The crypto industry saw a significant decrease in losses in November 2024 compared to the previous year, with only $71 million lost across 26 incidents, according to blockchain security firm Immunefi. This marked a 79% year-over-year drop and a 4% decrease month-over-month. Year-to-date figures show that the industry lost $1.48 billion in 2024 due to hacks and rug pulls in 209 incidents, representing a 15% decline compared to the same period in 2023.
The majority of November’s losses were attributed to two incidents – DeFi project Thala Labs lost $25.5 million, and memecoins trading terminal DEXX suffered a $21 million loss. All reported cases for the month involved DeFi platforms, surpassing centralized finance (CeFi) as the primary target. Hacks remained the leading cause of losses, with $70.99 million lost across 24 hacking incidents, while rug pulls accounted for a smaller amount with $25,300 lost in two cases. Binance-backed BNB Chain was the most targeted blockchain, responsible for nearly 47% of total losses across all chains.
Centralized exchanges (CEXs) have emerged as a significant target in 2024, accounting for almost 50% of total crypto-related losses year-to-date. CEX-related losses totaled $724 million, marking the highest share of attacks on centralized platforms since 2021. The resurgence in CEX vulnerabilities became evident during the third quarter of the year, with 72% of crypto losses stemming from CeFi hacks. Immunefi highlighted that CeFi’s vulnerabilities often stem from compromised hot wallets, allowing attackers to drain substantial funds. The security firm pointed out that blackhat hackers have adopted innovative methods to exploit centralized platforms.
CEX-related vulnerabilities often go undetected until significant damage occurs, highlighting the growing sophistication of threats against centralized platforms. The $724 million lost by CEXs in 2024 came from just nine incidents, whereas a similar amount in DeFi was spread across 200 attacks. Blackhat hackers have adopted techniques such as impersonating recruiters or securing fake job placements to infiltrate internal teams and infrastructure, further emphasizing the need for robust security measures in the crypto industry.
In conclusion, the crypto industry has seen a significant decrease in losses in 2024, with November marking the second lowest monthly losses in the year. DeFi platforms were the primary target for attacks, with hacks remaining the leading cause of losses. Centralized exchanges have also been increasingly targeted, accounting for almost half of total crypto-related losses year-to-date. The industry continues to face evolving threats from blackhat hackers, emphasizing the importance of implementing stringent security measures to protect user funds and assets in the digital asset space.
