In November 2023, the blockchain industry witnessed 47 crypto security breaches, totaling losses of $349 million. Major incidents included attacks on Onyx Protocol, TrustPad, TheStandard.io, an MEV bot, CoinSpot, Poloniex, Raft Protocol, Exzo Network, dYdX, Kronos Research, HTX, Heco Bridge, and Kyber Network. Attacks on Poloniex, HTX, and Heco Bridge accounted for 69% of the month's financial damage.
Our analysis of the situation
The month of November in the blockchain industry unfolded as a saga of startling exploits and breaches, amounting to a mind-boggling $349 million in losses across 47 incidents, as unveiled by the SlowMist Blockchain Hacked Archive. Let's dive into the major crypto hacks that rocked the previous month.
Onyx Protocol – The $2.1M Surprise
On November 1, 2023, Onyx Protocol, a Decentralized Finance (DeFi) lending protocol, encountered an attack that led to a staggering loss of 1,164.53 ETH, equivalent to about $2.1 million. The assailant cunningly manipulated interest rates, resulting in an unexpected fund borrow that resembled the tactics seen in a previous attack on Hundred Finance.
TrustPad – A Cross-Chain Conundrum
Moving forward to November 6, 2023, TrustPad, a cross-chain financing platform, grappled with a loss of approximately $155,000 due to a staking contract attack. While this stands as one of the more modest crypto exploits recorded in November, it still serves as a testament to the vulnerability within the crypto sphere.
Tricks at TheStandard.io - Unleashing $290,000
TheStandard.io, a decentralized stablecoin protocol, was another casualty on November 7, succumbing to an attack that caused a loss of about $290,000. The attacker deftly manipulated the market by leveraging low liquidity in the PAXG pool, showcasing the ever-evolving strategies deployed by assailants.
MEV Bot – A $2.2M Waltz
Simultaneously, an MEV bot encountered an attack resulting in a loss of about 1,000 ETH on the same day. The assailant took advantage of the lack of authentication in the contract’s 0xf6ebebbb function, utilizing it to execute arbitrage and capitalize on token exchanges.
CoinSpot – A $2.4M Conundrum
Suspected to arise from a private key leak, the Australian crypto exchange CoinSpot grappled with a loss of over 1,283 ETH, approximately equating to $2.472 million on November 8, 2023.
Poloniex – A $130M Blow
On November 10, the high-profile exchange Poloniex suffered a colossal attack, resulting in an estimated loss of about $130 million. This exchange, entwined with the Justin Sun crypto empire, recently disclosed intentions to resume withdrawals after fortifying security measures.
Raft Protocol – Sailing into a $6.7M Storm
The Raft Protocol, a stablecoin platform on Ethereum, became embroiled in an attack on November 11, leading to the minting of 6.7 million R stablecoins and a loss of approximately $3.3 million in ETH. The exploit laid bare a precision calculation issue during the share token minting process.
Exzo Network – The $526,000 Intrusion
On November 14, Exzo Network underwent an exploit valued at $526,000 due to a compromised administrator account, enabling the assailant to mint a substantial amount of XZO and extract funds from the liquidity pool.
dYdX – An Unwelcome $9M Venture
The dYdX v3 insurance fund suffered a crypto exploit valued at about $9 million on November 18 due to YFI liquidations, with the CEO alluding to a targeted attack.
Kronos Research – A $26M Odyssey
On November 19, the crypto quantitative trading firm Kronos Research reported unauthorized access to certain API keys, leading to a loss of 13,007 ETH, approximately worth $26 million.
HTX, Heco Bridge – The $113.3M Plunge
Subsequently, on November 22, the HTX hot wallet and the Heco cross-chain bridge were attacked, resulting in a substantial loss of $113.3 million. Notably, attacks on Poloniex, HTX, and Heco Bridge contributed to 69% of total losses in November.
Kyber Network – A $54.7M Test
The following day witnessed an attack on Kyber Network’s KyberSwap Elastic, leading to a loss of about $54.7 million. Intriguingly, around $5.7 million has been recovered by the KyberSwap team, with affected users poised for repayment from the protocol’s Treasury Pool.
November concluded as a month replete with unforeseen snares and enthralling escapades within the intricate realm of crypto exploits. As we step into the future, the industry remains poised for continued evolution and resilience.
Note: In the blockchain world, every step counts, and caution serves as the paramount shield against potential breaches and exploits. Stay informed, stay cautious, and tread the crypto trails with prudence.
Stay tuned for more intriguing developments in the crypto realm.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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