Raft

Onyx

November witnessed an upsurge in Web3 hacks and exploits as crypto hackers stole nearly $350 million across 28 incidences, according to blockchain security firm <a href="https://twitter.com/PeckShieldAlert/status/1730400036247519351/photo/1">Peckshield</a>. 
This marked the second-largest month for such occurrences this year, behind the $356 million stolen in September but nearly tenfold from October’s $32.47 million. 
The cumulative losses from crypto exploits this year have reached approximately $1.37 billion as of the end of November. 
<h2 id="justin-sun-projects-dominate">Justin Sun projects dominate</h2> 
In November, approximately $236 million was illicitly transferred from projects associated with <a href="https://cryptoslate.com/people/justin-sun/">Justin Sun</a>, namely Poloniex, <a href="https://cryptoslate.com/companies/htx/">HTX</a>, and Heco Bridge. These Sun-linked ventures collectively make up nearly 70% of the total funds stolen in terms of monetary value during that period. 
<figure id="attachment_378474" aria-describedby="caption-attachment-378474" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-378474" src="https://cryptoslate.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-102452.jpg" alt="Crypto hacks in November" width="582" height="274" srcset="https://cryptoslate.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-102452.jpg 582w, https://cryptoslate.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-102452-300x141.jpg 300w" sizes="(max-width: 582px) 100vw, 582px">
 <figcaption id="caption-attachment-378474" class="wp-caption-text">
 Top 10 Crypto Projects Losses in November (Source: Peckshield)
 </figcaption>
</figure> 
For context, CryptoSlate reported two major compromises of a Sun-linked platform during the month. On Nov. 10, <a href="https://cryptoslate.com/companies/poloniex/">Poloniex</a>, a crypto exchange purchased by the crypto entrepreneur in 2019, <a href="https://cryptoslate.com/crypto-exchange-poloniex-hit-by-1000-million-theft-hacker-boosts-trx/">suffered</a> a $100 million hack, with the attacker using the stolen funds to pump Tron blockchain’s native TRX token. 
Less than two weeks after the Poloniex hack, Sun <a href="https://cryptoslate.com/justin-sun-linked-heco-bridge-and-htx-exchange-targeted-in-100-million-crypto-attack/">confirmed</a> that HTX and Heco Bridge suffered an attack that lost users’ funds. At the time, CryptoSlate reported that the projects lost more than $100 million. 
However, Sun has <a href="https://cryptoslate.com/justin-sun-says-htx-and-poloniex-will-offer-epic-airdrop-following-exchange-hacks/">announced</a> plans to reward users and cover the losses they suffered from the exploits of his platforms. 
<h2 id="other-hacks">Other hacks</h2> 
Aside from Sun’s project losses, other crypto projects that suffered major exploits during the month include KyberSwap, which was <a href="https://cryptoslate.com/kyberswap-hacker-opens-door-for-negotiations-after-45-million-exploit/">drained</a> of around $55 million, and Taipei-based crypto trading firm Kronos Research, which lost $26 million to unauthorized access of its API keys. 
Other projects like the decentralized exchange <a href="https://cryptoslate.com/coins/dydx/">dYdX</a>, Raft Protocol, Onyx Protocol, and others cumulatively lost around $25 million combined. 
Meanwhile, a single victim also lost $27 million worth of Tether’s <a href="https://cryptoslate.com/coins/tether/">USDT</a> to a phishing attack. 
The post <a href="https://cryptoslate.com/nearly-70-of-novembers-350-million-crypto-hacks-linked-to-justin-sun-entities/">Nearly 70% of November’s $350 million crypto hacks linked to Justin Sun entities</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Nearly 70% of November’s $350 million crypto hacks linked to Justin Sun entities

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