Cryptocurrency

Key Points:<ul><li>$363M Crypto Heist: November records an 11x surge in losses.</li><li>Justin Sun’s Exchanges Hit: Poloniex and HTX/Heco Bridge losses at $244M.</li><li>Flash Loan Frenzy: KyberSwap breach contributes $45M to the staggering total.</li></ul>The crypto world faced a harsh reality check in November 2023, as the month recorded the highest losses attributed to crypto exploits throughout the year. This unfortunate turn of events cast a shadow on the excitement surrounding the official commencement of the bull market.During what has been termed the ‘most damaging month’ of 2023, malicious actors orchestrated a staggering heist, making off with a jaw-dropping $363 million worth of crypto assets, according to a report from blockchain security firm <a href="https://x.com/CertiKAlert/status/1730189489140560079?s&#61;20" rel="noopener noreferrer nofollow">CertiK</a>. The magnitude of these losses marked an alarming 11-fold increase compared to the figures<a href="https://www.certik.com/resources/blog/5gS4nuUCZrBOrotzWcyt5X-october-stats-graph" rel="noopener noreferrer nofollow"> reported</a> in October.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ae057077f089487d8ebc168b8dda3420.jpeg" />An overwhelming 87% of the pilfered funds were a result of exploits, while flash loan attacks accounted for 12.5% of the total losses. In a concerning trend, exit scams, a growing menace in the decentralized finance (DeFi) landscape, drained $1.1 million worth of cryptocurrencies in November.The epicenter of the chaos was identified as Poloniex and <a href="https://twitter.com/justinsuntron/status/1727304656622326180?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1727304656622326180%7Ctwgr%5E582aeba02e813e903f67bf75ae2961dab5567387%7Ctwcon%5Es1_c10&amp;ref_url&#61;https%3A%2F%2Fcoinpedia.org%2Fnews%2Fmassive-crypto-hack-hits-htx-and-heco-bridge-97-million-lost%2F" rel="noopener noreferrer nofollow">HTX/Heco Bridge</a>, both linked to the well-known crypto entrepreneur and founder of the Tron [TRX] blockchain, Justin Sun. CertiK attributed these breaches to private key compromises, underscoring the vulnerability of centralized exchanges.In another twist, the flash loan <a href="https://cryptosnewss.com/krakens-strategic-european-expansion-entering-dutch-market-with-bcm-purchase/" rel="noopener noreferrer nofollow">attack</a> on the decentralized exchange <a href="https://twitter.com/KyberNetwork/status/1727475235342217682?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1727475235342217682%7Ctwgr%5E633ee0ec6683bc4b21118d419fae69d5b61c7401%7Ctwcon%5Es1_c10&amp;ref_url&#61;https%3A%2F%2Fcointelegraph.com%2Fnews%2Fkyberswap-dex-exploited-tvl-drops" rel="noopener noreferrer nofollow">KyberSwap</a> emerged as the third-largest security incident of November, resulting in losses amounting to $45 million. This incident alone constituted nearly the entirety of funds lost during the month due to flash loan vulnerabilities.Adding to the shock factor was an address falling victim to a phishing scam, losing a staggering $27 million. This incident underscored the increasing sophistication of cybercriminals in exploiting unsuspecting crypto holders.Looking at the bigger picture, the cumulative losses in November pushed the total for 2023 to an alarming $1.7 billion, according to CertiK’s analysis. This disturbing trend raises questions about the security and resilience of the crypto space, especially as it aligns with periods of heightened interest in the industry._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/november-marks-unprecedented-losses-in-crypto-sphere-as-hacks-soar/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on December 2, 2023.

November Marks Unprecedented Losses in Crypto Sphere as Hacks Soar

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