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The cryptocurrency market experiences its worst month in 2023

The cryptocurrency market has faced significant challenges in July 2023, marking its worst month of the year, according to a report from Web3 outlet De.Fi shared with Cointelegraph. The losses for July amounted to a staggering $486 million, which is more than six times the total losses incurred in 2022.

Various high-profile hacks and exploits during July, combined with significant legislative activity surrounding cryptocurrency and digital assets, have contributed to this downturn. Unfortunately, the current reported recovery total stands at only $6.15 million, leaving nearly 99% of all stolen cryptocurrency and digital assets unrecovered.

In light of these circumstances, De.Fi researchers assert that insufficient efforts have been made to promptly recover lost funds. They state, “Regrettably, the recovery efforts in July 2023 were woefully inadequate, with only $6,796,915 recouped from the vast $486.35 million lost.” They emphasize the importance of the cryptocurrency sector’s ability to recover stolen or lost funds as a pivotal element in mitigating the impact of such incidents.

Notably, the Ethereum network accounted for the majority of losses, with $447 million lost across 36 cases. This includes the Multichain hack, resulting in a loss of $231 million, and the Alphapo exploit, which cost approximately $100 million.

Base ranked as the second most affected network, with a loss of $23 million in a single case. Binance followed closely behind, reporting losses of nearly $11 million spread across 18 cases.

Related: Memecoin mania hits Base: Obscure tokens skyrocket amid rug pulls and FOMO

The majority of funds lost in July, amounting to $364 million, were attributed to “access control issues.” Rugpulls, with over 38 reported cases, resulted in losses of approximately $36 million, and reentrancy attacks accounted for approximately $78 million in losses.

Despite the dismal situation, the De.Fi team’s report does contain one positive point: no exit scams were reported for the month of July.

How can AI legalese decoder help?

The AI legalese decoder can play a significant role in mitigating the challenges faced by the cryptocurrency market. By utilizing advanced artificial intelligence algorithms, the Decoder can analyze legal texts, contracts, and relevant documentation, offering clear and precise interpretations in plain language. This would enable stakeholders within the cryptocurrency sector to easily navigate complex legal frameworks and enhance their understanding of regulations related to cryptocurrency and digital assets.

In terms of the recovery efforts for lost funds, the AI legalese decoder can assist by efficiently comprehending and translating intricate legal procedures, thereby expediting the recovery process. Its ability to quickly decode legalese into understandable language can facilitate effective collaboration among legal professionals, investigators, and affected parties.

In conclusion, the AI legalese decoder holds immense potential to improve the recovery efforts and legal comprehension within the cryptocurrency industry, creating a more robust and transparent ecosystem.

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