The Crypto Market Has Been Damaged $3.4 Billion To Scams In November 2022

According to a Certik analysis, the crypto market has been lost more than $3.4 billion to scam and fraud schemes as of November 2022.

Certik has recorded 36 attacks in November 2022 in the report, with the most common cases coming from FTX, Deribit, and Flare Token. After the collapse of FTX, which caused massive harm to the whole market and linked enterprises, the crypto market has seen the loss of many significant names in the industry in just one month.

November had 36 attacks, three of which were typical:

• The FTX exchange hack generated $477 million in losses.
• Deribit exchange announced that the “hot wallet” was compromised, resulting in a loss of around 28 million USD (November 2).
• Flare Token fraudulent exit scam totaling 18.5 million USD (November 13), money laundering using Tornado cash. This coin is unrelated to the Flare network, has no social accounts, and was laundered using Tornado currency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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