Cryptocurrency hackers continue to tarnish the industry’s reputation as annual value stolen through cyberattacks approaches $1.5 billion.
Cryptocurrency hackers stole $71 million worth of digital assets during November, according to an Immunefi report shared with Cointelegraph.
According to the report, this brings the total stolen cryptocurrency value to over $1.48 billion as of 2024.
“In 209 YTD 2024, hacking and rug pulling resulted in total losses of $1,489,921,677 in 209 specific incidents. This represents a 15% decrease compared to the same period in 2023, when total losses were $1,757,680,745.”
Cryptocurrency theft in November 2024. Source: Immunefi
The 15% decline YTD in 2023 is a welcome sign for cryptocurrency investors following concerns that cryptocurrency hackers would surpass the value stolen in previous years.
But according to Mitchell Amador, founder and CEO of Immunefi, the industry must still remain vigilant to avoid mounting losses, as “massive damage” is just one attack away.
Amador told Cointelegraph:
“The industry is always one hit from a major loss. Losses from cryptocurrency hacks have decreased compared to previous years, but the threat persists and hackers continue to evolve. This is evident in the way they infiltrate projects, compromise hot wallets, and exploit vulnerabilities in the darkest corners of the ecosystem. “
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Increased cryptocurrency valuation attracts more cryptocurrency hackers
The rise in the value of top cryptocurrencies and the surge in total value locked (TVL) in decentralized finance (DeFi) have made the industry more attractive to hackers.
An increase of more than 164% in TVL since the end of 2023 means investors and cryptocurrency startups need to be more vigilant. “This increase highlights the increased risk as the increase in funding within the ecosystem makes it a much more attractive target for hackers,” Amador said. “Vigilance and proactive security measures are essential to protect projects and users as we move into 2025,” he added.
Top 10 Losses for November 2024. Source: Immunefi
Looking at the biggest incidents of the month, the $25.5 million Thala hack was the biggest, but luckily the protocol was able to recover all assets lost due to the farming vulnerability.
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The $21 million DEXX hack on November 18 was the second-largest incident of the month, affecting more than 900 retail investors.
As of June, the cryptocurrency industry had lost more than $19 billion due to 785 reported hacks and attacks over the past 13 years.
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