Nearly $1.49 billion in cryptocurrency losses have been registered to date in 2024, mainly due to hacking incidents, a new report from web3 bug bounty platform Immunefi shows.
The total year-to-date losses have dropped compared to last year, when they surpassed $1.75 billion during the period, and were mainly driven by losses of over $359 million in May and of more than $282 million in July.
In November, cryptocurrency losses surpassed $71 million, mainly due to hacks ($70,996,200), with only a small percentage lost to rug pulls ($25,300). Total losses were 79% lower compared to November 2023, when they exceeded $343 million.
According to Immunefi’s crypto losses report (PDF) for November 2024, there were 24 hacking incidents reported last month, and two rug pulls. To date in 2024, there have been 209 specific incidents resulting in cryptocurrency losses.
The top hacking event reported last month involved decentralized finance firm Thala Labs and resulted in losses of $25.5 million, but the funds were later recovered. Memecoin trading terminal application DEXX came in second, with $21 million lost due to hacking.
All 26 incidents that led to crypto losses in November involved the decentralized cryptocurrency ecosystem (DeFi), with no centralized finance (CeFi) service impacted.
“BNB Chain suffered 14 individual attacks, representing 46.7% of the total losses across targeted chains. Ethereum experienced 9 incidents, representing 30% of the total. Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each experienced one incident, accounting for 3.3%, respectively,” the report shows.
Immunefi’s report is based on the review and validation of publicly available data on hacking and fraud incidents. However, only rug pulls – projects created solely for the purpose of gaining users’ trust to steal their funds – were considered for the fraud category.
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