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to the latest report from Immunefi, from January to October 2023, over $1.41 billion has been lost to hacking and fraudulent activities in 292 specific incidents.
In October 2023 alone, losses amounted to approximately $22.2 million, primarily attributed to hacking and fraud. The most frequently targeted blockchain networks during the period were BNB Chain and Ethereum, accounting for 83.3% of the total losses among targeted chains.
Immunefi disclosed that BNB Chain experienced the highest number of individual attacks, with 11 incidents, accounting for 45.8% of the overall losses among the targeted chains.
Ethereum, on the other hand, experienced 9 incidents, representing 37.5% of the total losses.
Layer 1 blockchain, Avalanche trails behind with 2 incidents, representing 8.3% in October.
Polygon and Fantom witnessed 1 incident each, representing 4.2% respectively.
Hacking incidents continued to be the primary cause of financial losses, surpassing fraudulent activities which resulted in a total loss of over $16.35 million for the month.DeFi platforms continued to be the primary focus of exploitation in October, representing 100% of the total losses. Contrastingly, not a single major exploit was reported in CeFi platforms.
Zooming out, Q3 in 2023 recorded the highest losses, primarily driven by over $340 million in September and more than $320 million in July, the Web3 bug bounty platform said in its report.
An earlier report by blockchain security firm, CertiK revealed that nearly $332 million in various digital assets had been lost to exploits, hacks, and scams in September. "Unlocking the Potential of Margin Trading in the Crypto World"
Are you looking to take your cryptocurrency trading to the next level? Margin trading might just be the key to unlocking new opportunities in the volatile world of digital assets.
Margin trading allows traders to borrow funds to amplify their positions, potentially leading to higher profits. However, it's important to approach it with caution and a good understanding of the risks involved.
Here are some key points to consider when diving into margin trading:
1. **Leverage:** Margin trading offers leverage, which means you can control a larger position with a smaller amount of capital. This can magnify both gains and losses, so it's crucial to manage your risk carefully.
2. **Risk Management:** Set stop-loss and take-profit orders to limit potential losses and secure profits. It's essential to have a well-defined risk management strategy in place.
3. **Education:** Before you start margin trading, ensure you have a strong understanding of the cryptocurrency market and the assets you're trading. Being well-informed is your best defense against potential losses.
4. **Choose the Right Platform:** Select a reputable cryptocurrency exchange with margin trading capabilities. Research the platform's fees, security measures, and user reviews to make an informed choice.
5. **Start Small:** If you're new to margin trading, consider starting with a small position to get a feel for it. As you gain experience and confidence, you can gradually increase your trading size.
6. **Stay Informed:** Keep up with the latest news and market trends. Cryptocurrency prices can be highly influenced by news events, so staying informed can help you make better trading decisions.
7. **Regulations:** Be aware of the regulatory environment in your region. Some countries have strict rules and restrictions on margin trading, so it's crucial to comply with local regulations.
Remember, while margin trading can offer the potential for higher returns, it also carries a higher level of risk. It's not for everyone, and you should only engage in it if you're willing to accept the possibility of significant losses. Always trade responsibly and never invest more than you can afford to lose.
Margin trading can be a powerful tool, but it's essential to approach it with caution and a well-thought-out strategy. When used wisely, it can open up new opportunities in the world of cryptocurrency trading.
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