You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Over $356M Lost to Hacks, Phishing Scams and Rug Pulls in Crypto in November: Beosin

The latest report from Beosin EagleEye reveals a significant surge in blockchain security incidents during November 2023, resulting in a staggering total loss exceeding $356 million. This represents an alarming 6.9-fold increase compared to the losses reported in October.

Hacker Attacks Resulted in $335 Million Loss Alone

Hacker attacks dominated the losses, constituting approximately $335.63 million. Two high-profile incidents involving stolen funds, each exceeding $100 million, sent shockwaves through the industry.

Poloniex, a cryptocurrency exchange, experienced a hack resulting in losses of approximately $126 million, while HTX, in conjunction with its affiliated cross-chain bridge HECO Bridge, suffered a theft of approximately $110 million.

Notably, these two incidents, both linked to Sun Yuchen, accounted for a significant 66% of the total losses attributed to hacker attacks in November.

Phishing scams also witnessed a surge, with individual addresses falling victim to schemes exceeding $1 million. The increase in both the scale and impact of security breaches highlights the persistent threat landscape within the blockchain and cryptocurrency space.

The global cryptocurrency landscape witnessed a surge in crime cases involving amounts exceeding $100 million, encompassing various forms of fraud and money laundering.

In November, both centralized exchanges (CEX) and decentralized exchanges (DEX) experienced security incidents, resulting in a combined loss of $215 million. Platforms such as Poloniex, HTX, CoinSpot, dYdX, and KyberSwap were among those affected.

The report strongly recommends major projects to strengthen private key management, conduct routine security audits, establish emergency response plans, and intensify security awareness training for privileged employees. These measures are crucial to fortify the resilience of cryptocurrency platforms against the rising threats in the evolving landscape of digital assets.

Phishing Scams and Rug Pulls Witness an Uptick

The increasing incidents of phishing scams in the cryptocurrency landscape prompt advisories for users to securely store private keys, exercise caution during signing procedures, and avoid engagement with suspicious content.

On the regulatory front, the US Treasury Department has taken action against the cryptocurrency mixing platform Sinbad. Allegations link the platform to North Korean hackers, accusing Sinbad of handling funds from the Horizon Bridge and Axie Infinity hacking incidents.

Sinbad faces sanctions for its alleged involvement in activities such as evading sanctions, drug trafficking, purchasing materials for child sexual abuse, and participating in illegal sales on the dark web market. The regulatory actions underscore the ongoing efforts to combat illicit activities within the cryptocurrency space.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding
01.03.2024By
Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr
01.03.2024By
Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
01.03.2024By

Latest news

Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding
01.03.2024
Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr
01.03.2024
Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
01.03.2024
Musée d’Orsay Breaks New Ground with On-Chain Exhibition and NFT Auction
01.03.2024
Crypto Lender Ledn Now Offers ETH-Backed Loans to Meet Growing Demand
01.03.2024
BlackRock to Launch Brazil’s First Bitcoin ETF on March 1
01.03.2024
Traditional Banking Titans Bank of America and Wells Fargo Look to Offer Bitcoin ETF Access
01.03.2024
Telegram to Launch Advertising Platform Using TON Blockchain
29.02.2024
3 Crypto Experts Predict This New Coin Might 50x In March
29.02.2024
Expert Take: Rising DeFi TVL is Silencing the Doubters
29.02.2024