- CertiK released statistics regarding the financial toll of fraudulent activities in November.
- The firm confirmed approximately $363 million was lost to exploits, flash loans, and exit scams during the month.
- Based on the figure, CertiK concluded November was the most lucrative month for scammers and hackers in 2023 so far.
CertiK, a leading company dedicated to monitoring risks and detecting scams within the crypto sector, has released an update detailing alarming statistics regarding the financial toll of fraudulent activities in November.
Per the disclosure on the X (formerly Twitter), the CertiK confirmed approximately $363 million was lost to exploits, flash loans, and scams last month. Exit scams accounted for around $1.1 million, while flash loans constituted approximately $45.5 million of the total losses.
The overwhelming majority of the financial impact came from exploits, which amounted to $316.4 million. Based on the figures, CertiK concluded that November was the most financially damaging month so far in 2023.
Furthermore, the risk tracking platform provided a breakdown of the platforms upon which most of the recorded financial fraud occurred. Regarding exploits, crypto exchange Poloniex suffered the most hits, with its hot wallets drained of $131.4 million.
In a statement, Poloniex noted that a portion of the stolen funds were frozen. Meanwhile, it claimed the lost funds were ‘within manageable limits,’ which its operating revenue could cover. HTX/Heco Bridge came next to Poloniex after suffering a similar financial exploit, which incurred losses of more than $100 million.
Likewise, the decentralized trading platform KyberSwap was attacked this month, with $45 million carted away. Other platforms that recorded multi-million financial losses from exploits in November include Kronos Research, Raft Lending, CoinSpot, Onyx Protocol, and MEV Bot.
Notably, the recorded crypto projects that have engaged in rug pull or exit scams include SAI Pro, siphoning $751,000; To The Moon, stealing $291,621; Battle Royal Token, $83,716; and FCL with $17,012 gone.
It is worth mentioning that the month of May saw the highest financial losses resulting from exit scams. In May, bad actors stole $53.4 million, compared to $1.1 million in November.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
