The cryptocurrency market continues to be a challenging landscape for investors. For the past year, they have been facing continuous losses as governments worldwide crack down on cryptocurrency and the market experiences a downturn. The situation does not seem likely to improve anytime soon, leading to a wave of selling and heavy losses for investors.
According to security firm Certik, November saw the fourth-largest monthly decline for cryptocurrency investors, resulting in a staggering loss of $173 million. This loss accounts for 91% of the overall decline. The firm also noted that November marks the largest loss for any month in the current year. It further identified phishing schemes as responsible for losses amounting to about $27 million during the same period.
Moreover, illegal activities such as cross-chain crime have surged in the cryptocurrency market, with over $7 billion in illegal transfers reported. Notably, the Lazarus Group from North Korea is implicated in a $900 million theft between July 2022 and July of this year. Blockchain analytics firm Elliptic has reported that decentralized exchanges, cross-chain bridges, and coin swap services have processed these illegal funds. In another incident, hackers managed to steal over $114 million from the hot wallet of the cryptocurrency exchange Poloniex, after compromising its security.
These developments have resulted in a significant downturn for cryptocurrency investors, forcing them to bear heavy financial losses. As the market navigates through various challenges, it remains crucial for investors to exercise caution and stay vigilant to mitigate the risks associated with this volatile industry.
Frequently Asked Questions
1. How much has been lost by cryptocurrency investors in November?
Cryptocurrency investors have incurred a loss of $173 million in November.
2. Which firm reported the month’s losses?
The losses were reported by security firm Certik.
3. What are some illegal activities occurring in the cryptocurrency market?
Illegal activities in the cryptocurrency market include cross-chain crime and phishing schemes.
4. Which group was involved in a significant theft?
The Lazarus Group from North Korea was implicated in a theft of $900 million.
5. How much was stolen from the Poloniex exchange?
Hackers managed to steal over $114 million from the hot wallet of the Poloniex exchange.