The cryptocurrency industry has now seen its most "damaging" month for cryptocurrency thefts, scams and exploits, with crypto criminals making off with $363 million in November, according to a blockchain security firm.
About $316.4 million came from exploits alone, flash loans caused $45.5 million in damage, and $1.1 million was lost due to various exit scams, CertiK claimed in an X post (previously Twitter) on November 30.
Combining all incidents from November, we have confirmed a loss of ~$363 million due to exploits, hacks, and scams.
This makes November the most damaging month this year.
Exit scams amounted to ~$1.1 million
Quick loans amounted to ~$45.5 million
The exploits amounted to ~$316.4 million
See more details below pic.twitter.com/QoDy6d8IJH
— CertiK Alert (@CertiKAlert) November 30, 2023
The greatest feats in November. It happened on Poloniex and HTX/Heco Bridgewith losses of 131.4 million dollars and 113.3 million dollars, respectively.
The third largest exploit was inflicted on a single victim who lost $27 million in a phishing attack.
Meanwhile, the $45 million KyberSwap attack It accounted for almost all of the damage caused by flash loan attacks in the month.
The latest monthly figure has surpassed a previous record of 329 million dollars, set in September, caused mainly by the $200 million attack on the Mixin network.
By the end of November, around $1.7 billion had been lost due to exploits, exit scams, and flash loan attacks in 2023, representing just 54% of the cryptocurrencies drained in the entire year 2022, when 3,700 were drained. millions of dollars to crypto incidents. while in 2021 there were losses of $1.7 billion, according to CertiK.
Related: Blockchain audits: the steps to ensure a network is secure
In recent comments to Cointelegraph, Ronghui Gu, one of the founders of CertiK, argued that getting a standard smart contract audit is not enough these days.
He stressed that thieves continue to find new and creative ways to exploit protocols and victims, with SIM swapping and multi-signature vulnerabilities among the latest security issues being capitalized on.
Feats of this nature are hindering adoption, says Christian Seifert, researcher at security firm Forta Network, who also spoke to Cointelegraph:
“Imagine losing all your savings because your bank branch was robbed overnight. You wouldn’t bank there.”
These incidents "scare" people who were previously open to exploring the Web3 space, said Jerry Peng, research analyst at Web3 analytics firm 0xScope in a recent note to Cointelegraph.
Magazine: Real AI Use Cases in Crypto #3: Smart Contract Audits and Cybersecurity
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