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Although the market crash of 2022 and the cryptocurrency industry offer many opportunities for those, who call themselves "black hat hackers."
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At Q3's end in 2022, the cryptocurrency market was valued at $934.85 billion.
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Comparatively to the close of Q2, this is an increase of 4 per cent while only representing 43.56 per cent from the overall market at the close of Q1.
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About two-thirds lower than the market's highest, which was $3 trillion back in 2021.
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In addition to traditional techniques such as phishing, the technology's novelty makes it simpler to take advantage of techniques that aren't battle-tested.
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This includes the newest children in the neighbourhood, for example, crossing-chain bridges and hacks.
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According to a recent report by Immunefi, the information contained 168 instances of protocol exploits and rug pulls allegedly committed by the perpetrators.
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They include both suspected fraud and successful or "semi-successful" hacking attempts.