The post Unprecedented Cyber Attacks Shake the Crypto World in November appeared first on Coinpedia Fintech News

November 2023 has been marked by an alarming spike in cyber attacks within the cryptocurrency sphere. Notable on-chain analyst Lookonchain reports that, in just the first 20 days, the industry has suffered five significant security breaches. The cumulative financial damage surpasses a staggering $290 million, raising serious concerns about the security of various cryptocurrency networks.

1. The Poloniex Breach: A High-Profile Hack On November 10th, Poloniex, a veteran crypto exchange, experienced a devastating attack resulting in a loss of approximately $125 million in various cryptocurrencies. Suspicions point towards a private key compromise, with some experts linking this attack to the notorious Lazarus Group from North Korea. The exchange’s owner, Justin Sun, has pledged full reimbursement to the affected users and has offered a bounty for the recovery of the stolen funds.

2. Kronos Research: API Key Compromise Another significant incident involved Kronos Research, a quantitative trading firm, losing around $26 million due to compromised API keys. Blockchain investigator ZachXBT tracked the theft to six distinct crypto wallet addresses, leading to an internal halt of trading services at Kronos. Despite the substantial loss, the firm remains optimistic about a swift recovery and resumption of operations.

3. KyberSwap: A Targeted Attack The decentralized exchange KyberSwap also fell victim to an exploit on November 23rd, with estimated losses nearing $47 million. The attack, which siphoned funds from various network pools, was executed via a single address, underscoring the sophistication of the breach.

4. HTX and HECO Bridge: A Double Blow In a significant hack on November 22nd, both the HTX exchange and the Heco Cross Chain bridge suffered a combined loss of over $100 million. The incident saw various cryptocurrencies stolen and converted into Ethereum before being dispersed. Justin Sun, a significant investor in HTX, assured full compensation for the affected users.

Conclusion: A Wake-Up Call for the Industry

The series of attacks in November is more than a financial setback; it’s a dire warning for the entire crypto industry. These incidents undermine user trust and highlight the need for rigorous security measures. As affected entities work towards recovery and bolstered defences, their efforts will be crucial in restoring confidence in cryptocurrency’s infrastructure. The industry must unite in its cybersecurity and asset protection commitment to navigate these challenging times.

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Filed under: Bitcoin - @ November 24, 2023 11:15 am