The Crypto Sector Suffers Record Monthly Losses in November 2023 - Latest cryptocurrency news

The Crypto Sector Suffers Record Monthly Losses in November 2023

In November 2023, the cryptocurrency sector experienced its highest monthly losses of the year. As a result of hacking and fraudulent incidents, a loss of $343 million occurred. This figure is 15 times higher than the approximately $22 million loss recorded in October.

According to Immunefi’s report, since the beginning of the year, there have been 296 cryptocurrency hacking and rug-pull incidents resulting in losses exceeding $1.75 billion. In November, attacks on CeFi (Centralized Finance) platforms caused more losses than DeFi (Decentralized Finance) platforms and became the main target of hackers this month.

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37 incidents in DeFi protocols accounted for 46.2% of the total loss, causing a loss of $158.6 million, while attacks on the CeFi sector, such as Poloniex, HTX, and Kronos Research, accounted for 53.8% of the total loss and represented a loss of $184.4 million. When compared with the third-quarter report, which shows that DeFi attacks accounted for 72.9% of the losses, this ratio presents a significantly different picture.

In November, where 18 incidents occurred, hack attacks constituted a larger portion of the losses caused by cryptocurrency attacks and resulted in losses exceeding $335 million. According to the Immunefi team, 23 fraudulent incidents caused a total loss of approximately $7.5 million.

BNB Chain and Ethereum ecosystems were the most targeted blockchain ecosystems in November, accounting for 83% of the total losses. BNB Chain was the most attacked ecosystem with 53.7%. The Ethereum ecosystem represented 29.3% of the funds lost due to hacking attacks, with 12 attacks. Other blockchains such as Arbitrum, Optimism, Avalanche, Fantom, and Heco Chain also appeared in the ranking of hack incidents.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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