Cyber Crime
Hackers Swipe Rs. 12, 500 crores in Crypto So Far in 2024
Cryptocurrency losses have reached approximately $1.49 billion (INR 12,497 Crores) so far in 2024, primarily driven by hacking incidents, according to a new report by web3 bug bounty platform Immunefi. This marks a decrease from the same period in 2023, which saw losses exceeding $1.75 billion (INR 14,650 Crores)
Notably, May and July of 2024 recorded the highest losses, with over $359 million (INR 2987 Crores) and $282 million (INR 23.46 lakh Crores) lost, respectively. However, November showed a significant drop, with total losses at $71 million (INR 590.72 Crores)—79% lower than the $343 million recorded in November 2023.
The report highlights 24 hacking incidents and two rug pulls in November. The largest breach involved decentralized finance (DeFi) platform Thala Labs, which suffered a $25.5 million loss that was later recovered. Memecoin trading app DEXX followed with a $21 million (INR 174.72 Crores) loss.
All incidents in November targeted the DeFi ecosystem, leaving centralized finance (CeFi) untouched. The BNB Chain was the most affected, accounting for 46.7% of losses across 14 attacks. Ethereum followed with nine incidents (30%), while Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each faced one attack, representing 3.3% each.
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Immunefi’s findings, based on publicly validated data, underscore that the majority of fraud incidents remain linked to rug pulls—schemes designed to deceive investors into handing over funds. The drop in overall losses suggests progress in combating crypto crimes but highlights persistent vulnerabilities in DeFi ecosystems.
As the crypto space continues to evolve, the report serves as a reminder for stronger security measures and community vigilance against hacking and fraud.