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Digital Bandits On The Rise: Crypto Losses Hit $363 Million In November

Press Releases Crypto News Bitcoinist Digital Bandits On The Rise: Crypto Losses Hit $363 Million In November

The crypto space witnessed a tumultuous November, marking a spike in illicit activities culminating in substantial financial losses. Blockchain security firm CertiK has reported that November 2023 has emerged as the most “damaging” month of the year regarding crypto-related crimes.

The total loss incurred is roughly $363 million, underscoring the crypto industry’s challenges. This surge in criminal activities has once again highlighted the urgent need for enhanced security measures within the digital asset space.

The primary contributors to this unfortunate record were a series of exploits and attacks on various platforms. Of the total sum, exploits accounted for a significant $316.4 million, while flash loan attacks resulted in $45.5 million in damages. Additionally, different exit scams contributed to the theft of $1.1 million.

Major Crypto Incidents Of November: A Closer Look

Diving into the specifics, the largest exploits of the month involved two major platforms: Poloniex and HTX/Heco Bridge, with the former losing $131.4 million and the latter $113.3 million. These incidents stand out due to their magnitude and impact on the overall trust in the crypto ecosystem.

Furthermore, a single victim lost $27 million in a phishing attack, highlighting the sophistication and severity of individual targeting by cybercriminals.

Flash loan attacks, particularly the $45 million KyberSwap attack, accounted for nearly all the damage in this category during November. These attacks, which exploit the vulnerabilities in decentralized finance (DeFi) protocols, have become increasingly prevalent, posing significant challenges to the security of these platforms.

The total losses for November 2023

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Author: Samuel Edyme

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