November Cryptocurrency Losses Soar to $173 Million
In November, there has been a whole lot of increase in financial losses due to cryptocurrency 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. As a result, Justin Sun proposed a 5% bounty to promote the return of the stolen funds. In addition, a specific phishing scheme resulted in around $27 Million in losses. This trend outlines the increasing challenges and dangers associated with cybersecurity in the digital currency sector, emphasizing the need for enhanced security measures and vigilant practices between users and cryptocurrency exchanges.
Hot Take: Cryptocurrency Losses Hit New High in November
The surge in cryptocurrency losses in November, driven by major hacks at Poloniex and a whole lot of phishing incident, underscores the escalating dangers of cybersecurity in the digital currency sector. With a total of $173 Million in losses, this trend outlines the urgent need for enhanced security measures and vigilance between users and cryptocurrency exchanges to address these increasing challenges.
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