November saw $343 million lost to crypto hacks and fraud cases: Immunefi
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 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.
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.
You may also like
Warren Buffett’s Crypto Gift from Justin Sun Surges 1,000% in Value by 2024
![](https://img.bitgetimg.com/multiLang/image/social/d7215344ad2c6159afe786d833a13f3a1725746405107.jpg)
Roblox will allow devs to skip Robux and charge players in fiat money
VanEck’s Matthew Sigel Defends Ethereum’s Strong Utility Despite Bearish Market
![](https://img.bitgetimg.com/multiLang/image/social/e201343e99422f1587dcca6032544c281725741543205.jpg)
How Solana is Surpassing Ethereum in Blockchain Performance
![](https://img.bitgetimg.com/multiLang/image/social/19c85f4faba5949f3815555cb0a7c7711725741542820.jpg)