Losses from crypto hacks and fraud keep falling in 2024

Crypto losses from hacks and rug pulls dropped once again in November, and this year's total loss continues to trend downward.

In November, $71 million in losses were reported by crypto bug bounty platform Immunefi. This represents a 4% decrease from October and a 79% drop compared to a year ago.

November is now the second-lowest month for losses this year. Notably, the majority of the sum was lost in just two incidents, involving decentralized finance firm Thala Labs and meme coin trading terminal DEXX. Together, these accounted for more than $46 million in losses.

This month, losses were exclusively tied to decentralized platforms, with 26 cases registered and no incidents reported involving centralized platforms.
Additionally, almost all of the losses were attributed to hacks, with only $25,300 lost to rug pulls – situations where teams run away with customer funds.

Regarding specific blockchains, Binance-related BNB Chain was the most targeted in November, suffering 14 attacks that accounted for nearly 47% of the industry’s losses for the month. Projects on Ethereum (ETH), the second-largest blockchain by market capitalization, experienced nine incidents, representing almost a third of November's losses.

In total, 209 incidents have been recorded this year, with total losses approaching $1.49 billion. The largest losses occurred in May and July, amounting to $359 million and $282 million, respectively.

Another crypto security firm, CertiK, reported earlier this month that 30% of incidents recorded in 2024 were related to code vulnerabilities. Additionally, in 85% of access control incidents, the stolen funds were successfully returned.