- Over $71 million in cryptocurrency stolen during November, pushing 2024’s total losses to $1.48 billion.
- Report shows a 15% decline in losses compared to the same period in 2023.
- Security experts warn the industry remains vulnerable to evolving threats and sophisticated attacks.
Cryptocurrency hackers have stolen $71 million in digital assets in November alone, pushing the total stolen in 2024 to nearly $1.5 billion. According to a report by cybersecurity firm Immunefi, the industry has witnessed losses of $1,489,921,677 across 209 incidents this year.
Although this marks a 15% decrease compared to the same period in 2023, experts warn that the industry remains vulnerable to severe threats. Immunefi’s CEO, Mitchell Amador, emphasized that one significant attack could still lead to “massive damage” for the industry.
Rising Valuations Draw More Targeted Hacks
The surge in the value of major cryptocurrencies and the growing total value locked (TVL) in decentralized finance (DeFi) protocols have made the sector an attractive target for cybercriminals. TVL has increased by 164% since the end of 2023, further elevating risks.
Amador stressed the importance of proactive security measures, stating that as the ecosystem grows, it becomes a larger target for hackers. He urged projects and investors to prioritize vigilance as the industry heads into 2025.
Among the major incidents in November, the $25.5 million Thala protocol exploit was the largest but resulted in no permanent losses after the assets were recovered. However, the $21 million DEXX attack, affecting over 900 users, remains one of the most notable breaches of the month.
While the report notes a decline in year-over-year losses, the industry has seen over $19 billion stolen in 785 reported incidents during the past 13 years. This highlights the ongoing need for robust security measures as digital assets continue to grow in popularity.
