Key Insights from the Report

Compared to last year, the total year-to-date losses have shown a decline. In 2023, losses surpassed $1.75 billion during a certain period. This year, the losses have been mainly driven by significant incidents in May ($359 million) and July ($282 million). In November alone, cryptocurrency losses reached $71 million, with hacking accounting for a major portion ($70,996,200), while rug pulls contributed only a small percentage ($25,300). Interestingly, total losses in November were 79% lower compared to November 2023.

Immunefi's crypto losses report for November 2024 reveals that there were 24 hacking incidents and 2 rug pulls. To date in 2024, a total of 209 specific incidents have led to cryptocurrency losses. The top hacking event involved decentralized finance firm Thala Labs, resulting 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.

Impact on Different Chains

BNB Chain suffered 14 individual attacks, accounting for 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 faced one incident, contributing 3.3% each. This shows the varying degrees of vulnerability among different blockchain platforms.

The report is based on the review and validation of publicly available data on hacking and fraud incidents. It's important to note that only rug pulls, which are projects created solely to gain users' trust and steal their funds, were considered in the fraud category. This provides a clear focus on a specific aspect of cryptocurrency fraud.

With the increasing popularity and value of cryptocurrencies, such losses have significant implications for investors and the industry as a whole. It highlights the need for enhanced security measures and vigilance to protect against these hacking and fraud activities.