Cryptocurrency hackers made away with $71 million in digital assets during November 2024, pushing the year-to-date (YTD) total to a staggering $1.48 billion, according to a report from Immunefi. While this marks a 15% reduction from the $1.76 billion lost during the same period in 2023, the persistent attacks highlight ongoing vulnerabilities in the crypto space.

Immunefi’s CEO, Mitchell Amador, warned that the industry remains highly susceptible to devastating breaches. Despite the reduction in losses, Amador emphasized the evolving tactics of hackers, who continue to exploit hot wallets, infiltrate projects, and identify vulnerabilities in decentralized finance (DeFi) platforms.

The rising value of cryptocurrencies and a 164% surge in the total value locked (TVL) across DeFi protocols since 2023 have made the ecosystem an even more attractive target. Amador stressed the need for vigilance and robust security measures to safeguard both projects and investors.

November’s largest attack involved a $25.5-million exploit of the Thala protocol, which fortunately recovered the stolen assets. The second-largest incident, the $21-million DEXX hack, impacted over 900 investors. These attacks underscore the ongoing risk, even as the industry adopts better security practices.

Since 2010, the crypto sector has lost over $19 billion across 785 reported hacks and exploits, a stark reminder of the high stakes. As the industry moves into 2025, enhanced protections and proactive security measures are essential to counter the growing sophistication of cybercriminals.

While losses have decreased, the sheer scale of stolen assets in 2024 highlights that the fight against crypto hackers is far from over.