Since the earliest days of cryptocurrencies, security has been a pervasive issue casting a shadow over the sector. Even as development in other areas has reached a breakneck pace over recent years, hackers and fraudsters continue to create havoc for users.
Before December was even halfway through, not one but two major exchange hacks came to light. On December 5, Bitmart was targeted, with hackers making off with around $200 million worth of Binance Smart Chain and Ethereum-based tokens from the exchange’s hot wallets. Only a week later, AscendEx (formerly BitMax) became the next victim, as thieves took a total of over $77 million from three wallets containing assets issued on the Ethereum, BSC, and Polygon blockchains. 
Exchanges have long been honeypots for fraudsters simply because a hacker can lift a large amount of funds by breaching a single wallet. However, the rapidly-evolving DeFi and broader Web3 ecosystems have now led to a proliferation of users chasing yields and hype w

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