📆 A Troubling November in Cryptocurrency
🌐 The Scale of the Problem
The cryptocurrency industry has now seen its most “damaging” month for crypto thievery, scams, and exploits, with criminals absconding with a staggering $363 million in November, as reported by blockchain security firm CertiK. This figure marks a worrying trend in the digital currency space.
#CertiKStatsAlert🚨
— CertiK Alert (@CertiKAlert) November 30, 2023
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 👇 pic.twitter.com/QoDy6d8IJH
🔓 The Main Culprits: Exploits and Flash Loans
A significant portion, approximately $316.4 million, came from various exploits, while flash loans inflicted a further $45.5 million in damages. Additionally, various exit scams contributed to $1.1 million in losses, creating a complex web of criminal activity in the crypto world.
🕵️♂️ Significant Incidents
Notably, the largest exploits in November occurred on platforms like Poloniex and HTX/Heco Bridge, with losses of $131.4 million and $113.3 million, respectively. These incidents highlight the growing sophistication of cybercriminals targeting cryptocurrency platforms.
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🎣 Phishing and Flash Loan Attacks
A significant phishing attack led to a single victim losing $27 million, showcasing the personal impact of these crimes. The $45 million KyberSwap attack represented a substantial portion of the damage caused by flash loan attacks during the month.
📈 A Rising Trend
The latest figures have surpassed the previous record of $329 million set in September, primarily due to the $200 million Mixin Network attack. The year 2023 has seen about $1.7 billion lost to various crypto-related crimes, a concerning increase from previous years.
🚨 The Growing Concern
Ronghui Gu, a founder of CertiK, emphasized that standard smart contract audits are no longer sufficient in this evolving threat landscape. New and innovative methods, including SIM-swapping and multisignature vulnerabilities, are increasingly being exploited by thieves.
🛑 Hindering Adoption
Experts like Christian Seifert from Forta Network and Jerry Peng from 0xScope express concerns that such incidents are deterring people from engaging with the Web3 space, comparing it to losing savings in a bank robbery. These security breaches are creating significant barriers to adoption and trust in the cryptocurrency world.
📚 Further Reading
For more in-depth information and analysis on the November cryptocurrency thefts and the ongoing challenges in securing digital assets, visit CertiK’s website and Cointelegraph.
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