As a seasoned analyst with over two decades of experience in the tech and finance industries, I’ve witnessed the rise and fall of numerous sectors, and the world of cryptocurrency is no exception. The latest report on cyberattacks in the crypto space paints a grim yet familiar picture – one that echoes my experiences in other digital landscapes.
Yearly losses from cryptocurrency hacks are approaching $1.5 billion, further tarnishing the sector’s already questionable reputation in the eyes of the public.
During the month of November, thieves specializing in cryptocurrency theft managed to make off with approximately $71 million in digital assets, as revealed by a report from Immunefi that was passed on to CryptoMoon.
In 2024, as per the report, the cumulative value of cryptocurrencies stolen so far this year has surpassed $1.48 billion.
“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.”
As an analyst, I’m pleased to report a 15% drop in the performance of cryptocurrencies compared to the Year-to-Date (YTD) figures for 2023. This positive trend comes as a relief after worries about crypto hackers potentially exceeding the value they stole during the preceding year.
Nevertheless, the industry must continue to stay alert to prevent a rise in losses as it stands just one attack away from causing “significant harm,” as mentioned by Mitchell Amador, the founder and CEO of Immunefi.
Amador told CryptoMoon:
“The industry is always one attack away from massive damage. While losses due to crypto hacks have decreased compared to previous years, threats persist, and hackers continue to evolve. This is evident in how they infiltrate projects, compromise hot wallets, and exploit vulnerabilities in the darkest corners of the ecosystem. “
Growing crypto valuations invite more crypto hackers
As the increasing worth of leading cryptocurrencies and the escalating Total Value Locked (TVL) within Decentralized Finance (DeFi) becomes more attractive, it also increases the allure for cybercriminals in this sector.
The substantial TVL growth of over 164% since the end of 2023 underscores a need for heightened caution among investors and crypto pioneers, as this surge in funds within the ecosystem makes it an even more alluring objective for cybercriminals, according to Amador. Maintaining vigilance and implementing robust security measures is crucial to safeguard projects and users as we approach 2025,” he emphasized.
Examining the most significant events this month, the Thala hack, amounting to $25.5 million, stood out as the largest incident. Fortunately, the protocol successfully managed to restore all the assets that were compromised due to the farming vulnerability.
On November 18th, a cyber attack on DEXX resulted in a loss of approximately $21 million, marking the second most significant incident that month and impacting more than 900 separate investor accounts.
Since June, the cryptocurrency sector has experienced a total loss of approximately $19 billion due to around 785 reported hacking incidents and exploits that have occurred over the past 13 years.
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2024-11-28 17:38