Record-Breaking Losses in November
In November, the cryptocurrency industry experienced its highest monthly loss of the year, with over $343 million lost to platform hacks and fraudulent activities. This represents a significant increase compared to the previous month’s losses.
Crypto Hacks and Frauds
The majority of the losses were due to crypto hacks, which accounted for $335,574,150 across 18 incidents. Crypto frauds contributed $7,464,660 across 23 incidents.
CeFi Platforms Hit Hard
Centralized finance (CeFi) platforms suffered the most losses in November, totaling $184,440,000 across four separate incidents. This accounted for 53.8% of the total losses.
Hacks on Poloniex, HTX, and Kronos Research
Justin Sun’s Poloniex, HTX (formerly Huobi Global), and Kronos Research platforms were particularly targeted by hackers, resulting in a combined loss of over $132.9 million.
DeFi Ecosystem Losses
The decentralized finance (DeFi) ecosystem also experienced significant losses, totaling $158,638,810 across 37 separate incidents.
Ethereum and BNB Chain Most Impacted
The Ethereum blockchain and BNB Chain were the most impacted smart contract networks, accounting for 83% of incidents on Immunefi’s platform.
Over $1.7 Billion Lost in 2023
The crypto industry has suffered losses exceeding $1.7 billion this year alone, spread across 296 separate incidents. The trend of crypto hacks and frauds continues to persist despite challenges faced throughout the year.
Hot Take: Rising Losses Highlight Need for Enhanced Security
The significant increase in losses during November emphasizes the urgent need for enhanced security measures within the cryptocurrency industry. As hackers become more sophisticated, it is crucial for platforms and users to prioritize security to protect their assets and prevent further financial losses.
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