Defi

DeFi

Polygon

Chains

Thala

<p>November 2024 saw $71,021,500 lost across 26 hacking and rug pull incidents, according to <a href="https://assets.ctfassets.net/t3wqy70tc3bv/35MQzP0zqUqrHUuR0KaxJO/d83fee01deb80f6a8e5d390724ce68f7/Immunefi_Crypto_Losses_November_2024.pdf" target="_blank" rel="noreferrer noopener"><strong>ImmuneFi's</strong> monthly report</a>. This is the second-lowest monthly loss of the year, down 79% from November 2023, when the industry lost $343 million.</p>   
<figure class="wp-block-image size-full">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/29130552/Crypto-loses-in-November-2024.webp" alt="" class="wp-image-386944">
</figure>   
<p>Year-to-date (YTD) losses have reached $1.49 billion, a 15% decrease from the same period in 2023. This drop is partly due to increased efforts to fight fraud and strengthen security in the crypto space.</p>   
<h2 class="wp-block-heading" id="h-november-s-major-incidents">November’s Major Incidents</h2>   
<p>The two biggest incidents in November were:</p>   
<ol class="wp-block-list">
  
 <li><strong><a href="https://coinpedia.org/crypto-live-news/thala-recovers-25-5m-after-hackers-attack/" target="_blank" rel="noreferrer noopener">Thala Labs</a></strong>, which lost <strong>$25.5 million</strong> in a single attack.</li>   
 <li><strong><a href="https://coinpedia.org/crypto-live-news/dexx-investigates-security-breach-pledges-user-reimbursement/" target="_blank" rel="noreferrer noopener">DEXX</a></strong>, a memecoin trading platform, which lost <strong>$21 million</strong>.</li> 
</ol>   
<p>Together, these two events made up more than 65% of the total losses for the month.</p>   
<h2 class="wp-block-heading" id="h-defi-platforms-suffer">DeFi Platforms Suffer</h2>   
<p>DeFi platforms were the only targets of attacks in November, suffering all 26 incidents and 100% of the losses. Interestingly, centralized finance (CeFi) platforms saw no reported incidents during the month.</p>   
<ul class="wp-block-list">
  
 <li>Rug pulls and fraud accounted for a minimal $25,300 from just two incidents.</li>   
 <li>Hacks were the main cause of losses, totaling $70,996,200 (99.96%) from 24 attacks.</li> 
</ul>   
<h2 class="wp-block-heading" id="h-most-targeted-chains"><strong>Most Targeted Chains</strong></h2>   
<p>The <a href="https://coinpedia.org/beginners-guide/binance-smart-chain-bsc/" target="_blank" rel="noreferrer noopener">BNB Chain</a> was attacked more than any other blockchain, with 14 attempts and 46.7% of the total losses. Ethereum came second with nine occurrences which were equal to 30 percent of the total amount lost.&nbsp;</p>   
<p>Other chains in the blockchain that were affected by the attacks include Solana, Polygon and Avalanche and each had only one incident indicating that threats are universal in the blockchain.</p>   
<h2 class="wp-block-heading" id="h-signs-of-stabilization">Signs of Stabilization?</h2>   
<p>November’s losses showed a 4% decrease compared to October, indicating a trend toward stabilization in the frequency of major incidents. The highest monthly losses of the year occurred in:</p>   
<ul class="wp-block-list">
  
 <li><strong>May</strong>: $359 million</li>   
 <li><strong>July</strong>: $282 million</li> 
</ul>   
<p>November's losses are among the lowest, suggesting that efforts to secure the crypto ecosystem are having some positive effect.</p>   
<h2 class="wp-block-heading" id="h-will-we-see-change-in-2025">Will We See Change in 2025?</h2>   
<p>Despite the reduction in losses, <a href="https://coinpedia.org/glossary/defi/" target="_blank" rel="noreferrer noopener">DeFi platforms </a>remain the primary target for cyberattacks. This reinforces the need for better security measures, stricter regulations, and greater cooperation among developers, users, and authorities.</p>   
<p>As 2024 ends, it is critical that the crypto community works together to create a safer environment in 2025 and beyond.</p>

Crypto Loses in November 2024: $71M Drained as DeFi Hit Hard

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