Cryptocurrency hackers stole over $71 million in digital assets during November 2024, bringing the year-to-date (YTD) total to $1.48 billion, according to a report by Immunefi.
The report highlights 209 hacking incidents so far this year, marking a 15% decrease compared to the $1.76 billion stolen during the same period in 2023.
The decline in losses is a positive development, but Immunefi CEO Mitchell Amador warns the industry remains highly vulnerable.
“The industry is always one attack away from massive damage. Threats persist, and hackers continue to evolve,” Amador said, emphasising the need for vigilance and proactive security measures.
November’s largest hacking incident involved Thala (CRYPTO:THL), a protocol that lost $25.5 million to a farming vulnerability but managed to recover the stolen funds.
The second-largest hack targeted decentralised exchange DEXX on November 18, resulting in $21 million in losses and affecting over 900 investors.
The growing value of top cryptocurrencies and the 164% increase in total value locked (TVL) in decentralised finance (DeFi) since the end of 2023 have made the industry an attractive target for cybercriminals.
“This rise highlights heightened risks as the increasing amount of funds creates an even more attractive target for hackers,” Amador said, urging the need for enhanced security practices.
Immunefi’s data also shows the crypto industry has suffered over $19 billion in losses across 785 reported hacking incidents over the past 13 years.
Despite the reduction in YTD losses for 2024, the report underscores the need for constant vigilance to mitigate risks as the industry heads into 2025.