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The cryptocurrency sector experienced a notable decline in losses in November 2024, with a total of $71 million reported stolen across 26 incidents. This figure represents the second-lowest monthly loss this year, showcasing a significant improvement compared to the previous year, where losses exceeded $343 million.
Key Takeaways
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November 2024 losses totaled $71 million, a 79% decrease from November 2023.
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The BNB Chain was the most targeted blockchain, accounting for nearly 47% of total losses.
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Hacks were the primary cause of losses, with $70.99 million lost across 24 incidents.
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Centralized exchanges (CEXs) accounted for almost 50% of total crypto-related losses in 2024.
Overview of November Losses
According to data from blockchain security firm Immunefi, the crypto industry has seen a year-to-date loss of $1.48 billion due to hacks and rug pulls, which is a 15% decrease from the $1.7 billion lost during the same period in 2023. The month of November alone saw a total of 26 incidents, with two major events contributing significantly to the overall losses.
The DeFi project Thala Labs suffered a staggering loss of $25.5 million, while the memecoins trading terminal DEXX lost $21 million. Notably, all reported incidents in November were linked to decentralized finance (DeFi) platforms, marking a shift from previous trends where centralized finance (CeFi) was often the primary target.
Breakdown of Losses by Blockchain
The distribution of losses across various blockchains in November 2024 is as follows:
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BNB Chain: 14 incidents (46.7% of total losses)
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Ethereum: 9 incidents (30% of total losses)
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Solana, Polygon, Fantom, Avalanche, Arbitrum, Aptos: 1 incident each (3.3% of total losses)
This data indicates a growing trend of attacks on DeFi platforms, which accounted for 100% of the lost funds in November.
Centralized Exchanges Under Siege
In 2024, centralized exchanges have emerged as a significant target for hackers, accounting for nearly 50% of total crypto-related losses. CEX-related losses reached $724 million, the highest share of attacks on centralized platforms since 2021. This alarming trend highlights the vulnerabilities present in centralized systems, particularly those stemming from compromised hot wallets.
The report from Immunefi noted that a single attack on the Indian exchange WazirX in July resulted in a staggering $235 million loss, underscoring the potential for significant financial damage in centralized exchanges.