Hacken Report Acme Ease of Identifying Cryptocurrency Rug Pulls
Hacken,
blockchain security auditor, highlights in a new report that cryptocurrency rug pulls, a common form of scam in the crypto space, are often easy to spot. In Q3 2023, over 65% of all cryptocurrency hacks were scams involving the project team abruptly withdrawing money after marketing their coin. Hacken emphasised the value of independent third-party audits for crypto projects. They recognised that only 12 out of 78 Q3 rug pulls had completed any sort of audit. Although the report prompted that even audits should be scrutinised, as some may not guarantee protection from scams. Hacken also attributed investors' susceptibility to hasty decision-making and fear of missing out in the
crypto market.
