November Crypto Losses Soar to $173 Million
In November, there has been a significant increase in financial losses due to crypto hacks, reaching a total of approximately $173 million. This surge is primarily driven by two major events, accounting for 91% of the total losses. According to CertiK, November has already recorded the fourth-highest monthly losses in 2023.
The recent hack of Poloniex contributed significantly to this surge, as hackers infiltrated the exchange’s hot wallet, resulting in a substantial unauthorized withdrawal of assets estimated to be over $33 million. In response, Justin Sun proposed a 5% bounty to encourage the return of the stolen funds. Additionally, a specific phishing scheme resulted in around $27 million in losses. This trend highlights the increasing challenges and risks associated with cybersecurity in the digital currency sector, emphasizing the need for enhanced security measures and vigilant practices among users and crypto exchanges.
Hot Take: Crypto Losses Hit New High in November
The surge in crypto losses in November, driven by major hacks at Poloniex and a significant phishing incident, underscores the escalating risks of cybersecurity in the digital currency sector. With a total of $173 million in losses, this trend highlights the urgent need for enhanced security measures and vigilance among users and crypto exchanges to address these increasing challenges.
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