Crypto Hacking And Fraud Cases Cost $343 Million In November

Key Points:

• Immunefi data reveals highest losses this year, alarming 15% spike.
• CeFi platforms bear brunt, losing $184.4M; DeFi at $158.6M.
• Hacking threat looms large, contributing $335M; fraud at $7.5M.

Immunefi reports a staggering $343 million in losses due to crypto hacking and fraud, marking the highest monthly loss this year.

This figure represents a significant spike, with losses skyrocketing by 15% compared to October’s $22 million. The cumulative impact of crypto-related incidents throughout 2023 has been substantial, with 296 cases of crypto hacking and theft resulting in a collective loss surpassing $1.75 billion. The persistently evolving nature of cyber threats continues to challenge the security landscape of the crypto industry.

A notable shift in focus emerged in November, as centralized finance (CeFi) platforms bore the brunt of attacks, surpassing decentralized finance (DeFi) in total losses. CeFi platforms accounted for 53.8% of the total losses, equating to $184.4 million across four events, while DeFi suffered a 46.2% loss of crypto hacking, totaling $158.6 million over 37 incidents.

Crypto Security Alert: $343M Losses Spur Industry Vigilance!

Crypto hacking incidents remained the primary threat, contributing to over $335 million in losses during November. In contrast, fraud incidents, though numerous at 23, resulted in losses totaling nearly $7.5 million. The disproportionate impact of hacking emphasizes the urgency for enhanced cybersecurity measures within the crypto space.

Investors and industry stakeholders are urged to remain vigilant as the crypto landscape navigates these turbulent waters. Heightened security awareness, especially on CeFi platforms, becomes paramount as the industry collectively addresses vulnerabilities and strengthens its resilience against evolving threats. The year-end outlook prompts a renewed emphasis on safeguarding digital assets in the face of escalating cyber risks.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.