Crypto losses hit second-lowest level of $71 million in November 2024

The crypto industry experienced its second-lowest monthly losses this month, November 2024, with $71 million lost across 26 incidents, according to blockchain security firm Immunefi.

This marked a significant improvement compared to November 2023, which recorded $343 million in losses, representing a 79% year-over-year drop and a 4% decrease month-over-month.

Year-to-date (YTD) figures show the industry lost $1.48 billion in 2024 due to hacks and rug pulls in 209 incidents. This represents a 15% decline compared to the $1.7 billion lost during the same period in 2023.

November hacks

According to Immunefi, two incidents accounted for most of November’s losses. DeFi project Thala Labs lost $25.5 million, while the memecoins trading terminal DEXX suffered a $21 million loss.

The firm noted that all reported cases for the month involved DeFi platforms, which surpassed centralized finance (CeFi) as the primary target. DeFi incidents accounted for 100% of the lost funds.

Meanwhile, hacks remained the leading cause of losses, with $70.99 million lost across 24 hacking incidents. Rug pulls contributed a smaller amount, with $25,300 lost in two cases.

Across chains, Binance-backed BNB Chain was the most targeted blockchain, responsible for nearly 47% of the total losses across all chains. It added:

“Ethereum experienced 9 incidents, representing 30% of the total. Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each experienced one incident, accounting for 3.3%, respectively.”

CEXs dominate 50% of 2024 crypto losses

Centralized exchanges (CEXs) have emerged as a significant target in 2024, accounting for almost 50% of total crypto-related losses year-to-date. Immunefi reported that CEX-related losses totaled $724 million, marking the highest share of attacks on centralized platforms since 2021.

The resurgence in CEX vulnerabilities became particularly evident during the third quarter of the year when 72% of crypto losses…