According to recent reports, November has been a tumultuous month for the cryptocurrency world, with several hacking incidents resulting in financial losses. In the span of just 20 days, five major projects were targeted by cyberattacks and crypto scams, leading to losses exceeding $290 million.
November Crypto Hacks
Lookonchain’s recent report has highlighted the alarming rise in hacking incidents within the cryptocurrency space. The projects targeted in these attacks, which span various sectors, collectively suffered losses surpassing $290 million. The attacks unfolded as follows:
Kronos Research
On November 19, Kronos Research was targeted by hackers, resulting in a loss of $25.65 million in crypto assets. The attack compromised specific application programming interface (API) keys.
KyberSwap
KyberSwap, a decentralized exchange, experienced a major exploit on November 23, resulting in the loss of around $46 million in diverse cryptocurrencies. The incident necessitated immediate warnings for users to withdraw their funds.
Poloniex
On November 10, Poloniex fell victim to a cyber attack, losing a staggering $118 million. Justin Sun confirmed the breach and pledged reimbursement to affected users.
HECO Bridge
On November 22, HECO Bridge experienced a breach, resulting in a loss of $86.6 million. Cyvers Alerts, an on-chain security platform, identified suspicious transactions related to the breach.
HTX Exchange
Also on November 22, HTX Exchange suffered a financial blow, losing $13.6 million. The security breach involved three compromised hot wallets, resulting in the exchange’s users and assets being exchanged for Ether and distributed across various Ethereum addresses.
Rising Concerns and Ongoing Threats
CertiK Alert had already flagged the escalating crisis, reporting that cumulative losses for the month had reached $173 million. The frequency and scale of these crypto hacks have raised serious concerns about the security infrastructure of cryptocurrency platforms.
As the industry grapples with the aftermath of these incidents, heightened vigilance, and improved security measures become imperative to safeguard digital assets from the ever-looming threat of cybercrime.
Hot Take
The surge in cyberattacks on cryptocurrency platforms, resulting in massive financial losses, raises alarming concerns about the security of digital assets. As the industry faces one of the worst months for losses this year, it becomes crucial to implement robust security measures to protect against the ever-present threat of cybercrime.
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