November 2023: Cryptocurrency theft surges, reaching $363 million in record month
Key points:
- Record losses: November 2023 became the costliest month for cryptocurrency theft, with losses of $363 million, mainly due to exploits and flash loan attacks.
- Major attacks: Severe breaches at Poloniex, HTX/Heco Bridge, and KyberSwap, resulting in significant financial losses and increasing concerns about cybersecurity in the cryptocurrency industry.
The cryptocurrency world witnessed its costliest month due to fraud and abuse in November, with a massive loss of $363 million.
November 2023 is shaping up to be a particularly dark time for the cryptocurrency space, with a surge in theft, fraud, and abuse. A total of $363 million was stolen in one month, marking the peak of cryptocurrency-related illicit activity this year, according to leading blockchain security company CertiK.
Most of the losses, approximately $316.4 million, were due to abuse, while flash loans accounted for $45.5 million. Exit fraud also resulted in an additional $1.1 million in financial hemorrhage, as outlined in a November 30 announcement that CertiK shared on X (formerly Twitter).
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.
Check below for more details👇 pic.twitter.com/QoDy6d8IJH
— CertiK Alert (@CertiKAlert) November 30, 2023
Top Exploits and Attacks: November Highlights
poloniexHTX/Heco bridge and Kyber Swap In a turbulent November for the cryptocurrency industry, it emerged as a major target amid significant financial difficulties.
Poloniex and HTX/Heco Bridge were the hardest hit by November’s flurry of cryptocurrency piracy, losing $131.4 million and $113.3 million respectively. Additionally, the phishing attack cost a single victim a whopping $27 million, making it the third-largest attack of the month.
Meanwhile, the KyberSwap attack, which resulted in $45 million in losses, dominated other flash loan attacks and contributed significantly to this month’s painful numbers.