Cryptocurrency hackers continue damaging the industry’s reputation as the yearly value stolen through cyberattacks nears $1.5 billion.
Crypto hackers stole over $71 million worth of digital assets during November, according to an Immunefi report shared with Cointelegraph.
This brings the total crypto value stolen to over $1.48 billion year-to-date (YTD) in 2024, according to the report, which stated:
“In total, we have seen a loss of $1,489,921,677 to hacks and rug pulls in 2024 YTD across 209 specific incidents. This represents a 15% decrease compared to the same period in 2023, when losses totaled $1,757,680,745.”
Crypto theft in November 2024. Source: Immunefi
The 15% decrease compared to 2023 YTD is a welcome sign for cryptocurrency investors, following concerns that crypto hackers will surpass the value stolen during the previous year.
However, the industry still needs to remain vigilant to avoid an uptick in losses since it is only one attack away from “massive damage,” according to Mitchell Amador, founder and CEO of Immunefi.
Amador told Cointelegraph:
“The industry is always one attack away from massive damage. While losses due to crypto hacks have decreased compared to previous years, threats persist, and hackers continue to evolve. This is evident in how they infiltrate projects, compromise hot wallets, and exploit vulnerabilities in the darkest corners of the ecosystem.”
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Growing crypto valuations invite more crypto hackers
The growing value of the top cryptocurrencies and the soaring total value locked (TVL) in decentralized finance (DeFi) makes the industry more appealing to hackers.
The over 164% TVL increase since the end of 2023 means that investors and crypto founders need increasing vigilance. “This rise also highlights the heightened risks, as the increasing amount of funds in the ecosystem creates an even more attractive target for hackers,” Amador said. “Vigilance and proactive security measures are essential to protect projects and users moving into 2025,” he added.
Top 10 losses in November 2024. Source: Immunefi
Looking at the month’s largest incidents, the $25.5-million Thala hack was the biggest, but luckily, the protocol was able to recover all the assets lost to the farming vulnerability.
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The $21-million DEXX hack, which occurred on Nov. 18, was the month’s second-largest incident, which affected over 900 individual investors.
As of June, the crypto industry had suffered over $19 billion worth of losses across 785 reported hacks and exploits during the past 13 years.
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