Features Crypto News by Thebittimes.Com

A cryptocurrency rug pull is one of the simplest scams to prevent, according to the blockchain security auditor Hacken. Cryptocurrency rug pulls are not too difficult to be spotted by investors as the majority of such scams usually share distinct and visible features, according to a new report. Blockchain security auditor Hacken on Oct. 25 released its latest security insights report, aiming to spot the trends in Q3 crypto hacks and evaluate how affected projects approached security. The report paid specific attention to rug pulls , which is a type of exit scam occurring when a team pumps their project’s token before the sudden withdrawal of liquidity. According to Hacken, crypto rug pulls made up the largest amount of exploits in crypto , accounting for more than 65% of all hacks in Q3 2023. Cryptocurrency hacks by type in Q3 2023. Source: Hacken The reason for so many rug pulls on the market is that it's easy to create such schemes. “Serial scammers use token factories that ...

Crypto custodians generate public attestations about their cryptocurrency holdings through proof-of-reserves audits to demonstrate their solvency to depositors. With the rising interest in digital assets from institutional and retail investors, custody options have also experienced parallel growth. As a result, different kinds of custody choices have evolved as the market changes, and new providers are working to establish the structures and controls that are most effective for particular markets and offerings. Self-custody, exchange wallets and third-party custodians are the various choices available for users to safeguard their cryptocurrencies. Custodians in the world of digital assets function similarly to traditional financial markets in that their primary duty is to take care of and protect their clients’ assets by holding the private key on behalf of the asset holder, preventing unauthorized access.  However, despite such efforts, events such as the collapse of FTX (a cryptocur...