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 <p class="is-style-lead">November sees a dramatic spike in cryptocurrency <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a>, totaling $173 million, with major hacks at Poloniex and a phishing incident leading the surge.</p>
 <p>November has witnessed a significant surge in financial <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> due to crypto hacks, with the total reaching approximately $173 million. This figure is primarily <a rel="noopener noreferrer nofollow" title="driven" href="https://thebittimes.com/tag/driven.html">driven</a> by two major events that account for 91% of the total <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a>. According to CertiK, November has already recorded the fourth-highest monthly <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> in 2023.&nbsp;</p>
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    <p lang="en" dir="ltr">#CertiKSkynetAlert #ICYMI<br><br>Losses in November had so far reached $173 million with two incidents making up 91% of the <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a>.<br><br>10 Nov: Poloniex ~$131m<br>11 Nov: Phishing incident ~$27m<br><br>November already has the 4th highest <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> of any month this year.</p>— CertiK Alert (@CertiKAlert) November 17, 2023
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Poloniex hot wallet hacked with losses reportedly over $33m
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 <p>This surge was <a rel="noopener noreferrer nofollow" title="driven" href="https://thebittimes.com/tag/driven.html">driven</a> 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.</p>
 <p>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.</p>
 <p>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;</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Legal victory for Tether and Bitfinex as plaintiff drops lawsuit
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-losses-soar-to-173m-in-november-driven-by-poloniex-hack-tbt70731.html">https://thebittimes.com/crypto-losses-soar-to-173m-in-november-driven-by-poloniex-hack-tbt70731.html</a></p>

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

TheBitTimes

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