Why it matters: Despite enhanced security measures and growing mainstream adoption, cryptocurrency platforms lost $1.49 billion to hackers in 2024. As reported by Securityweek, while this represents a 15% decrease from 2023, the persistent threats highlight ongoing vulnerabilities in digital asset security.
The Big Picture: Hackread reports that November marked a significant improvement in crypto security, with losses dropping to $71 million – the second-lowest monthly total of 2024. This represents a dramatic 79% decrease from November 2023’s $343 million in losses.
- DeFi projects remain primary targets
- Two major incidents account for most November losses
- Hacking incidents vastly outnumber scams
Attack Patterns: The BNB Chain emerged as hackers’ preferred target in November, hosting nearly half of all attacks. The breakdown shows:
- BNB Chain: 46.7% of incidents
- Ethereum: 30% of attacks
- Other networks: 23.3% combined
Notable Breaches: Two significant attacks dominated November’s losses:
- Thala Labs lost $25.5 million
- DEXX trading platform suffered $21 million theft
Looking Forward: While the overall decline in losses suggests improving security measures, the substantial remaining threats indicate the crypto industry must continue strengthening its defenses against increasingly sophisticated attacks.
