Most Crypto Hacks in November Have Justin Sun’s Platforms At The Center

<!–

–>

November witnessed an upsurge in crypto hacks and exploits as crypto hackers stole nearly $350 million across 28 incidents, according to blockchain security firm Peckshield. However, most of these hacks have Justin Sun at the center.

#PeckShieldAlert November saw a upsurge in Web3 hacks & exploits compared to the previous month, totaling ~$348.11M across 28 incidents.

-2 high-profile attacks targeted #Justinsun-linked projects, draining $236 million worth of cryptos from #Poloniex and #HECOBridge & HTX… pic.twitter.com/L9m3JbrL6p

— PeckShieldAlert (@PeckShieldAlert) December 1, 2023

This makes November the second month with the largest of such crypto hack occurrences this year. The first was the $356 million stolen in September, which was nearly tenfold the crypto hack in October, which was worth $32.47 Million.

The cumulative losses from crypto exploits this year have reached approximately $1.37 billion as of the end of November.

Justin Sun’s Platforms At The Center

In November, approximately $236 million was illicitly transferred from projects associated with Justin Sun, namely Poloniex, HTX, and Heco Bridge. 

These Sun-linked projects collectively make up nearly 70% of the total funds stolen in terms of monetary value during that period.

For context, CryptoSlate reported two major compromises of a Sun-linked platform during the month. On Nov. 10, Poloniex, a crypto exchange purchased by the crypto entrepreneur in 2019, suffered a $100 million hack, with the attacker using the stolen funds to pump Tron blockchain’s native TRX token.

Less than two weeks after the Poloniex hack, Sun confirmed that HTX and Heco Bridge suffered an attack that lost users’ funds. At the time, CryptoSlate reported that the projects lost more than $100 million.

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

Read Also: Circle Denies Ties With Justin Sun, Involvement In Terrorism Financing

Other Hacks

Aside from Sun’s project losses, other crypto projects that suffered major exploits during the month include KyberSwap, which was drained of around $55 million, and Taipei-based crypto trading firm Kronos Research, which lost $26 million to unauthorized access of its API keys.

Other projects like the decentralized exchange dYdX, Raft Protocol, Onyx Protocol, and others cumulatively lost around $25 million combined.

Meanwhile, a single victim also lost $27 million worth of Tether’s USDT to a phishing attack.