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Several high-profile crypto hacks and scams in November make it the most financially damaging month of the year.&nbsp; 
According to <a href="https://twitter.com/CertiKAlert/status/1730189489140560079?t=rkigsPaTk2Ys4W1j9msZeQ&amp;s=19" target="_blank" rel="noopener">CertiK’s</a> data, November was the most financially destructive period of the year, with losses mounting to approximately $363 million due to a series of crypto exploits, hacks and scams. Exit scams contributed to the month’s toll, with about $1.1 million lost as projects vanished along with investors’ funds, eroding trust in burgeoning platforms and new coin offerings. These scams often involve the creators of crypto platforms or currencies absconding with users’ deposits, leaving investors with worthless assets. 
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 <a href="https://twitter.com/hashtag/CertiKStatsAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#CertiKStatsAlert</a>🚨 Combining all the incidents in November we’ve confirmed ~$363M lost to exploits, hacks and scams This makes November the most damaging month this year Exit scams were ~$1.1M Flash loans were ~$45.5M Exploits were ~$316.4M See more details below 👇 <a href="https://t.co/QoDy6d8IJH" target="_blank">pic.twitter.com/QoDy6d8IJH</a>— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1730189489140560079?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 30, 2023</a>
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 You might also like: <a href="https://crypto.news/kyberswap-hacker-demands-full-control-after-47m-exploit/"> KyberSwap hacker demands full control after $47m exploit </a> 
The most significant share of the losses, however, came from exploits totaling approximately $316.4 million. The <a href="https://crypto.news/justin-sun-announces-airdrop-for-htx-and-poloniex-users-after-hack/">Poloniex</a> and HTX hack alone saw over $250 million in losses. The flash loan attack on decentralized finance (defi) exchange <a href="https://crypto.news/kyberswap-hacker-demands-full-control-after-47m-exploit/">KyberSwap</a> saw a $47 million loss. The sophisticated attacks exploit the lending mechanisms of defi platforms, allowing attackers to manipulate market prices and drain funds. 
The surge of attacks and scams in November can be attributed to the recent positive strides in the crypto market. With daily trading volume and transactions increasing after a prolonged crypto winter, hackers are actively on the lookout for new vulnerabilities. November’s staggering statistics is a caution for platforms and users heading into the new year.&nbsp; 
 Read more: <a href="https://crypto.news/philippines-sec-to-restrict-binance-warns-of-legal-risks-for-promoters/"> Philippines SEC to restrict Binance, warns of legal risks for promoters </a>

November crypto losses hit $363m, highest in 2023

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