Why Did More Crypto Hacks Occur in November 2023?

November was a remarkable month for the crypto industry. The most notable events were CZ’s resignation from Binance and the exchange’s $4.5 billion settlement with the DOJ.

However, November was also the most “damaging” month this year in terms of crypto scams, thieves, and fraud. Let’s explore more about the crypto hacks that happened in November.

What Happened in Crypto Security on November 2023?

Certik, a Blockchain security expert company, said crypto criminals got away with an alarming $363 million in November alone. Certik notes that exploits on exchanges accounted for $316.4 million, while flash loans incurred $45.5 million in damage. Different types of exit scams were responsible for $1.1 million.

According to CertiK, the three biggest events of November were the KyberSwap flash loan, the HTX/Heco Bridge, and the Poloniex attacks. The aggregate losses incurred by Poloniex and HTX/Heco Bridge were $131.4 million and $113.3 million, respectively. The report notes that the KyberSwap attack accounted for almost all the flash loan attacks this month.

Also, DeFi research firm, Kronos Research, suffered one of the notable hacks in November 2023. An attacker compromised the private key of one of the platform’s admins, moving about $26 million in the process.

So, November’s figures have topped September’s high of $329 million, caused by the $200 million attack on the Mixin Network. While the crypto market has seen good signs in terms of price recovery, the activities of hackers have become a major concern.

Then, approximately $1.7 billion had already been lost to exit scams, exploits, and flash loan attacks in 2023. According to CertiK, this accounts for 54% of the total amount of cryptocurrency lost in 2022—a total of $3.7 billion due to crypto events. The figures were much lower in 2021 ($1.7 billion).

Why are Crypto Hacks on the Rise?

Crypto experts believe the rising cases of hacks could be caused by the inadequate security procedures on most protocols. Recent studies have found that crypto exchanges are the prime targets of most hacking events.

These hackers employ advanced tactics to launch their assaults on platforms. Some of their strategies include using fake websites and emails, phishing schemes, and posing as legitimate crypto businesses or sites.


What’s the solution? The way out is for crypto protocols to employ advanced and better security standards. But on an individual level, each user has to learn to keep their assets safe. Some common safety practices include:

  • Safeguarding your private keys
  • Using multi-factor authentication (MFA). 
  • Buying secure hardware wallets.

Fortunately, most crypto platforms are taking the subject of security seriously. So, it’s only a matter of time before these cases of scams and hacks come crashing down.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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