Crypto News – For the cryptocurrency industry, November 2023 has been a tumultuous month as illegal activity has increased, leading to significant financial losses of about $363 million.
Reports Show Crypto Hacks Increased by Much More in November 2023
The regrettable record highlights the urgent need for stronger security protocols within the digital asset sector, as disclosed by blockchain security company CertiK.
Several exploits and attacks on different cryptocurrency platforms were the most concerning factors that contributed to this record-breaking month. The losses from exploits totaled an astounding $316.4 million, with flash loan attacks contributing an extra $45.5 million. In addition, exit scams contributed to the $1.1 million theft in this regrettable number.
The $200 million Mixin Network attack was largely to blame for the November 2023 overall losses, which broke the previous record of $329 million established in September. The total damages from exploits, exit scams, and flash loan assaults in 2023, according to CertiK, came to over $1.7 billion by the end of November. Though a significant amount, this only accounts for 54% of the total losses documented in 2022—a year in which comparable accidents cost $3.7 billion.
Poloniex and HTX/Heco Bridge Suffered Serious Losses
The biggest exploits affected two major platforms: Poloniex and HTX/Heco Bridge. Poloniex lost $131.4 million, while HTX/Heco Bridge had to pay $113.3 million in damages. The severity of these events and their effect on public confidence in the cryptocurrency ecosystem make them noteworthy.
A single victim of a phishing assault lost $27 million as a result of the attack, which is a very upsetting incident. This incident underscores the need for increased caution among cryptocurrency users by highlighting the sophistication and severity of targeted individual cyberattacks.
Leave a comment