Web3 security company Peckshield reported a total of $85.5 million in cryptocurrency thefts in November, contributing to a cumulative yearly loss of $2.43 billion.
The month saw more than 30 incidents of illicit access, yet the overall monthly financial impact was lower compared to the $102.42 million recorded in October.
DeFi Continues to Attract Unwanted Attention
Despite this, decentralized finance (DeFi) platforms remained highly sought after targets, with Thala, DEXX, Gifto, Polter Finance, and Delta Prime experiencing majority of the financial hits in November.
For example, Thala and DEXX witnessed losses of $25.5 million and $21 million, respectively, accounting for over 50% of the total losses.
However, Thala managed to recover a substantial sum, salvaging $25.2 million. DeFi retains its status as the primary focus in 2024.
A mid-year 2024 review of crypto criminal activities by Peckshield unveiled losses amounting to $1.56 billion, marking nearly a threefold increase from the prior year’s corresponding figures of $480 million.
During this time frame, approximately 60% of all attacks were directed towards DeFi mechanisms, with Ethereum [ETH], Bitcoin [BTC], and Ripple [XRP] ranking high as the most targeted cryptocurrencies.
An excerpt from Peckshield’s mid-year 2024 findings stated,
“This marks a significant 293% increase from the same period in 2023 (with losses totaling $480 million). DeFi protocols remained primary targets, accounting for 59% of the total stolen value.”
Subsequently, the industry has suffered losses amounting to $889.6 million in the second half of the year. Despite the tapering off of monthly crypto criminal activities post the August WaziriX incident, DeFi protocols continue to be the primary points of conflict in the later part of 2024.
The majority of breaches were facilitated through phishing maneuvers (such as deceptive links to DeFi platforms), thereby jeopardizing both platforms and users attempting to integrate their digital wallets.
This underscores the need for meticulousness when engaging with shared links and connecting wallets to preferred DEX (decentralized exchange) or DeFi interfaces.