Learn Concept: The Implication of Crypto Exploits and Thefts in November

By: Isha Das

In the month of November, crypto hackers managed to amass approximately $363 million across several incidents. This marked one of the most devastating months of the year for the industry. The bulk of the stolen funds, $316.4 million, came from exploit incidents while $45.5 million resulted from flash loans, and various exit scams led to a loss of $1.1 million.

It's important to highlight that a significant portion of these illicit activities targeted projects associated with crypto entrepreneur Justin Sun. These projects witnessed around $236 million illicitly transferred, representing nearly 70% of the total funds stolen during the month. Major platforms compromised included Poloniex, HTX, and Heco Bridge. The cumulative loss from crypto exploits in 2023 has shockingly reached $1.7 billion.

Other significant incidents in November involved the decentralized exchange KyberSwap suffering a $45 million attack and Taipei-based trading firm Kronos Research losing $26 million due to unauthorized API key access. Furthermore, one victim lost $27 million worth of Tether's USDT to a phishing attack.

As crypto thievery, scams, and exploits continue to cause significant damages, it underscores the need for effective security measures and perhaps tighter regulation within the industry. This situation strongly emphasizes the importance of security, vigilance, and the implementation of comprehensive risk management strategies in the crypto industry.