The cryptocurrency industry has now seen its most “damaging” month for cryptocurrency theft, fraud and abuse, with cryptocurrency criminals embezzling $363 million in November, according to the blockchain security firm.
CertiK said in a November 30 post on It was revealed.
Combining all incidents in November, approximately $363 million was lost due to exploits, hacks, and fraud.
This makes November the costliest month of the year
Exit fraud was ~$1.1 million.
The flash loan was approximately $45.5 million.
The value of the exploit was ~$316.4 million.
See below for details pic.twitter.com/QoDy6d8IJH
— CertiK Alert (@CertiKAlert) November 30, 2023
The largest attacks in November occurred on Poloniex and HTX/Heco Bridge, causing losses of $131.4 million and $113.3 million, respectively.
The third largest attack was a phishing attack that resulted in a single victim losing $27 million.
Meanwhile, the $45 million KyberSwap attack accounted for almost all of the damage from this month’s flash loan attacks.
The latest monthly figure surpassed the previous record of $329 million set in September, largely due to the $200 million Mixin Network attack.
As of the end of November, approximately $1.7 billion has been lost to exploits, exit fraud and flash loan attacks in 2023. This is only 54% of the cryptocurrency leaked in 2022, when $3.7 billion was leaked due to cryptocurrency incidents. , a loss of $1.7 billion in 2021, according to CertiK.
Related: Blockchain Audit: Steps to Ensure Network Security
In a recent commentary on Cointelegraph, Ronghui Gu, one of CertiK’s founders, argued that simply having a standard smart contract audit is not enough these days.
He emphasized that thieves continue to find new and creative ways to exploit protocols and victims, with SIM swapping and multi-signature vulnerabilities being among the most recent security traps.
Christian Seifert, a researcher at security firm Forta Network and interviewed by Cointelegraph, said exploits of this nature are hindering adoption.
“Imagine if your bank branch failed overnight and you lost all your savings. You won’t bank there.”
Jerry Peng, a research analyst at Web3 analytics firm 0xScope, said in a recent note to Cointelegraph that these incidents are “frightening” those who were previously open to exploring the Web3 space.
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