The cryptocurrency industry experienced a significant decline in security breaches in November 2024, as revealed by a comprehensive report from ImmuneFi. The sector recorded a total of 26 hacking and rug pull incidents, resulting in losses amounting to $71,021,500. This figure stands as the second-lowest monthly loss of the year, marking a dramatic 79% reduction from the staggering $343 million lost in November 2023.
Throughout the calendar year, net losses amounted to $1.49 billion, reflecting a 15% decrease compared to the same period in 2023. This downward trend highlights the ongoing efforts to combat crypto-related fraud and enhance security measures across various platforms.
DeFi Dominance Over CeFi
DeFi platforms were the predominant targets in November, suffering the entire brunt of losses through 26 distinct attacks. Interestingly, there were no reported incidents within the centralized finance (CeFi) sector during this period, underscoring a clear focus on decentralized finance environments.
Hacks vs. Rug Pulls
The majority of the losses were attributed to hacks, which accounted for $70,996,200, or 99.96%, of the total amount lost. A total of 24 hacking incidents were reported, while a meager $25,300 was linked to fraud and rug pulls, stemming from two isolated incidents. This stark contrast emphasizes the critical need for enhanced security protocols against hacking activities.
Most Targeted Chains
The BNB Chain emerged as the most targeted blockchain, facing 14 attacks and accounting for 46.7% of the total losses. Ethereum followed closely with nine incidents, representing 30% of the total losses. Other affected blockchains included Solana, Polygon, and Avalanche, each experiencing a single incident, which highlights the pervasive nature of threats across the blockchain ecosystem.
Monthly Trends and Year-to-Date Analysis
Overall, the frequency of catastrophic events experienced a moderate stabilization in November, displaying a 4% reduction compared to October, and indicating a downward trend. Year-to-date analysis reveals that the highest losses were recorded in May ($359 million) and July ($282 million), with November’s figures among the lowest, suggesting an improvement in security measures over time.
Conclusion
The significant reduction in losses during November 2024 can be attributed to intensified efforts to fortify the crypto ecosystem’s security. Despite the improvements, DeFi platforms remain the primary targets for cyber-attacks, underscoring the urgent need for enhanced security measures and regulatory frameworks. As the year draws to a close, it is crucial for developers, users, and authorities to collaborate in fostering a more secure cryptocurrency environment in 2025 and beyond.
