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Crypto losses soar to $173m in November, driven by Poloniex hack

crypto-losses-soar-to-173m-in-november-driven-by-poloniex-hack
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Crypto losses soar to $173m in November, driven by Poloniex hack

November sees a dramatic spike in cryptocurrency losses, totaling $173 million, with major hacks at Poloniex and a phishing incident leading the surge.

November has witnessed a significant surge in financial losses due to crypto hacks, with the total reaching approximately $173 million. This figure is primarily driven by two major events that account for 91% of the total losses. According to CertiK, November has already recorded the fourth-highest monthly losses in 2023. 

This surge was driven by the recent hack of Poloniex. Hackers infiltrated the exchange’s hot wallet, leading to a substantial unauthorized withdrawal of assets. Initial reports estimate the damage to be over $33 million. In response, Justin Sun previously proposed a bounty of 5%, encouraging the return of the stolen funds. This breach is notable as the second-largest private key compromise of the year.

CertiK also reported that one particular phishing scheme resulted in a loss of around $27 million. In contrast, October’s total confirmed losses from hacks, scams, and exploits were significantly lower, at approximately $32.2 million.

The trend highlights the escalating challenges and risks associated with cybersecurity in the digital currency sector, underscoring the need for enhanced security measures and vigilant practices among users and crypto exchanges.