A Challenging November for Crypto Security
A report by Immunefi noted that hackers stole $71 million worth of cryptocurrencies in November. That brings the total value lost to hacks and rug pulls in 2024 to an astonishing $1.48 billion across 209 incidents, while this is a 15% decrease compared to the same period in 2023, the industry remains very susceptible to cyberattacks that can shake investor confidence and stability.
The report, however, highlights that the crypto ecosystem remains an attractive target for malicious actors because of its expanding market size and growing adoption, despite the reduction in yearly losses.
The Rising Risk of DeFi Hacks
Mitchell Amador, founder and chief executive of Immunefi, said the growing valuation of cryptocurrencies and DeFi protocols is making them attractive targets for hackers. The total value locked in DeFi has increased by more than 164% since the end of 2023, creating avenues for cybercriminals to exploit vulnerabilities.
As the ecosystem grows, so does the risk,” Amador said, highlighting that this increase in value requires more robust security to avoid catastrophic losses. Greater awareness and proactive measures are important for the protection of both users and projects.
Major Attacks in November
Several high-profile hacks in November underline the urgent need for enhanced security practices:
Thala Hack: The biggest breach this month saw a loss of $25.5 million due to a farming vulnerability. Luckily, Thala was able to recover all the stolen assets.
DEXX Hack: On November 18, hackers exploited a weakness in DEXX, stealing $21 million and affecting over 900 investors.
These incidents have shown that both DeFi protocols and centralized platforms continue to be vulnerable.
Crypto Security Fortified
Although the total losses are reported to be lower than in 2023, complacency is a luxury the crypto industry cannot afford. More than $19 billion has been lost in the past 13 years across 785 reported exploits. With 2024 nearing its close, the focus must shift toward creating robust safeguards to secure digital assets.
Moving forward, all stakeholders have to work together toward a more resilient infrastructure. It is about making sure future incidents do not happen that destroy confidence in the technology and make it harder for widespread adoption of blockchain. In this regard, cybersecurity would remain one of the key priorities for the crypto industry entering 2025.
