Immunefi Crypto Losses November 2024 Report

Analysis

• In total, we have seen a loss of $1,489,921,677 to hacks and rug pulls in 2024 YTD across 209 specific incidents. This represents a 15% decrease compared to the same period in 2023, when losses totaled $1,757,680,745.
• In November 2024, $71,021,500 was lost due to hacks and rug pulls across 26 specific incidents, marking the second-lowest loss YTD. This represents a 79% decrease from November 2023, when registered losses were $343,038,810, and a 4% decrease month-over-month.
• Most of the sum was lost in two specific projects: decentralized finance firm Thala Labs* which lost $25.5 million, and memecoins trading terminal application DEXX, which lost $21 million.
• In November 2024, DeFi surpassed CeFi, with 26 cases occurring, representing 100% of the total volume of funds lost.
• Hacks continued to be the predominant cause of losses compared to fraud. A total of $70,996,200 was lost across 24 specific hacking incidents, while $25,300 was lost in two rug pulls.
• BNB Chain was the most targeted chain in November 2024, representing 46.7% of the total losses across targeted chains.

October 2024 vs. November 2024

• October 2024 — $73,965,600
• November 2024 — $71,021,500

Top 10 Losses in November 2024*

• Thala — $25,500,000
• DEXX — $21,000,000
• PolterFinance — $12,000,000
• DeltaPrime — $4,750,000
• MetaWin — $4,000,000
• CoinPoker — $2,000,000
• BGM — $458,100
• vETH — $450,000
• DCF Token — $442,000
• Matez — $80,000

Hacks vs. Fraud Analysis

In November 2024, hacks continued to be the predominant cause of losses compared to fraud, accounting for 99.96% of the total losses.

Overview

• Hacks — In total, we have seen a loss of $70,996,200 to hacks in November 2024 across 24 specific incidents.
• Fraud — In total, we have seen a loss of $25,300 to rugpulls in November 2024 across two specific incidents.

Hacks vs. Fraud — November 2024: Hacks 99.96%, Fraud 0.04%

DeFi vs. CeFi Analysis

In November 2024, DeFi again surpassed CeFi, representing 100% of the total volume of funds lost.

Overview

• DeFi — DeFi suffered $71,021,500 in total losses in November 2024 across 2 incidents.
• CeFi — No CeFi incidents were reported in November 2024.

DeFi vs. CeFi — November 2024: DeFi 100%

Losses by Chain

The most targeted chain in November 2024 was BNB Chain.

Overview

• BNB Chain suffered 14 individual attacks, representing 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 experienced one incident, accounting for 3.3%, respectively.

Losses by Chain — November 2024

• BNB Chain — 14
• Ethereum — 9
• Other — 6

In Focus: Crypto Losses YTD

Monthly Overview

In total, the ecosystem has witnessed $1,489,921,677 in losses year-to-date (YTD) across 209 specific incidents. These losses were primarily driven by over $359 million lost in May and over $282 million lost in July. November saw $71 million in losses, marking the second-lowest monthly total losses YTD.

• January — $133M
• February — $79M
• March — $133M
• April — $73M
• May — $359M
• June — $142M
• July — $282M
• August — $15M
• September — $127M
• October — $74M
• November — $71M

Crypto Losses November 2024 — Summary

Total Losses YTD: $1,489,921,677

In November: $71,021,500

Major Losses

• Thala — $26M
• DEXX — $21M
• PolterFinance — $12M
• DeltaPrime — $5M

Hacks vs. Fraud

• Hacks — $70,996,200
• Fraud — $25,300

DeFi vs. CeFi

• DeFi — $71,021,500
• CeFi — $0

Top Losses by Chain

• BNB Chain — 14
• Ethereum — 9
• Other — 6

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About Immunefi

Immunefi is the leading security platform for crypto, protecting more than $180 billion in user funds, and securing protocols across the full development lifecycle, from pre-deployment through production.