The crypto trade noticed its second lowest month-to-month losses this month, November 2024, with $71 million misplaced throughout 26 incidents, in line with blockchain safety agency Immunefi.
This can be a important enchancment from November 2023, which noticed $343 million in losses, representing a 79% year-over-year and 4% month-on-month decline. the opposite.
12 months-to-date figures present the trade misplaced $1.48 billion in 2024 on account of hacks and rug pulling in 209 incidents. This represents a 15% drop from the $1.7 billion misplaced over the identical interval in 2023.
November Suggestions
In accordance with Immunefi, two incidents have been liable for most of November's losses. DeFi venture Thala Labs misplaced $25.5 million, whereas memecoin buying and selling terminal DEXX suffered a lack of $21 million.
The corporate famous that every one circumstances reported for the month concerned DeFi platforms, which have overtaken centralized finance (CeFi) as their main goal. DeFi incidents accounted for 100% of misplaced funds.
On the identical time, hacks stay the main explanation for losses, with $70.99 million misplaced in 24 hacking incidents. Rug pulls contributed a lesser quantity, with a lack of $25,300 in two circumstances.
Among the many chains, Binance-backed BNB Chain was essentially the most focused blockchain, liable for nearly 47% of the full losses throughout all chains. He added:
“Ethereum skilled 9 incidents, representing 30% of the full. Solana, Polygon, Fantom, Avalanche, Arbitrum and Aptos every skilled one incident, representing 3.3% respectively.
CEXs dominate 50% of crypto losses in 2024
Centralized exchanges (CEXs) have turn into a major goal in 2024, accounting for practically 50% of whole crypto losses for the reason that begin of the 12 months. Immunefi reported that CEX losses amounted to $724 million, representing the very best share of assaults on centralized platforms since 2021.
The resurgence of CEX vulnerabilities turned significantly evident within the third quarter of the 12 months, when 72% of crypto losses got here from CeFi hacks. As a reminder, a single assault on the Indian trade WazirX in July resulted in a lack of $235 million.
Immunefi identified that CeFi vulnerabilities usually come from compromised scorching wallets, permitting attackers to empty substantial funds. The $724 million misplaced by CEXs in 2024 got here from simply 9 incidents, whereas an identical quantity in DeFi was unfold throughout 200 assaults.
The safety firm highlighted that blackhat hackers have adopted revolutionary strategies to use centralized platforms.
These methods embrace impersonating recruiters or acquiring pretend internships to infiltrate inner groups and infrastructures. These threats usually go unnoticed till important harm happens, underscoring their rising sophistication.
