News - $363 million in cryptocurrencies stolen

By Mike Hesp

$363 million in cryptocurrencies stolen

Scams, crime and fraud

Hackers are flexing their muscles at the end of the year. With $363 million in stolen cryptocurrencies, November was the most lucrative month so far in 2023.

It was an extremely profitable month for hackers. In November, the damage caused by various cyberattacks on crypto platforms totaled $363 million, according to the security company Certik.

This is the highest claim amount for the entire year in a month-by-month comparison.

The lion's share was due to direct cash flows from attacks on software chess centers. Accordingly, "exploits" accounted for $316 million.

$45 million was lost through so-called "flash-loan attacks." This is basically a form of arbitrage trading. Loans taken out via flash loans and repaid in the same transaction are used to manipulate prices and make a profit in a short period of time.

The damage caused by exit scams amounts to about a million dollars.

More than $240 million has been stolen from the crypto exchanges Poloniex and HTX and the blockchain bridge Heco alone. The platforms are owned by crypto tycoon Justin Sun.

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