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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 <a href="https://twitter.com/CertiKAlert/status/1725518203269382163" target="_blank" rel="noopener noreferrer nofollow">CertiK</a>, November has already recorded the fourth-highest monthly losses in 2023.&nbsp;
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 <a href="https://twitter.com/hashtag/CertiKSkynetAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CertiKSkynetAlert</a> 🚨<a href="https://twitter.com/hashtag/ICYMI?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#ICYMI</a> Losses in November had so far reached $173 million with two incidents making up 91% of the losses. 10 Nov: Poloniex ~$131m 11 Nov: Phishing incident ~$27m November already has the 4th highest losses of any month this year.— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1725518203269382163?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 17, 2023</a>
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You might also like: <a href="https://crypto.news/poloniex-hot-wallet-hacked-with-losses-reportedly-over-33m/" rel="noopener noreferrer nofollow"> Poloniex hot wallet hacked with losses reportedly over $33m </a>
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 <a href="https://crypto.news/justin-sun-offers-5-bounty-as-poloniex-losses-cross-100-million/" rel="noopener noreferrer nofollow">bounty</a> 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, <a href="https://crypto.news/various-crypto-scams-cost-users-over-32m-in-october/" rel="noopener noreferrer nofollow">October’s</a> 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.&nbsp;
Read more: <a href="https://crypto.news/legal-victory-for-tether-and-bitfinex-as-plaintiff-drops-lawsuit/" rel="noopener noreferrer nofollow"> Legal victory for Tether and Bitfinex as plaintiff drops lawsuit </a>

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

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