Originally published on: November 28, 2024
Crypto thieves strike again, with a hefty $71 million heist in November, adding to the staggering $1.48 billion stolen this year alone. Despite a 15% decrease compared to last year, worries persist among investors about the growing threat of cyberattacks in the cryptocurrency industry.
According to a report from Immunefi shared with Cointelegraph, the recent wave of theft highlights the need for increased security measures to protect digital assets. Mitchell Amador, CEO of Immunefi, warns that with the rising value of cryptocurrencies and the surge in decentralized finance (DeFi) activities, hackers are finding the industry increasingly enticing.
The report also reveals that the total value locked (TVL) in DeFi has skyrocketed by over 164% since the end of 2023, making it a prime target for cybercriminals. Amador stresses the importance of remaining vigilant and implementing proactive security measures to safeguard projects and users from future attacks.
In the recent string of thefts, the Thala hack was the largest at $25.5 million, although the assets lost were fully recovered. The DEXX hack followed closely behind, impacting more than 900 individual investors with a loss of $21 million.
Despite efforts to combat cyber threats, the crypto industry has already suffered over $19 billion in losses from 785 reported hacks and exploits over the past 13 years. With the risk of attacks looming large, it is crucial for investors and stakeholders to prioritize cybersecurity to protect their assets in the volatile crypto landscape.
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