100 million hack due to compromised private keys and unauthorized transactions. 8. Bridge Vulnerabilities: Bridges are vulnerable due to centralized collateral, technical challenges, and open-source code, exposing them to scrutiny by hackers. 9. Security Measures: Developers can enhance bridge security through multi-signature technology, audits, an optimistic approach, and education to combat social engineering. 10. Conclusion: While blockchain bridges offer great promise, security remains paramount. Ongoing efforts and potential regulatory frameworks aim to strengthen the DeFi sector's security and user trust. #FutureofDeFi

BEGINNER'S GUIDE TO CRYPTOECONOMICS - THE IMPACTS TO TRADERS & INVESTORS Continues from part 1 With the creation of Bitcoin, Satoshi Nakamoto introduced economic incentives to a peer-to-peer network and solved this problem. Since then, decentralized networks have continued to rely on cryptography to achieve consensus regarding the state of the network and its history. Also, most networks have been incorporating economic incentives that encourage network participants to behave in certain ways. This synergy of cryptographic protocols with economic incentives enables an entirely new ecosystem of decentralized networks that are resilient and secure. What is the role of cryptoeconomics in Bitcoin mining: The goal of Bitcoin is to create a value transfer network that accurately verifies transfers of value, and that is immutable and censorship-resistant.  This is achieved through the process of mining, in which miners who successfully validate a block of transactions are rewarded in bitcoin. Such economic incentive encourages miners to act honestly, making the network more reliable and secure. The process of mining involves solving a difficult mathematical problem based on a cryptographic hash algorithm. In this context, hashes are used to tie each block to the next block, essentially creating a timestamped record of approved transactions called the blockchain.  Hashes are also utilized in the computational puzzles that miners are competing to solve. Additionally, one of the consensus rules that transactions have to follow is that a bitcoin can only be spent if a valid digital signature is generated from a private key.  These technological rules relating to mining are aligned with the security requirements of the Bitcoin network, including preventing malicious actors from taking control. Let's keep Learning and building together 💪 #Crypto_Angel

☀️QUIZ for Awareness of crypto wallets and trading: 1. What is the primary purpose of a cryptocurrency wallet? a) To mine cryptocurrencies b) To exchange cryptocurrencies for fiat money c) To store and manage cryptocurrencies d) To predict cryptocurrency market trends 2. Which of the following is NOT a common type of cryptocurrency wallet? a) Hardware wallet b) Paper wallet c) Email wallet d) Mobile wallet 3. What does the term "HODL" mean in the context of cryptocurrency? a) High On Digital Liquidity b) Hold On for Dear Life c) Home of Decentralized Ledgers d) Hyperactive Online Digital Lending 4. What is the purpose of a private key in a cryptocurrency wallet? a) To display the current cryptocurrency balance b) To initiate cryptocurrency transactions c) To provide access to the public ledger d) To track the market price of cryptocurrencies 5. Which cryptocurrency is often referred to as "digital gold" due to its store of value characteristics? a) Bitcoin b) Ethereum c) Ripple (XRP) d) Litecoin 6. What is a common strategy in cryptocurrency trading that involves buying low and selling high repeatedly? a) Day trading b) HODLing c) Staking d) ICO investing 7. Which regulatory term is often used to describe the process of verifying the identity of cryptocurrency users to prevent illegal activities? a) KYC (Know Your Customer) b) TPS (Transactions Per Second) c) ATH (All-Time High) d) FOMO (Fear Of Missing Out) 8. What is the blockchain technology underlying most cryptocurrencies designed to achieve? a) Centralized control of financial systems b) Transparency and immutability of transactions c) Rapid inflation of digital assets d) Encryption of user identities Answers:- 1. c) To store and manage cryptocurrencies 2. c) Email wallet 3. b) Hold On for Dear Life 4. b) To initiate cryptocurrency transactions 5. a) Bitcoin 6. a) Day trading 7. a) KYC (Know Your Customer) 8. b) Transparency and immutability of transactions Pls share any Suggestion.....

Getting deep into Bitcoin Blockchain as a beginner ( Part 6) Is Bitcoin Safe? One of the main risks associated with Bitcoin is the potential for hacking and theft. For example, in phishing scams, hackers use social engineering techniques to trick users into revealing their login credentials or private keys. Once the hacker has access to the user's account or crypto wallet, they can transfer the victim's bitcoins to their own wallet. Another way hackers can steal bitcoins is through malware or ransomware attacks. Hackers can infect a user's computer or mobile device with malware that allows them to access the user's Bitcoin wallet. In some cases, hackers can also use ransomware to encrypt a user's files and demand payment in bitcoins to unlock them. Because bitcoin transactions are irreversible and not insured by any government agency, users must take precautions to protect their bitcoin holdings. This includes using strong passwords, two-factor authentication, and storing bitcoins in a secure crypto wallet that is inaccessible to hackers. It's also important to only download Bitcoin-related software from trusted sources. Another risk associated with bitcoin is price volatility. The value of bitcoin can fluctuate highly over short periods of time, making it a risky investment for those who are not prepared for the potential losses. CLOSSARY: Bitcoin is a decentralized digital currency that has gained significant attention in recent years. It was created to provide an alternative to traditional financial systems and operates on a peer-to-peer network, allowing users to send and receive payments without intermediaries. While Bitcoin is still a relatively new technology, it's already revolutionizing the way we think about money. As bitcoin and other cryptocurrencies continue to evolve, it will be interesting to see if they become a part of our everyday lives. #Crypto_Angel

Islamic Coin .. the New industrial leader in the Crypto world Islamic Coin, also known as ISLM could be the new industrial leader in the world of cryptocurrency. It is a native currency of HAQQ, a community-run network, dedicated to empowering an ethics-first Shariah-compliant financial ecosystem. The Haqq blockchain is built on the Cosmos SDK. ICNetwork Ltd is the developer of the HAQQ Blockchain. ICNetwork Ltd is a privately financed technological enterprise founded by a group of blockchain and fintech entrepreneurs. and most importantly project has the backing of both ruling families in UAE as prominent Royal family figures are part of the ISLM advisory board. Highlights , achievements & partnerships  $ISLM has so far secured close to 450 Million in private sales & various funding. becoming one of the biggest in the crypto history.. and  the project is backed by huge Islamic & non islamic community with about 1.3 million twitter follwers, 200k plus Telegram subscribers, 111k strong Telegram Community members and over 200k discord members… Islamic coin manage to secure partnerships with leading industry powerhouses such as coindesk, sushiswap, Holiday Swap, DDCAP, FAMBRAS and many more.. Current phase  currently ISLM is in last stage of Republic Pre-sales which ends in 3rd October,  the public launch is imminent within the first week of October 2023 in major top tier CEXs & DEXs..