Nearly 70% of November’s $350 million crypto hacks linked to Justin Sun entities

November witnessed an upsurge successful Web3 hacks and exploits arsenic crypto hackers stole astir $350 cardinal crossed 28 incidences, according to blockchain information steadfast Peckshield.

This marked the second-largest period for specified occurrences this year, down the $356 cardinal stolen successful September but astir tenfold from October’s $32.47 million.

The cumulative losses from crypto exploits this twelvemonth person reached astir $1.37 cardinal arsenic of the extremity of November.

Justin Sun projects dominate

In November, astir $236 cardinal was illicitly transferred from projects associated with Justin Sun, namely Poloniex, HTX, and Heco Bridge. These Sun-linked ventures collectively marque up astir 70% of the full funds stolen successful presumption of monetary worth during that period.

Top 10 Crypto Projects Losses successful November (Source: Peckshield)

For context, CryptoSlate reported 2 large compromises of a Sun-linked level during the month. On Nov. 10, Poloniex, a crypto speech purchased by the crypto entrepreneur successful 2019, suffered a $100 cardinal hack, with the attacker utilizing the stolen funds to pump Tron blockchain’s autochthonal TRX token.

Less than 2 weeks aft the Poloniex hack, Sun confirmed that HTX and Heco Bridge suffered an onslaught that mislaid users’ funds. At the time, CryptoSlate reported that the projects mislaid much than $100 million.

However, Sun has announced plans to reward users and screen the losses they suffered from the exploits of his platforms.

Other hacks

Aside from Sun’s task losses, different crypto projects that suffered large exploits during the period see KyberSwap, which was drained of astir $55 million, and Taipei-based crypto trading steadfast Kronos Research, which mislaid $26 cardinal to unauthorized entree of its API keys.

Other projects similar the decentralized speech dYdX, Raft Protocol, Onyx Protocol, and others cumulatively mislaid astir $25 cardinal combined.

Meanwhile, a azygous unfortunate besides mislaid $27 cardinal worthy of Tether’s USDT to a phishing attack.

The station Nearly 70% of November’s $350 cardinal crypto hacks linked to Justin Sun entities appeared archetypal connected CryptoSlate.