November’s Crypto Landscape Marked by a 356 Million Dollars Toll on Users from Hacks, Phishing, and Rug Pulls

Crypto News- As cryptocurrency hacks resurge, the financial turmoil is underscored by two major breaches, each surpassing $100 million. The renowned crypto exchange, Poloniex, suffered a significant setback, losing around $126 million. This incident, coupled with a similar attack on HTX and its associated HECO Bridge, constituted 66% of the total losses from hacker activities in November.

November’s Crypto Landscape Marked by a 356 Million Dollars Toll on Users from Hacks, Phishing, and Rug Pulls

Both substantial breaches were tied to enterprises under the ownership of Justin Sun, highlighting the increasing sophistication and scale of cyberattacks targeting major cryptocurrency platforms.

The Poloniex hack likely involved a sophisticated compromise of private keys, aligning with the broader trend of surging phishing incidents. Hackers targeted numerous individual accounts, each exceeding $1 million.

Rising Tide of Crypto Breaches: Industry Faces Renewed Security Concerns

Various crypto crime vectors also experienced a notable surge, involving multiple cases exceeding $100 million, encompassing different forms of fraud and money laundering. The cumulative loss from exchange-based (CEX and DEX) security incidents alone stood at $215 million, necessitating an urgent reassessment of security practices in the industry.

In response, it is recommended that major projects bolster their private key management, conduct routine security audits, establish comprehensive emergency plans, and enhance security awareness training for their staff.

The escalating prevalence of phishing scams emphasizes the importance for users to securely store private keys, meticulously review transactions before signing, and remain vigilant against suspicious content.

According to data from ImmuneFi, losses attributed to crypto hacks and fraud have now reached a staggering $1.75 billion. This serves as a stark reminder for the industry to stay vigilant and prioritize robust security measures.