Immunefi’s November Crypto Losses Show $343M Lost to Frauds and Hacks, CeFi Platforms Account for 53% Losses

cryptonews.com:

In November, the cryptocurrency industry experienced significant losses, with bug bounty platform Immunefi reporting that over $343 million was lost to platform hacks and fraudulent activities.

This marks the highest monthly loss recorded in the emerging industry for 2023.

Detailing the extent of the loss, Immunefi’s report reveals that the $343 million loss is a 15.4 times increase compared to the over $22.1 million recorded in October 2023.

November saw $343 million lost to crypto hacks and fraud cases: Immunefi.

— Thecryptopreacher. (@Rumerule) November 30, 2023

Crypto hacks contributed the largest share to this record, with malicious actors making away with a total of $335,574,150 across 18 specific incidents. Crypto frauds accounted for a total of $7,464,660, recorded in 23 specific incidents.

Furthermore, Immunefi pointed out that centralized finance (CeFi) platforms accounted for the most losses in November 2023. CeFi platforms lost $184,440,000 across four separate incidents, representing a whopping 53.8% of the total losses for the month.

The leading bug bounty platform associates this significant spike to the hacks of Justin Sun’s Poloniex, HTX (formerly Huobi Global), and Taiwanese venture capital firm Kronos Research platforms.

Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.

— Poloniex Customer Support (@PoloSupport) November 10, 2023

The trio lost a combined value of over $132.9 million from three separate malicious attacks.

On the other hand, the decentralized finance (DeFi) ecosystem also experienced notable losses, totaling $158,638,810 across 37 separate incidents. This accounted for the remaining 46.2% loss.

Given the sizable market share the Ethereum