Decrease in Crypto Industry Losses in November 2024
In November 2024, the crypto industry saw a significant decrease in losses compared to the previous year. According to blockchain security firm Immunefi, there was a total of $71 million lost across 26 incidents, marking the second-lowest monthly losses in recent times.
Year-to-Date Figures
Year-to-date figures for 2024 show that the industry lost $1.48 billion due to hacks and rug pulls in a total of 209 incidents. This represents a 15% decline compared to the same period in 2023, where $1.7 billion was lost.
November Hacks
Two significant incidents accounted for most of the losses in November. DeFi project Thala Labs lost $25.5 million, while the 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. DeFi incidents accounted for 100% of the lost funds.
Types of Incidents
- Hacks remained the leading cause of losses
- $70.99 million lost across 24 hacking incidents
- Rug pulls contributed a smaller amount with $25,300 lost in two cases
Most Targeted Blockchain
Binance-backed BNB Chain was the most targeted blockchain, responsible for nearly 47% of the total losses across all chains. Ethereum experienced 9 incidents, representing 30% of the total, while other chains like Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each experienced one incident, accounting for 3.3% each.
CEXs Dominate 2024 Crypto Losses
Centralized exchanges (CEXs) have become a significant target in 2024, accounting for almost 50% of total crypto-related losses year-to-date. Immunefi reported that CEX-related losses totaled $724 million, the highest share of attacks on centralized platforms since 2021.
CEX Vulnerabilities
The vulnerability of CEXs became evident during the third quarter of the year, with 72% of crypto losses stemming from CeFi hacks. Compromised hot wallets are often the source of vulnerabilities, allowing attackers to drain substantial funds.
Blackhat hackers have adopted innovative methods to exploit centralized platforms, including impersonating recruiters or securing fake job placements to infiltrate internal teams and infrastructure.
