Crypto bug bounty platform, $71 million was lost in November, reflecting a 4% decline
The crypto industry continued its downward trend in losses from hacks and rug pulls in November 2024, marking a significant improvement in security compared to previous years. According to Immunefi, a crypto bug bounty platform, $71 million was lost in November, reflecting a 4% decline from October and a staggering 79% drop from November 2023. This makes it the second-lowest month for crypto-related losses this year. However, the bulk of these losses more than $46 million stemmed from just two major incidents involving decentralized finance (DeFi) firm Thala Labs and meme coin trading terminal DEXX. Notably, all reported losses in November were from decentralized platforms, with 26 incidents recorded and no centralized platform attacks. The dominance of DeFi in these breaches continues a broader trend of security vulnerabilities in decentralized ecosystems, raising concerns about the robustness of smart contracts and protocol defenses.
Among the affected blockchains, BNB Chain (formerly Binance Smart Chain) was the most targeted, suffering 14 attacks that accounted for nearly 47% of all losses in November. Meanwhile, Ethereum-based projects were hit by nine incidents, making up about a third of the month's total losses. Despite the persistent threats, the overall crypto security landscape appears to be improving, with total losses for 2024 reaching approximately $1.49 billion—a significant reduction from previous years. The worst months for crypto hacks in 2024 were May and July, with losses of $359 million and $282 million, respectively. According to another security firm, CertiK, 30% of all incidents this year were due to code vulnerabilities, highlighting the critical need for enhanced smart contract auditing and secure development practices. Encouragingly, in 85% of access control-related incidents, the stolen funds were successfully recovered, suggesting that improved response mechanisms and proactive security efforts are making a tangible difference in the fight against crypto fraud and theft.
