Rug Pulls Still Dominate Crypto Hacks in Q3 Despite Being Preventable
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Rug pulls accounted for over 65% of crypto hacks in Q3 2022, according to a report by Hacken.
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Despite high prevalence, rug pulls are simple to prevent - key is checking for audits. 85% of Q3 rug pulls had no audits.
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Audit alone doesn't guarantee safety. Need to check audit quality and not just existence.
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Investors overlook red flags like missing audits due to FOMO from past memecoin successes.
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Crypto investing requires few clicks, leading to impulsive decisions. Scammers exploit this.