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Crypto Vulnerability Grows As Market Faces Cyber Hindrances.

As per research made by Crypto Head, which collects data and develops guidelines regarding the cryptocurrency industry, there has been a surge in cryptocurrency hack and robbery incidents in 2021, with the incidence rate recorded increasing by over 40% on an annual basis.

In contemporary years, there has been an increase in the number of crypto-related hacks.

Recently on December 18, 2021, Grim Finance, a Decentralized Finance (DeFi) platform, announced that it had been hacked, causing damages of roughly $30 million USD. According to trmlabs.com, this is the third hack in the previous week and the fifth for the month of December, with damages reaching more than $600 million USD.

On December 12, 2021, cryptocurrency exchange AscendEX stated that a cyberattack had led to an average loss of $77 million due to a compromise of one of its hot wallets.

According to the exchange’s tweet, AscendEX discovered multiple fraudulent payments from one of our hot wallets. A security reaction was promptly started. Cold wallets are unharmed, and any afflicted clients will be fully compensated.

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