Increase in crypto hacks in August: 15% increase with losses of $163 million, while a Bitcoin investor loses $91.4 million due to social attack

Increase in crypto hacks in August: 15% increase with losses of $163 million, while a Bitcoin investor loses $91.4 million due to social attack

Rising cyberattacks in the crypto world: August 2023 saw a 15% increase in hacks

In August 2023, cyberattacks on cryptocurrencies have seen a worrying 15% increase. This month, investors lost a total of $163 million due to 16 major security incidents. One particularly serious incident involved a single Bitcoin holder who lost $91.4 million in a so-called social attack.

The increase in hacks in the crypto world raises alarming questions about the security of investments and the reliability of the platforms on which cryptocurrencies are traded. Cybercriminals are using increasingly sophisticated techniques to break into digital wallets and defraud investors of their savings.

The city and authorities as well as security companies are on alert to counteract these trends. Investors are well advised to be aware of the risks and take appropriate security measures. This includes the use of hardware wallets, two-factor authentication and checking the security standards of the trading platforms.

In conclusion, the situation in August 2023 shows the ongoing challenges in the cryptocurrency industry and highlights the need for increased vigilance and security when dealing with digital assets.