- Crypto crime loss hit $85.5 in November, bringing the yearly loss to $2.43B.
- DeFi platforms remain key targets despite reduced loss in H2.
As a seasoned researcher who has witnessed the rise and fall of digital assets since their inception, I find these statistics both alarming and intriguing. The $2.43 billion loss due to crypto crime this year is a stark reminder of the wild west nature of the digital asset market.
As reported by the cybersecurity company specializing in Web3, Peckshield, the amount of cryptocurrency theft in November reached approximately $85.5 million. This increase brings the total estimated annual losses due to crypto crime to a staggering $2.43 billion.
Last month saw more than thirty security breaches, yet the cumulative financial impact was less than the $102.42 million recorded in October.
DeFi remains a top target
Nevertheless, it was DeFi platforms that experienced the majority of attacks last month, with incidents involving Thala, DEXX, Gifto, Polter Finance, and Delta Prime causing significant losses during this period.
To illustrate, Thala and DEXX suffered significant setbacks totaling approximately $46.5 million, with Thala alone accounting for about $25.5 million, making up more than half of the collective losses.
However, Thala recovered almost all the hacked amount, $25.2M. DeFi has remained the key target in 2024.
According to Peckshield’s H1 2024 Crypto Crime Report, the total loss reported was approximately $1.56 billion – a significant increase from the $480 million loss reported during the same timeframe in 2023, indicating a nearly triple amount of losses.
During that period, approximately 60% of hacking incidents focused on Decentralized Finance (DeFi) protocols. Notably, Ethereum [ETH], Bitcoin [BTC], and Ripple [XRP] were the most frequently targeted and stolen cryptocurrencies.
Part of its H1 2024 report read,
This signifies a substantial 293% rise compared to the same timeframe in 2023 (with losses reaching approximately $480 million). DeFi protocols were the main focus, making up about 59% of the total value that was pilfered.
As an analyst, I’ve observed that our sector has experienced a setback of approximately $889.6 million in the second half of this year. Despite a decrease in monthly crypto-related crime losses since the WaziriX incident in August, it’s clear that DeFi protocols continue to be the primary focus for criminal activities during the latter part of 2024.
The majority of unauthorized access incidents occurred via phishing tactics, involving false links to Decentralized Finance (DeFi) sites. This deception led to both the platforms themselves being breached and unsuspecting users attempting to link their digital wallets.
It’s important to exercise careful scrutiny when linking shared connections and wallets with your preferred decentralized exchange (DEX) or DeFi platform, ensuring thorough verification.
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2024-12-02 00:07