Crypto Hacks Continue to Threaten the Industry with $1.48 Billion Stolen in 2024
Crypto Hacks – The cryptocurrency industry is once again grappling with the aftermath of cyberattacks, as hackers continue to damage its reputation. According to a report from Immunefi, hackers stole over $71 million worth of digital assets in November alone, pushing the total amount of stolen crypto to $1.48 billion for the year 2024. This marks a 15% decrease in thefts compared to the same period last year, where losses amounted to $1.75 billion.
While the 15% decrease in stolen value year-to-date (YTD) offers some relief to the crypto community, cybersecurity experts are urging caution. Mitchell Amador, founder and CEO of Immunefi, warns that the industry remains vulnerable to a “massive attack” that could cause significant damage. “The industry is always one attack away from massive damage,” Amador cautioned, emphasizing the ever-evolving nature of hacker tactics.
Growing Crypto Valuations Attract More Hackers
As the value of top cryptocurrencies and the Total Value Locked (TVL) in Decentralized Finance (DeFi) continue to rise, the appeal for hackers also grows. With a 164% increase in TVL since the end of 2023, crypto projects and investors must remain highly vigilant. Amador explained that the increasing funds in the ecosystem make it an even more attractive target for malicious actors. “Vigilance and proactive security measures are essential as we move into 2025,” he said.
November’s Largest Crypto Hacks
November witnessed several high-profile hacks, including the $25.5 million exploit of Thala, which managed to recover the stolen assets. However, the $21 million hack of DEXX on November 18 affected over 900 individual investors, showcasing the growing threat of decentralized exchanges.
Cumulative Crypto Losses Hit $19 Billion
Since the beginning of the crypto boom, the industry has suffered over $19 billion in losses across 785 reported hacks and exploits. Despite the decrease in thefts in 2024, the crypto space remains a prime target for cybercriminals, and security will remain a top concern for the foreseeable future.
In conclusion, while crypto security measures have improved, the industry must continue its fight against cyberattacks as hackers adapt to new vulnerabilities. The rise of digital assets in 2024 underscores the need for ongoing proactive security in the face of evolving threats.
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