November saw a dramatic rise in cryptocurrency losses from hacks and scams, totaling approximately $173 million according to CertiK data. This marks the 4th highest monthly loss figure this year.
The spike was driven primarily by two major events – the recent Poloniex exchange hack and a sizable phishing scheme.
The Poloniex hot wallet breach resulted in over $33 million in unauthorized withdrawals. A $27 million phishing incident also contributed heavily to November’s total vs. just $32 million in October.
The escalating losses highlight growing cybersecurity risks in crypto as threats evolve. Robust security practices are essential for exchanges and users alike to thwart sophisticated hacking efforts.
Though crypto promises efficiency, the space still suffers reliability and trust issues. Better consumer protections and fail-safes must emerge to smooth mainstream adoption.
#Crypto #Hacks #Cybersecurity #Cryptocrime
