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 <p class="is-style-lead">Several high-profile <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> hacks and scams in November make it the most financially damaging month of the year.&nbsp;</p>
 <p>According to CertiK’s data, November was the most financially destructive period of the year, with <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> mounting to approximately $363 million due to a series of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> platforms or currencies absconding with users’ deposits, leaving investors with worthless assets.</p>
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    <p lang="en" dir="ltr">#CertiKStatsAlert<br><br>Combining all the incidents in November we’ve confirmed ~$363M lost to exploits, hacks and scams<br><br>This makes November the most damaging month this year<br><br>Exit scams were ~$1.1M<br><br>Flash loans were ~$45.5M<br><br>Exploits were ~$316.4M<br><br>See more details below pic.twitter.com/QoDy6d8IJH</p>— CertiK Alert (@CertiKAlert) November 30, 2023
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 <p>The most significant share of the <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a>, however, came from exploits totaling approximately $316.4 million. The Poloniex and HTX hack alone saw over $250 million in <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a>. The flash loan attack on decentralized finance (defi) exchange KyberSwap saw a $47 million loss. The sophisticated attacks exploit the lending mechanisms of defi platforms, allowing attackers to manipulate market prices and drain funds.</p>
 <p>The surge of attacks and scams in November can be attributed to the recent positive strides in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market. With daily trading volume and transactions increasing after a prolonged <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/november-crypto-losses-hit-363m-highest-in-2023-tbt72250.html">https://thebittimes.com/november-crypto-losses-hit-363m-highest-in-2023-tbt72250.html</a></p>

November crypto losses hit $363m, highest in 2023

TheBitTimes

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