Cryptocurrency Cyberattacks: How Hackers Raised $71 Million in November

According to a recent report from Web3 security firm Immunefi, cryptocurrency hackers and scammers made off with over $2024 million in November 71. While this is a significant drop from the $343 million lost during the same period the previous year, these incidents still pose a significant challenge to the industry.

Loss Analysis in November 2024

In November 2024, 28 incidents of cryptocurrency theft were recorded, indicating some progress in security compared to previous years. However, while the number of attacks has decreased, their scale is still alarming.

The Most Vulnerable Blockchain Networks

Immunefi’s analysis indicates that the BNB Chain network was the most vulnerable to attacks, accounting for 14 incidents and 46,7% of total losses in November. The Ethereum network came in second with 9 incidents, accounting for 30% of losses. The remaining incidents affected the Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos networks.

Comparison with previous periods

From the beginning of 2024 through November, the cryptocurrency ecosystem lost $1,48 billion to attacks, compared to $2023 billion in the same period in 1,7. While there has been some decline, the losses are still significant and point to the need to further strengthen security in the industry.

Impact on projects and users

Experts from Immunefi note that most projects that fall victim to attacks do not regain their value or user trust. As a result, investors become more cautious, and projects have to invest more in security and audits to attract and retain users.

Conclusions for investors

It is crucial for potential investors to thoroughly examine projects in terms of their security and incident history. It is worth investing in projects that conduct regular security audits and have transparent risk management procedures.

Summary

While the cryptocurrency industry has made progress in terms of security, the November 2024 incidents show that there is still a need for continuous security improvements. Investors should exercise caution and carefully analyze projects before making investment decisions.

Technical data and current prices of selected cryptocurrencies:

• Bitcoin (BTC): Price: $96; Market capitalization: $584 trillion.
• Ethereum (ETH): Price: $3; Market capitalization: $662,94 billion.
• BNB (BNB): Price: $655,24; Market capitalization: $100 billion.
• Sunshine (SUN): Price: $239,45; Market capitalization: $70 billion.
• Polygon (MATIC): Price: $0,592555; Market capitalization: $5 billion.
• Phantom (FTM): Price: $1,047; Market capitalization: $2,5 billion.
• Avalanche (AVAX): Price: $45,22; Market capitalization: $15 billion.
• Arbitrum (ARB): Price: $0,956099; Market capitalization: $1 billion.
• Aptos (APT): Price: $13,46; Market capitalization: $2 billion.