Hackers have stolen $1.49 billion a year, DeFi suffers 200 attacks, but CeFi isn’t safe either

In November 2024, pirates accounted for an overwhelming 99.96% of total losses. During the same period, fraud and carpeting decreased significantly, contributing to just $25,300 in total losses across two incidents.

According to the latest Immunefi report shared with CryptoPotato, decentralized finance (DeFi) was the main victim, with $71 million in total losses recorded in November. That was the second-lowest monthly figure of the year and a sharp improvement from the $343 million lost during the same period in 2023.

Meanwhile, centralized finance (CeFi) did not record any incidents during the month. Despite the decline, Immunefi said the sector has re-emerged as a “prime target” for hackers. Almost 50% of YTD losses, totaling $724 million, stemmed from CeFi defaults. This is in contrast to recent years when such attacks have decreased. In the third quarter of 2024 alone, CeFi hackers accounted for 72% of all losses, with a single incident on India’s WazirX exchange costing $235 million.

Infrastructure vulnerabilities, especially those involving hot wallets, make these breaches particularly catastrophic. Just nine CeFi attacks this year caused as much damage as 200 DeFi breaches. Hackers have resorted to refining their strategies, using techniques such as impersonating recruiters or planting fake hires to penetrate security systems.

The rise of these sophisticated attacks highlights a growing threat that often goes unnoticed until significant damage is done.

Narrowing down, among the targeted blockchain networks, BNB Chain took the biggest hit, with 14 separate attacks accounting for 46.7% of the total losses in November. Ethereum followed with nine incidents, which contributed to 30% of the month’s losses.

On the other hand, Solana, Polygon, Fantom, Avalanche, Arbitrum and Aptos each experienced an attack, collectively representing 3.3% per chain. Year-to-date (YTD), the ecosystem has suffered losses totaling $1.49 billion across 209 incidents, with May and July being the most devastating months, recording losses in excess of $359 million and $282 million, respectively.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!