💸 Crypto Security Alert: November Records $343M in Losses, Primarily from CeFi Platforms
In a concerning trend, November 2023 has become the costliest month for the crypto sphere, witnessing losses exceeding $343 million due to hacks and fraud, as per Immunefi's latest report.
🌐 Key Highlights:
🔐 Record Losses: November's losses are over 15 times higher than October, totaling $343 million. Year-to-date, the crypto space has suffered a staggering $1.75 billion across 296 incidents.
💼 CeFi Takes the Hit: Centralized finance (CeFi) platforms bear the brunt, constituting over 53% of total losses, equating to $184 million. This shift marks a departure from the dominance of decentralized finance (DeFi) in previous months.
🔄 CeFi vs. DeFi: Unlike Q3, where DeFi took the lead, November saw CeFi platforms becoming the primary targets, overtaking DeFi by total funds lost. High-profile attacks on platforms like Poloniex, HTX, and Kronos Research played a significant role.
🔒 Hacks vs. Fraud: Hacking incidents dominated, resulting in losses exceeding $335 million across 18 incidents. Fraud incidents, though fewer in number (23 incidents), still led to losses totaling nearly $7.5 million.
🎯 Most Targeted Chains: BNB Chain and Ethereum faced the brunt, accounting for 83% of the total losses. BNB Chain, with 22 incidents, represented 53.7% of the losses, while Ethereum witnessed 12 attacks, making up 29.3% of exploited funds.
🚀 Immunefi's Impact: As a vulnerability reporting platform, Immunefi has paid out over $85 million in bounties to date and saved more than $25 billion in user funds across various protocols.
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