SUMMARY:
- Crypto losses in November 2024 totaled $71 million, a 79% decrease from the same month in 2023.
- DeFi projects accounted for all reported losses, with no major CeFi incidents recorded.
- BNB Chain has become the main target of attacks, hosting 46.7% of incidents, surpassing Ethereum.
- 99.96% of funds lost in November came from hacking, while rug withdrawals accounted for less than $26,000.
- Cumulative losses in 2024 reached $1.48 billion, a 15% reduction from 2023.
- The $1.48 billion lost to hacks and scams in 2024 poses risks despite a 15% drop from the previous year.
The cryptocurrency sector saw a surprising decrease in losses last month, according to a new report from Immunefi, a leading blockchain security platform. Even though decentralized finance (DeFi) projects remain a favored target, the overall numbers show a promising trend.
The Immunefi report, shared with Hackread.com, reveals that $71 million was lost to hacks and rug pulling in November 2024, a notable drop of 79% from the same month last year.
This figure, while still high, is the second lowest monthly total this year and represents a 79% decrease from November of last year. Overall, for 2024, the crypto industry lost $1.48 billion ($1,489,921,677). While this is a considerable number, it is a 15% drop from the same period in 2023, suggesting progress in cybersecurity measures.
DeFi: still a magnet for malicious activity
Immunefi’s findings suggest that the $71 million in losses occurred in the DeFi sector, with no reports of a major hack or exploit affecting CeFi (centralized exchanges). Two notable incidents stand out: Thala Labs, a decentralized finance company, lost $25.5 million, and memecoin trading platform DEXX recorded a loss of $21 million.
Hacks continue to dominate, stack draws minimal
It’s not just the type of platform that shows a trend; the type of attack also shows clear trends. Of all funds stolen in November, 99.96% came from direct hacking incidents. Only a tiny fraction, $25,300, was lost to so-called “rug pulls,” in which developers abandon a project after raising money. This suggests that while scams do occur, the most sophisticated exploits pose the most damaging threat.
BNB chain takes center stage, Ethereum falls back
The report showed a shift in which the blockchain network was most often targeted. In November, the BNB chain overtook Ethereum to become the top target, hosting almost half (46.7%) of all attacks. Ethereum comes in second with 30% of attacks. The rest of the incidents were discovered on several other networks.
What does this mean?
The Immunefi report shows a mixed situation when it comes to crypto security. Although overall losses are down for the year, the dominance of DeFi exploits and the shift in attacker focus to BNB Chain means the fight is far from over.
Even though the overall loss figure is on the decline, the cumulative total of $1.48 billion lost to hacks and scams since the start of the year still represents a considerable sum. Nonetheless, Immunefi’s report shows that the blockchain industry cannot afford to overlook vulnerabilities and scams, making a solid cybersecurity plan essential.
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