The crypto industry faced its second-lowest monthly losses in November 2024, with $71 million lost across 26 incidents, as reported by blockchain security firm Immunefi. This is a significant improvement over November 2023, which saw $343 million in losses, a 79% year-over-year drop and a 4% decrease month-over-month.

Year-to-date (YTD) figures for 2024 show that the industry lost $1.48 billion due to hacks and rug pulls in 209 incidents, representing a 15% decline compared to the $1.7 billion lost during the same period in 2023. November hacks saw two incidents accounting for most of the losses: DeFi project Thala Labs lost $25.5 million, and memecoins trading terminal DEXX suffered a $21 million loss.

Immunefi noted that all reported cases for the month involved DeFi platforms, surpassing centralized finance (CeFi) as the primary target, with DeFi incidents accounting for 100% of the lost funds. Hacks remained the leading cause of losses, with $70.99 million lost across 24 hacking incidents. Rug pulls contributed a smaller amount, with $25,300 lost in two cases.

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 Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each experienced one incident, accounting for 3.3% respectively.

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, marking the highest share of attacks on centralized platforms since 2021. The resurgence in CEX vulnerabilities became particularly evident during the third quarter of the year when 72% of crypto losses stemmed from CeFi hacks.

CeFi’s vulnerabilities often stem from compromised hot wallets, allowing attackers to drain substantial funds. The $724 million lost by CEXs in 2024 came from just nine incidents, whereas a similar amount in DeFi was spread across 200 attacks. Immunefi highlighted that blackhat hackers have adopted innovative methods to exploit centralized platforms, such as impersonating recruiters or securing fake job placements to infiltrate internal teams and infrastructure.

These threats often go undetected until significant damage occurs, underscoring their growing sophistication.

Source

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