As a seasoned crypto investor with battle scars from countless market fluctuations and hacks, I can’t help but feel a mix of relief and apprehension upon reading this latest report. Relief that DeFi losses have significantly dropped, and hacking incidents in CeFi are on the rise – it’s almost as if the bad guys are trying to keep me guessing!
By November 2024, hacking activities made up a staggering 99.96% of all reported losses. Interestingly, during this timeframe, instances of fraud and rug pulls dropped substantially, resulting in only $25,300 worth of losses across two separate events.
Based on a recent report by Immunefi and as reported by CryptoPotato, decentralized finance (DeFi) suffered the most with a total loss of around $71 million in November. This is the second-lowest monthly loss of the year, marking a significant improvement from the $343 million lost during the same period in 2023.
During the past month, there were no reported incidents in centralized finance (CeFi). However, despite the decrease, Immunefi stated that CeFi has become a “key attraction” for cybercriminals. Approximately half of the total losses so far this year – amounting to $724 million – can be traced back to CeFi breaches. This is quite different from previous years when such attacks had decreased. Interestingly, in Q3 2024 alone, CeFi hacks accounted for 72% of all losses, with a single incident at India’s WazirX exchange resulting in $235 million in losses.
The vulnerabilities in our infrastructure, particularly those concerning hot wallets, make these cyber-attacks exceptionally destructive. To put it into perspective, the financial losses caused by just nine attacks targeting Centralized Finance (CeFi) this year are equivalent to the damage from 200 breaches in Decentralized Finance (DeFi). Cybercriminals have become more sophisticated, adopting tactics like posing as recruiters or planting false job offers to bypass security measures.
Increased complex cyber-attacks underscore a stealthy danger that frequently escapes detection until substantial harm has occurred.
Looking at the broader picture of affected blockchain networks, it’s worth noting that BNB Chain experienced the largest impact last month, with a total of 14 separate attacks causing approximately 46.7% of the overall losses. Ethereum came in second place with nine incidents, accounting for around 30% of the monthly losses.
Conversely, Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each faced a single attack, amounting to approximately 3.3% of the total value for each network. To date this year, these networks have suffered combined losses of $1.49 billion across 209 separate incidents. The most damaging months were May and July, with losses surpassing $359 million and $282 million respectively.
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2024-12-01 00:22