Immunefi Crypto Losses Report November 2023
Analysis
- In total, we have seen a loss of $1,753,707,812 to hacks and rug pulls in 2023 from January to November across 296 specific incidents.
- In November 2023 alone, $343,038,810 was lost due to hacks and fraud, marking the highest monthly loss witnessed this year to date. This represents a 15.4x increase from October when registered losses were $22,193,496.
- In November 2023, CeFi became the main target for exploits in terms of funds lost, compared to DeFi. CeFi represents 53.8% of the total losses, while DeFi represents 46.2%. An increase primarily led by the high-profile attacks on Poloniex, HTX Exchange, and Kronos Research.
- Hacks continue to be the predominant cause of losses as compared to frauds. In November 2023, a total of $335,574,150 was lost due to hacks.
- The most targeted chains in November 2023 were BNB Chain and Ethereum, representing more than half of the total losses across targeted chains at 83%.
Hacks vs. Fraud Analysis
In November 2023, hacks continue to be the predominant cause of losses as compared to frauds, scams, and rug pulls. An analysis of the losses shows that fraud accounts for 2.2% of the total losses in November 2023, while hacks account for 97.8%.
Overview
- Hacks: In total, we have seen a loss of $335,574,150 to hacks in November 2023 across 18 specific incidents.
- Fraud: In total, we have seen a loss of $7,464,660 to fraud in November 2023 across 23 specific incidents.
DeFi vs. CeFi Analysis
In November 2023, CeFi became the main target for exploits in terms of funds lost, compared to DeFi. CeFi represents 53.8% of the total losses, while DeFi represents 46.2%. This increase was primarily led by the high-profile attacks on Poloniex, HTX Exchange, and Kronos Research.
Overview
- DeFi: DeFi has suffered $158,638,810 in total losses in November 2023 across 37 incidents.
- CeFi: CeFi has suffered $184,400,000 in total losses in November 2023 across 4 incidents.
Losses by Chain
The most targeted chains in November 2023 were BNB Chain and Ethereum. BNB Chain suffered the most individual attacks, with 22 incidents representing 53.7% of the total losses across targeted chains. Ethereum witnessed 12 incidents, representing 29.3% respectively.
Overview
- BNB Chain and Ethereum represent more than half of the chain losses in November 2023 at 83%, followed by Arbitrum with 3 incidents, representing 7.3%. Optimism, Avalanche, Fantom, and Heco Chain witnessed 1 incident each, representing 2.4% respectively.
In Focus: Crypto Losses YTD
Monthly Overview
In total, the ecosystem has witnessed $1,753,707,812 in losses year-to-date (YTD) across 296 specific incidents. In November 2023 alone, $343 million was lost due to hacks and fraud, marking the highest monthly loss witnessed this year to date. September follows with $340 million in losses, July with $320 million.
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About Immunefi
Immunefi is the leading security platform for crypto, protecting more than $180 billion in user funds, and securing protocols across the full development lifecycle, from pre-deployment through production.
