Crypto Heist: November Records Highest Monthly Losses in 2023

In a recent study, it has been reported that digital assets worth over $343 million were stolen from various crypto exchange platforms in November alone. 

This staggering amount represents the highest monthly loss witnessed throughout 2023, surpassing previous incidents in July ($320.5 million) and September ($340.4 million).

The study reveals that centralized exchanges bore the most losses, accounting for 53.8%. This marks a concerning trend as centralized platforms continue to be targeted by malicious actors. 

November records highest monthly loss of $343M in #DigitalAssets thefts https://t.co/ONgBny2EwE

— CoinMarket.News (@coinmarket_news) December 4, 2023

The remaining losses were attributed to decentralized exchange platforms, highlighting the vulnerability of both centralized and decentralized systems in the crypto space.

Thirty-four attacks were reported on BNB Chain and Ethereum, constituting 83% of the total losses across targeted chains. 

BNB Chain experienced the highest number of individual attacks, with 22 incidents accounting for 53.7% of the overall losses. Ethereum followed with 12 incidents, contributing 29.3% to the total losses. Other chains attacked, including Arbtrum, Optimism, Avalanche, Fantom, and Heco Chain.

Hacking Dominates

Hacking emerged as the primary cause of digital asset losses in November 2023, with a staggering $335,574,150 attributed to cyber-attacks. This underscores the urgent need for enhanced security measures across the crypto industry to protect users and their assets.

Cumulative Losses in 2023

The report by Immunefi indicates that the total value of digital assets stolen in 2023 has now reached a whopping $1,753,707,812. Despite accounting for most losses in November, centralised exchanges face challenges safeguarding user funds.

Several high-profile breaches occurred in November, affecting platforms such as Poloniex, HTX Exchange, Kronos Research, and Kyber Network. These incidents raise concerns about the overall security posture of crypto exchanges and the need for a comprehensive and proactive approach to cybersecurity.

The crypto industry faces a significant challenge in ensuring the security of digital assets on exchange platforms. 

The continuous rise in attacks, particularly on centralized exchanges, calls for a collective effort to implement robust security measures, conduct regular audits, and educate users on best practices for securing their assets. 

As the year comes to a close, stakeholders must prioritize strengthening the resilience of crypto infrastructure to mitigate the risk of further losses in the future.