Million

Forta

Notable

Mixin

In November 2023, the cryptocurrency industry experienced a significant surge in cybercriminal activity, marking it as one of the most alarming months for crypto-related thefts, scams, and exploits. 
According to a report by a blockchain security firm, CertiK, malicious actors managed to amass a staggering $363 million during this month. 
The primary contributors to this record-breaking figure were exploits, flash loans, and exit scams. Exploits alone accounted for approximately $316.4 million in losses, while flash loans inflicted $45.5 million in damages. 
Additionally, victims fell prey to various exit scams, resulting in a loss of $1.1 million, as reported by CertiK on November 30 via their X (formerly Twitter) post. 
Notable incidents during November included the devastating exploits on Poloniex and HTX/Heco Bridge, which led to losses of $131.4 million and $113.3 million, respectively. 
A single individual also suffered a massive $27 million loss due to a phishing attack. Furthermore, the $45 million KyberSwap attack dominated the flash loan attack category for the month. 
This surge in crypto-related crimes surpassed the previous record of $329 million, established in September, primarily due to the $200 million Mixin Network attack. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/ftx-receives-approval-to-sell-873-million-in-trust-assets-to-repay-creditors/">FTX Receives Approval to Sell $873 Million in Trust Assets to Repay Creditors</a> 
Cumulatively, as of the end of November 2023, the crypto industry has witnessed a total loss of approximately $1.7 billion attributed to exploits, exit scams, and flash loan attacks. 
While this is a substantial figure, it accounts for only 54% of the losses incurred during the entirety of 2022, which amounted to $3.7 billion. 
The year 2021 also saw substantial losses of $1.7 billion, according to CertiK’s data. 
Ronghui Gu, one of CertiK’s founders, emphasized that a standard smart contract audit is no longer sufficient in today’s evolving threat landscape. 
Cybercriminals are continuously finding innovative ways to exploit vulnerabilities, with tactics such as SIM-swapping and multisignature vulnerabilities being among the latest security pitfalls exploited. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full is-resized">
 <a href="https://imperium-comms.com/crypto-promo/"><img loading="lazy" decoding="async" width="336" height="280" src="https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280.png" alt="" class="wp-image-8665" srcset="https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280.png 336w, https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280-300x250.png 300w" sizes="(max-width: 336px) 100vw, 336px"></a>
 </figure>
</div> 
These frequent and high-profile exploits are causing concerns within the crypto community, hindering adoption. 
Christian Seifert, a researcher at Forta Network, stated that these incidents are akin to a traditional bank getting robbed, which could deter potential users from entering the Web3 space. 
Jerry Peng, a research analyst at Web3 analytics firm 0xScope, concurred, noting that such events are scaring away individuals who were once interested in exploring the world of Web3. 
<a href="https://www.cryptointelligence.co.uk/crypto-intelligence-blockchain-council/">Discover the Crypto Intelligence Blockchain Council</a>

Crypto Criminals Amass Record $363 Million in November 2023

Crypto Intelligence

Other articles published on Dec 1, 2023

The Euler Network Beats Bitcoin and XRP Projections with $3.5M in Presale

Shibarium Going Wild, Adds Astonishing Two Million Transactions in Past 12 Hours

Is ADA Price Still Bullish? Is it a Good Time to Buy Cardano? Here’s What You Need to Know!

Gold Price Set to Reach New All-Time High

Bitcoin: 74% in the Hands of Small Investors! What About the Future?

Starknet Foundation confirms STRK token airdrop, but denies authenticity of circulating screenshots

Join our free newsletter for daily crypto updates!