The post November 2023 Witnesses a Disturbing Surge in Crypto Exploits  appeared on BitcoinEthereumNews.com.

November month records an alarming surge, marking an 8-fold increase compared to October hack losses. Hacks dominate 98% of losses compared to crypto frauds. Major security breaches, such as Poloniex Exchange, HECO Bridge, and KyberSwap, shed light on the critical need to assess contract vulnerabilities and security measures. In a recent report by QuillMonitor, an analytical tool powered by QuilAudits, November emerged as a concerning month for the crypto sphere, with a staggering $254.34M in losses. The notable figure was spread across 12 significant incidents, indicating an alarming 8-fold surge compared to October’s losses. Hacks take the lead Hacks remained the primary cause behind a whopping 98% of total losses in November 2023, contrasting with fraudulent activities like rug pulls, which amounted to a mere 2%. These incidents exposed vulnerabilities in smart contracts, constituting the majority of attacks that resulted in approximately $54.1M in losses across 4 incidents.  Renowned platforms like KyberSwap and Raft Fi experienced substantial losses, underlining the dire need for heightened smart contract security measures. Biggest Hits of the Month and Its Root Causes  Heco Chain faced an $87M theft from a private key compromise. This underscores the vulnerability of custodial systems, where a compromised private key resulted in unauthorized access and substantial asset misappropriation. Poloniex suffered a $60M loss due to an exploit in its hot wallet infrastructure, which allowed unauthorized access to the funds stored within it. This incident highlights the critical importance of strengthening wallet security infrastructure. KyberSwap fell victim to a $47M loss through an arbitrage attack, a smart contract vulnerability. The exploit allowed the attacker to manipulate price differentials between different markets, resulting in substantial losses. This emphasizes the imperative need for rigorous smart contract auditing and proactive vulnerability patching. Kronos Research underwent a $26M attack after an assaulter compromised admin keys,…

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Filed under: News - @ December 5, 2023 1:20 pm