The post Crypto Loses in November 2024: A 79% Drop in Losses Compared to Last Year appeared first on Coinpedia Fintech News
The cryptocurrency sector recorded 26 hacking and rug pull incidents, which led to $71,021,500 in total losses in November 2024 according to the monthly report by ImmuneFi. This is the second lowest monthly loss YTD and is down 79% from November 2023, which lost a total of $343 million.
Calendar year net losses were at $1.49 billion, down by 15% compared with the same period of year 2023. The further decline can also be attributed to efforts in addressing the-frame crypto-associated frauds
The two biggest incidents of November include Thala Labs wherein the firm lost $25.5 million and secondly, DEXX, a memecoins trading platform where the firm lost $21 million.
Defi Dominance Over Cefi
DeFi platforms were the most common victims, and they suffered 100% of the losses through 26 attacks. However, there was no report of any incidents in the centralized finance (CeFi) industry in November.
Hacks vs. Rug Pulls
Most losses can be blamed on hacks, which made up $70,996,200, or 99.96%, of the total lost; 24 hacks were reported. A ridiculously low $25,300 was related to fraud and rug pulls, from two incidents.
Most Targeted Chains
The BNB Chain was attacked more than any other blockchain, with 14 attempts and 46.7% of the total losses. Ethereum came second with nine occurrences which were equal to 30 percent of the total amount lost.
Other chains in the blockchain that were affected by the attacks include Solana, Polygon and Avalanche and each had only one incident indicating that threats are universal in the blockchain.
Monthly Trends and Year-to-Date Outs
In general, catastrophic events moderately stabilized in November at a 4% reduction to October and enhanced presentation of a descending tendency. Year to date, the losses were seen to be highest in May ($359M) and second in July ($282M) and the figure in November is one of the lowest.
Conclusion
Due to deeper attempts to secure the crypto ecosystem, the size of the loss in November is much lower than that in the same period of 2023 and October. Nevertheless, given that the DeFi platform remains the most common target for web attacks, there is an urgent need for improved security measures and regulation. This is why it is significant at the end of the year that developers, users, and authorities pull together to generate more secure cryptocurrency environment in 2025 and the following years.
