November 2024 saw cryptocurrency losses exceeding $71 million from 26 hacking and fraud incidents. This marks the second lowest monthly loss year-to-date and reflects a 79% decrease from November 2023.
Major Incidents of November
The two largest incidents of the month involved Thala Labs, with a loss of $25.5 million, and the DEXX platform, with $21 million in losses.
DeFi Dominance Over CeFi
DeFi platforms were the primary victims, suffering 100% of the losses from 26 attacks, while the centralized finance sector reported no incidents.
Blockchain Trends and Monthly Outcomes
The BNB Chain was the most frequently attacked blockchain, with 14 attempts accounting for 46.7% of the total losses. Ethereum ranked second with nine occurrences amounting to 30% of the total loss. Other blockchains such as Solana, Polygon, and Avalanche each only experienced one incident, highlighting the widespread threat across the blockchain environment. Overall year-to-date losses stood at $1.49 billion, a 15% decrease compared to the same period in 2023. The highest losses were recorded in May ($359M) and July ($282M), while the November figure was among the lowest.
Due to enhanced security measures, the scale of losses in November was significantly lower than in the previous year and October. However, with DeFi platforms remaining primary targets for web attacks, there is a pressing need for improved security measures and regulations. It is crucial for developers, users, and authorities to collaborate and create a more secure cryptocurrency environment for 2025 and beyond.
