Digital Asset Platforms Suffered Significant Losses
In November, digital asset platforms experienced a loss of over $343 million, marking the highest monthly loss of the year so far. This data comes from a recent report by Immunefi, which includes both hacks and fraud. To put it into perspective, the losses were 15.4% higher than the previous month, which saw losses of nearly $22.2 million. This is the third time in 2023 that losses have exceeded $300 million, with July and September also experiencing substantial losses.
The report by Immunefi also reveals that the total value of digital assets stolen throughout 2023 now stands at $1,753,707,812. Of this total, 53.8% was taken from centralized exchanges, while the remaining losses occurred on decentralized exchange platforms. Some high-profile breaches in November included attacks on Poloniex, HTX Exchange, Kronos Research, and Kyber Network.
Hacks Dominate in November
In November 2023, hacks were the primary cause of digital asset losses, accounting for $335,574,150. The Immunefi report highlights that the most targeted chains during this period were BNB Chain and Ethereum. These two chains alone accounted for 83% of the total losses across all targeted chains.
Specifically, BNB Chain experienced 22 individual attacks, representing 53.7% of the total losses. On the other hand, Ethereum witnessed 12 incidents, accounting for 29.3% of the total losses. Other chains, such as Arbtrum, Optimism, Avalanche, Fantom, and Heco Chain, each suffered several attacks.
Conclusion: High Value of Digital Assets Stolen Raises Concerns
The significant losses suffered by digital asset platforms in November raise concerns about the security of these platforms. With digital assets worth over $343 million stolen, it is crucial for both centralized and decentralized exchanges to prioritize security measures to protect user funds. The frequency and magnitude of attacks on popular chains like BNB Chain and Ethereum underscore the need for enhanced security protocols throughout the crypto industry. As the value of digital assets continues to rise, it becomes imperative to address vulnerabilities and establish robust security frameworks to safeguard users’ investments.
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