December 3, 2024 at 07:13AM
In 2024, cryptocurrency losses reached nearly $1.49 billion, primarily due to hacks, according to Immunefi. This is a reduction from last year’s $1.75 billion. November losses were over $71 million, with 24 hacking incidents reported. BNB Chain was the most targeted, accounting for 46.7% of total losses.
### Meeting Takeaways
1. **Cryptocurrency Losses Overview**:
– Total losses in cryptocurrency for 2024 reached nearly **$1.49 billion** due to hacking incidents.
– Losses have decreased compared to the same period in the previous year (2023), which had losses exceeding **$1.75 billion**.
2. **Monthly Highlights**:
– In **November 2024**, losses amounted to over **$71 million**, with hacking accounting for approximately **$71 million** and a marginal loss of **$25,300** due to rug pulls.
– November losses were **79% lower** than those in November 2023, which surpassed **$343 million**.
3. **Incidents and Trends**:
– The report identified **24 hacking incidents** and **2 rug pulls** for November.
– Year-to-date figures show a total of **209 specific incidents** resulting in cryptocurrency losses for 2024.
4. **Major Hacking Events**:
– The largest hacking incident reported in November involved **Thala Labs**, leading to a loss of **$25.5 million**, although the funds were later recovered.
– The second major incident involved the memecoin trading terminal **DEXX**, with losses of **$21 million**.
5. **Affected Ecosystems**:
– All of November’s loss incidents were linked to the **decentralized finance (DeFi)** sector, with no losses reported from centralized finance (CeFi).
– Breakdown of attacks on blockchain networks:
– **BNB Chain**: 14 attacks (46.7% of total reported losses)
– **Ethereum**: 9 attacks (30% of total)
– Other chains like Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each had 1 incident (3.3% each).
6. **Source of Report**:
– The data is sourced from Immunefi’s crypto losses report, validated against publicly available information on hacking and fraud.
### Next Steps
– Continue monitoring trends in cryptocurrency losses and security incidents.
– Focus on improving security measures within the DeFi space to mitigate hacking risks.
– Review incident response protocols in light of the recent major hacking events.