CRYPTO LOSSESIN NOVEMBER 2023
PREPARED BY IMMUNEFICrypto Losses: 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.

October vs. November
2023$343,038,810• In November 2023 alone, $343,038,810 was lost due to hacks andfraud, 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 termsof funds lost, compared to DeFi. CeFi represents 53.8% of the totallosses, while DeFi represents 46.2%. An increase primarily led by thehigh-profile attacks on Poloniex, HTX Exchange, and Kronos Research.
• Hacks continue to be the predominant cause of losses as comparedto frauds. In November 2023, a total of $335,574,150 was lost due tohacks.
• The most targeted chains in November 2023 were BNB Chain andEthereum, representing more than half of the total losses acrosstargeted chains at 83%.

$22,193,496
OctoberNovember

PREPARED BY IMMUNEFI2

Hacks vs. Fraud Analysis
In November 2023, hacks continue to be the predominant cause of losses ascompared to frauds, scams, and rug pulls. An analysis of the losses shows thatfraud accounts for 2.2% of the total losses in November 2023, while hacks accountfor 97.8%.

Hacks vs. Fraud
November 2023
Fraud
2.2%OVERVIEW• Hacks
In total, we have seen a loss of $335,574,150 to hacks in November 2023 across18 specific incidents.
• Fraud
In total, we have seen a loss of $7,464,660 to fraud in November 2023 across 23
specific incidents.

Hacks
97.8%
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3

DeFi vs. CeFi Analysis

DeFi vs. CeFi
November 2023

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 37incidents.
• CeFi
CeFi has suffered $184,400,000 in total losses in November 2023 across 4incidents.

DeFi
46.2%

CeFi
53.8%

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4

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 inNovember 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.

Losses by Chain
November 2023
Others
4Arbitrum
3

BNB Chain
22

Ethereum
12PREPARED BY IMMUNEFI

5

In Focus: Crypto Losses YTDMONTHLY 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 inlosses, July with $320 million.
$343,038,810$340,430,564$320,498,660$263,789,868$152,671,875$107,526,738$98,610,392$59,344,389$24,581,220$21,021,800
January

February

March

April

May

June

July

August$22,193,496
September

OctoberNovember

6

Crypto Losses November 2023
HACKS VS. FRAUDTOTAL LOSSES YTD$1,753,707,812$335,574,150

Hacks
FraudIN NOVEMBER$7,464,660$343,038,810
DEFI VS. CEFI
MAJOR LOSSES$158,638,810

DeFi$126,000,000$184,400,000

CeFi$85,400,000$48,300,000

TOP LOSSES BY CHAIN$30,000,000 $26,000,000

53.7%

BNB Chainhcr
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For more information about the Crypto Losses Report, please visit immunefi.com/research.

29.3%

Ethereum
Arbitrum

7.9%

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Disclaimer:• Immunefi uses publicly available data and news reports in order to access and collect alleged frauds, scams, and rug pulls. Including such incidents
in this report does not constitute a determination from Immunefi that a fraud, scam, or rug pull event did occur.
Notes:• Immunefi assesses the volume of crypto funds lost by the community due to hacks and scams by reviewing, validating, and classifying publicly
available data. In this report, Immunefi considered only rug pulls for its fraud category. A rug pull is a project that creates an image of credibility
and attracts outside capital through token sales or other means with the sole purpose of stealing deposited user funds and disappearing.
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