Massive Surge in Blockchain Security Incidents in November: Beosin Report
A recent report from Beosin EagleEye reveals a significant increase in blockchain security incidents during November 2023, resulting in a total loss of over $356 million. This represents a 6.9-fold rise compared to the losses reported in October.
Hacker Attacks Lead to $335 Million Loss
Hacker attacks accounted for the majority of the losses, totaling approximately $335.63 million. Two high-profile incidents involving stolen funds exceeding $100 million each shook the industry. Poloniex, a cryptocurrency exchange, fell victim to a hack of around $126 million, while HTX and HECO Bridge suffered a theft of approximately $110 million. These two incidents, both associated with Sun Yuchen, made up 66% of the total losses attributed to hacker attacks in November.
Surge in Phishing Scams and Fraud Cases
Phishing scams also saw a surge, with individual addresses falling prey to schemes exceeding $1 million. The global cryptocurrency landscape experienced an increase in crime cases involving amounts exceeding $100 million, including various forms of fraud and money laundering. Exchanges, both centralized and decentralized, bore the brunt of security incidents in November, with a combined loss of $215 million. Platforms such as Poloniex, HTX, CoinSpot, dYdX, and KyberSwap were among those affected.
Recommendations for Enhanced Security Measures
The report emphasizes the need for major projects to strengthen private key management, conduct regular security audits, establish emergency response plans, and provide intensive security awareness training for privileged employees.
Rise in Phishing Scams and Rug Pulls
There has been an increase in phishing scams, highlighting the importance of securely storing private keys, exercising caution during signing procedures, and avoiding engagement with suspicious content. Additionally, the US Treasury Department has taken action against Sinbad, a cryptocurrency mixing platform, for its alleged involvement in handling funds from hacking incidents linked to North Korean hackers.
Hot Take: Over $356M Lost to Hacks, Phishing Scams and Rug Pulls in Crypto in November
A recent report by Beosin EagleEye reveals a disturbing surge in blockchain security incidents during November 2023. The total loss amounted to over $356 million, a significant increase compared to the previous month. Hacker attacks were responsible for the majority of the losses, with two high-profile incidents resulting in stolen funds exceeding $100 million each. Phishing scams also witnessed a rise, and various forms of fraud and money laundering involving amounts exceeding $100 million were reported. Exchanges faced the brunt of security incidents, emphasizing the need for enhanced security measures. It is crucial for crypto users to be vigilant against phishing scams and to secure their private keys. Regulatory actions have also been taken against platforms involved in illegal activities. Overall, November was a challenging month for crypto security.
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