In November 2023, cryptocurrency losses soared to a staggering $343 million, marking the highest monthly loss of the year, according to a report by cybersecurity firm Immunefi. The month witnessed 18 hacking incidents resulting in losses of $335.6 million, emphasizing the persistent threat posed by hacking in the cryptocurrency space. Concurrently, fraudulent activities accounted for $7.5 million in losses across 23 incidents.
A notable shift was observed in the primary targets, with Centralized Finance (CeFi) surpassing Decentralized Finance (DeFi) in losses, comprising 53.8% of overall losses compared to DeFi’s 46.2%. CeFi platforms suffered $184.4 million in losses in four incidents, while DeFi platforms recorded $158.6 million in losses across 37 distinct incidents.
Centralized Finance (CeFi) emerged as the primary target for cryptocurrency exploits in November 2023, overtaking Decentralized Finance (DeFi) in terms of losses, according to Immunefi’s report. CeFi accounted for 53.8% of the total losses, amounting to $184.4 million in four incidents, while DeFi recorded $158.6 million in losses across 37 distinct incidents. High-profile attacks on platforms like HTX Exchange, Poloniex, and Kronos Research contributed to the spike in CeFi losses. The BNB Chain and Ethereum blockchains were the most targeted platforms, representing 83% of total losses in all targeted chains, with BNB Chain accounting for 53.7% of losses and Ethereum contributing 29.3%. Immunefi’s report on cryptocurrency losses in November 2023 highlights a concerning trend, with a record-breaking $343 million lost to fraud and hacks during the month.
The 15.4x increase from October 2023’s losses underscores the escalating threat landscape in the cryptocurrency space. Hacking incidents were responsible for $335.6 million in losses across 18 separate events, emphasizing the persistent and evolving nature of cyber threats in the industry. In contrast, fraudulent activities resulted in $7.5 million in losses across 23 incidents, showcasing the multifaceted challenges faced by the cryptocurrency ecosystem. The vulnerability of the cryptocurrency sector is further underscored by the specific platforms targeted in November 2023. Both the BNB Chain and Ethereum blockchains remained the most sought-after, accounting for 83% of the total losses in all targeted chains. CeFi platforms took center stage as the primary target, surpassing DeFi in losses, with $184.4 million lost in four incidents. DeFi platforms recorded $158.6 million in losses across 37 distinct incidents, indicating the susceptibility of both centralized and decentralized finance structures to cyber threats.
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