Cryptocurrency hackers continued their onslaught in November, stealing a total of $71 million, according to one report. This takes the total amount of stolen assets in 2024 to a whopping $1.48 billion, divided among 209 occurrences. Despite a 15% drop from the previous year’s losses, the cryptocurrency sector remains vulnerable to high-value hacks.
Despite the decrease in losses, experts warn that the industry’s growing size and acceptance make it an attractive target for hackers. Mitchell Amador, founder of Immunefi, noted that the increase in total value locked (TVL) in decentralized finance (DeFi) by more than 164% since the beginning of 2024 only makes the sector more appealing to unscrupulous actors. The increase in value implies that hackers have more assets to target, making strong security measures more important than ever.
Despite a drop in overall losses from the previous year, the Bitcoin industry has lost more than $19 billion to cyberattacks since 2011. The incidents highlight the persistent threat to DeFi systems and centralized exchanges. Moving forward, cybersecurity experts stress that the industry must continue to prioritize strong security practices to safeguard user assets and maintain investor confidence as the crypto space grows.
