Crypto industry loses more than $391 million from hacks in November

In November, the Web3 industry lost $391.6 million as a result of 29 exploits, including the Deribit hot wallet breach and the theft of FTX funds, according to PeckShield.

#PeckShieldAlert 29 exploits, including Deribit hot wallet compromised & FTX Accounts Drainer grabbed $391.6M in November 2022
As of November 2022, the stolen crypto total hits $3.37B
Exchange inflows are more likely to be captured by DEXs due to the downfall of CEXs such as FTX pic.twitter.com/JNr1e9xQJm

— PeckShieldAlert (@PeckShieldAlert) November 30, 2022

Since the start of the year, damage to the cryptocurrency sector from hacker attacks has reached $3.37 billion. For all of 2021 the figure was $1.55 billion, experts noted.

October was the record month for losses from exploits — $760.2 million. Then the majority of the figure came from the breach of the BSC Token Hub bridge on the BNB Chain network, worth $586 million.

In November, a significant portion of losses from hacks was due to the bankrupt exchange FTX. An unknown actor withdrew digital assets worth about $340 million, experts noted. Bitcoin (25.4%) and Ethereum (68%) accounted for the majority.

The Deribit breach at the start of the month led to losses of $28 million.

PeckShield experts also suggested that the collapse of FTX would spur a reallocation of exchange flows toward decentralised platforms. However earlier JPMorgan expressed the view that the dominance of centralized exchanges over the DEX would endure.

In a related note, Telegram founder Pavel Durov announced that the messenger team is developing non-custodial wallets and dapps, including a decentralised exchange.

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