Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
November saw $343 million lost to crypto hacks and fraud cases: Immunefi

November saw $343 million lost to crypto hacks and fraud cases: Immunefi

The BlockThe Block2023/11/30 16:03
By:The Block

Quick Take November has witnessed the highest monthly crypto losses of the year, totaling over $343 million due to hacks and fraud cases, according to Immunefi data. Centralized finance (CeFi) platforms were the primary targets, accounting for over 53% of the total losses, some $184 million.

November saw $343 million lost to crypto hacks and fraud cases: Immunefi image 0

November has clocked up the highest monthly crypto losses of 2023 so far, with over $343 million lost due to hacks and fraud, according to the latest report from web3 bug bounty platform Immunefi.

This month’s losses represent more than a 15 times increase from October’s exploits, which were recorded at approximately $22 million. In total, over $1.75 billion has been lost to crypto hacks and rug pulls year-to-date across 296 incidents, Immunefi said.

CeFi versus DeFi

Notably, November saw a shift in focus for crypto attacks. Centralized finance (CeFi) platforms became the main victims, overtaking decentralized finance (DeFi) by total funds lost.

During the month, DeFi accounted for 46.2% ($158.6 million) of the losses over 37 incidents and CeFi 53.8% ($184.4 million) over four, primarily led by high-profile attacks on platforms like Poloniex, HTX (formerly Huobi) and Kronos Research . This compares to 72.9% of losses attributed to DeFi exploits in Immunefi’s Q3 report .

Hacks continued to dominate crypto attacks over fraud, with more than $335 million lost to hacking incidents in November across 18 incidents. Some 23 fraud incidents resulted in losses worth nearly $7.5 million, according to Immunefi.

BNB Chain and Ethereum most targeted

BNB Chain and Ethereum remained the most targeted chains in November, suffering the majority of the total losses at a combined 83%. 

BNB Chain suffered the most individual attacks, with 22 incidents — representing 53.7% of the losses. Ethereum witnessed 12 attacks, representing 29.3% of exploited funds. Arbitrum, Optimism, Avalanche, Fantom and Heco Chain made up the remainder of the incidents.

Crypto losses November 2023. Image: Immunefi .

As a vulnerability reporting platform, Immunefi says it has paid out more than $85 million in bounties to date and saved over $25 billion in user funds across protocols like Chainlink, The Graph, Synthetix, and MakerDAO. In September, Immunefi launched on-chain vaults as its first step towards decentralizing the bug bounty platform.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

India’s Finance Ministry Explores DeFi’s Impact

This paper identifies key vulnerabilities within the crypto ecosystem, including stablecoins and DeFi.

Cryptotimes2024/12/25 18:33

ORDI falls below $27

Cointime2024/12/25 17:11