• This marked a shocking 11x jump from the losses recorded in October.
• Justin Sun-linked entities witnessed the biggest exploits during the month.

The month of November witnessed the highest losses due to crypto exploits in the year, dampening the spirits of those celebrating the official start of the bull market.

Bulls come and so do hackers

Malicious actors stole $363 million worth of crypto assets during the “most damaging month” of 2023, according to blockchain security firm CertiK. This represented a shocking 11x jump from the losses recorded in October.

An overwhelming 87% of the stolen funds were due to exploits alone, while flash loan attacks resulted in 12.5% of the total losses.

Exit scams, becoming one of the bigger headaches in the decentralized finance (DeFi) space, siphoned $1.1 million worth of cryptos during November.

Poloniex and HTX/Heco Bridge were the site of the biggest exploits in the month, resulting in combined losses of more than $244 million.

Interestingly, both the exchanges were linked to popular crypto entrepreneur and founder of the Tron [TRX] blockchain, Justin Sun. CertiK blamed private key compromises as the root cause of these attacks.

Moreover, the flash loan attack inflicted on decentr

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Author: Aniket Verma

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