The cryptocurrency sector recorded its second-lowest monthly losses in November 2024, with $71 million lost across 26 incidents, according to blockchain security firm Immunefi. This marked a substantial improvement compared to November 2023, which saw $343 million in losses, reflecting a 79% year-over-year drop and a 4% month-over-month decline.
Year-to-Date Losses in 2024
Year-to-date (YTD) figures reveal the industry has lost $1.48 billion in 2024 due to hacks and rug pulls from 209 incidents. This represents a 15% decrease compared to the $1.7 billion recorded during the same period in 2023.
November’s Major Hacks
Two significant incidents contributed to most of the losses in November. Decentralized finance (DeFi) project Thala Labs lost $25.5 million, while the memecoin trading terminal DEXX suffered a $21 million loss.
Immunefi reported that all November cases involved DeFi platforms, making DeFi the primary target over centralized finance (CeFi). DeFi accounted for 100% of the funds lost in November.
Top November Hacks
- Hacks: $70.99 million lost across 24 incidents.
- Rug Pulls: Two cases led to $25,300 in losses.
Targeted Blockchains in November
The Binance-backed BNB Chain emerged as the most targeted blockchain, responsible for nearly 47% of the total losses across all chains. Ethereum followed, experiencing nine incidents and accounting for 30% of the total. Other chains such as Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each recorded one incident, contributing 3.3% respectively.
Centralized Exchanges Dominate 2024 Losses
Centralized exchanges (CEXs) have become a significant target in 2024, accounting for almost 50% of crypto-related losses year-to-date. CEX-related losses reached $724 million, marking the highest share of attacks on centralized platforms since 2021.
During the third quarter alone, 72% of crypto losses stemmed from CeFi hacks. A notable incident in July involved a $235 million loss from Indian exchange WazirX.
Key Causes of CEX Vulnerabilities
Immunefi highlighted that CEX vulnerabilities often arise from compromised hot wallets, enabling attackers to drain substantial funds. The $724 million lost in 2024 resulted from nine incidents, compared to an equivalent amount in DeFi spread across 200 attacks.
Growing Sophistication of Blackhat Hackers
Blackhat hackers have adopted advanced methods to exploit centralized platforms. Techniques include impersonating recruiters or securing fake job placements to infiltrate internal systems. These threats often go undetected until significant damage occurs, showcasing the increasing sophistication of attackers in the crypto industry
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