Crypto hacks cross $2B in 2024, November sees $85.5 mln in losses

• Crypto crime loss hit $85.5 in November, bringing the yearly loss to $2.43B. 
• DeFi platforms remain key targets despite reduced loss in H2. 

According to Web3 security firm Peckshield, crypto crime in November hit $85.5 million, bringing total yearly losses to $2.43 billion.

There were over 30 hacks last month, but the total monthly loss was lower than October’s $102.42 million. 

DeFi remains a top target

However, DeFi platforms remained the most targeted, with hacks of Thala, DEXX, Gifto, Polter Finance, and Delta Prime accounting for most of the November losses.

For instance, Thala and DEXX lost $25.5M and $21M, respectively, accounting for over 50% of the losses. 

However, Thala recovered almost all the hacked amount, $25.2M. DeFi has remained the key target in 2024. 

In an H1 2024 crypto crime report, Peckshield reported a $1.56B loss, nearly three times the loss it reported in the same period in 2023 ($480M).

At that time, about 60% of the hacks targeted DeFi protocols, with Ethereum [ETH], Bitcoin [BTC], and Ripple [XRP] emerging as top stolen tokens. 

Part of its H1 2024 report read, 

“This marks a significant 293% increase from the same period in 2023 (w/ losses amounted to $480m).DeFi protocols remained primary targets, accounting for 59% of the total stolen value”

So far, the sector has lost $889.6M in H2. Although monthly crypto crime losses have declined since August’s WaziriX saga, DeFi protocols remain primary targets in H2 2024. 

Most hacks were carried out through phishing attacks (fake links to DeFi platforms), compromising the platform and users trying to connect their wallets.

This calls for due diligence on shared links and when connecting wallets to your favorite DEX (decentralized exchange) or DeFi platform.