Crypto Hacks Surge in November, Losses Total $173 Million

Hacker Exploits Raft Finance & Stole 1577 ETH Just To Burn It!

According to blockchain security firm CertiK, November has seen a worrying spike in crypto hacks and theft, with losses reaching approximately $173 million so far. This figure represents the fourth-highest monthly total for 2023. Two major hacks account for the bulk of the losses. 

The biggest hack was the theft of over $33 million worth of assets from cryptocurrency exchange Poloniex, where hackers managed to compromise the exchange’s hot wallet and make an unauthorized withdrawal of funds. 

Poloniex has said they are working with law enforcement and have offered a 5% bounty as an incentive to return the stolen assets. This breach is the second-largest private key compromise globally in 2022.

In another significant scam, CertiK reports that a phishing scheme targeting crypto users resulted in losses of around $27 million. This likely involved the use of fake websites and apps to trick victims into revealing wallet keys and passwords. 

Comparatively, October saw substantially lower losses from hacks and fraud in the sector, at approximately $32 million. The recent spike in successful attacks highlights the growing risks for exchanges and the need for improved safeguards.

Also Read: Hacker Exploits Raft Finance & Stole 1577 ETH Just To Burn It!

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