Immunefi’s blockchain security company, Immunefi says that the cryptocurrency industry has experienced one of its lowest losses ever this November, with $71 Million lost in 26 incidents.
The November 2023 loss of $343,000,000 was 79% lower than the previous year, and decreased by 4% from month to months.
In 209 hacks, the industry suffered a loss of $1.48bn in 2024. The industry lost $1.48 billion in 2024 due to hacks and rug pulls. This is a 15 percent decline from the $1.7 million it had suffered during the same time period of 2023.
November hacks
According to Immunefi, two incidents accounted for most of November’s losses. Thala Labs was a DeFi project that lost $25,5 million. The memecoins terminal DEXX also suffered a $20 million loss.
DeFi platforms were the target in all of the reported incidents for this month, surpassing centralized financial (CeFi) systems as the most common. All funds were lost through DeFi-related incidents.
Hacking was the main cause of loss, with $70.9 million in losses across 24 incidents. The rug pulls were responsible for a lesser amount of loss, at $25,300 in two instances.
Binance’s BNB Chain has been the target of most attacks, accounting for 47% or more of total chain losses. It also added:
“Ethereum experienced 9 incidents, representing 30% of the total. Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each experienced one incident, accounting for 3.3%, respectively.”
The CEXs are responsible for 50% of the 2024 Crypto losses
In 2024, centralized exchanges (CEXs), which account for nearly 50% of all crypto losses to date, have become a major target. Immunefi has reported CEX related losses of $724,000,000, which is the highest amount for attacks on central platforms since 2021.
This resurgence of CEX vulnerabilities was particularly apparent during the third-quarter of this year, when 72% crypto losses were attributed to CeFi hacks. To put this in context, an attack in July on the Indian exchange WazirX resulted a loss of $235 million.
Immunefi highlighted that CeFi’s vulnerabilities often stem from compromised hot wallets, allowing attackers to drain substantial funds. CEXs lost $724 million in 2024 from nine attacks, while DeFi suffered a loss of the same amount spread over 200 incidents.
A security company has pointed out how blackhat hackers use innovative tactics to take advantage of centralized platforms.
Some of these techniques involve impersonating recruiters and securing fake jobs to penetrate internal teams or infrastructure. These threats are often undetected, until they cause significant damage.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
