Crypto Hacks in 2024 Near $1.5B Despite Decline from Previous Year

According to a report by Immunefi, crypto hacks have reached $1.48B in 2024, marking a 15% decrease from the $1.76B lost during the same period in 2023, offering some relief to investors but highlighting the persistent security challenges in the industry.

Crypto Hacks in November 2024: Losses and Key Incidents

In November alone, crypto hacks led to the theft of more than $71 million worth of digital assets. Among the largest incidents was the $25.5 million Thala hack, involving a farming vulnerability. Fortunately, the protocol managed to recover all the stolen assets. 

https://x.com/immunefi/status/1862136354512970182

The second-largest hack of the month occurred on November 18, when DEXX lost $21 million, affecting over 900 investors.

The report reads:

In total, we have seen a loss of $1,489,921,677 to hacks and rug pulls in 2024 YTD across 209 specific incidents. This represents a 15% decrease compared to the same period in 2023, when losses totaled $1,757,680,745.

Despite the recovery in some cases, the cumulative losses in 2024 remain substantial, spanning 209 incidents. These include various methods such as hacking, exploiting vulnerabilities, and rug pulls.

Related: Bitfinex Hacker Faces Five Years in Prison 

Rising Risks Amid Growing Crypto Valuations

The increase in the total value locked (TVL) in decentralized finance (DeFi), up by over 164% since the end of 2023, has heightened the appeal of the cryptocurrency ecosystem to hackers. The growing value of major cryptocurrencies and DeFi projects creates more lucrative targets, emphasizing the need for improved security measures.

For instance, WazirX, a prominent Indian cryptocurrency exchange, suffered a significant security breach, losing $234 million

Since its inception, the cryptocurrency industry has faced substantial financial losses from cyberattacks. As of mid-2024, cumulative losses from over 785 reported hacks and exploits in the past 13 years exceeded $19 billion.