- Crypto crime losses amounted to $85.5 in November, bringing the annual loss to $2.43 billion.
- DeFi platforms remain key targets despite reduced losses in the second half of the year.
This is reported by security company Web3 cockshieldIn November, crypto crime totaled $85.5 million, bringing total annual losses to $2.43 billion.
There were more than 30 hacks last month, but the total monthly loss was down from $102.42 million in October.
Source: Peckshield
DeFi remains a top target
However, DeFi platforms remained the most targeted, with hacks of Thala, DEXX, Gifto, Polter Finance and Delta Prime accounting for most of the losses in November.
For example, Thala and DEXX lost $25.5 million and $21 million respectively, accounting for more than 50% of the losses.
However, Thala has recovered almost the entire hacked amount, $25.2 million. DeFi has remained the top target in 2024.
In a crypto crime report for the first half of 2024, Peckshield reported a loss of $1.56 billion, almost three times the loss it reported in the same period in 2023 ($480 million).
At the time, about 60% of hacks targeted DeFi protocols Ethereum [ETH], Bitcoin [BTC]And Ripple [XRP] emerge as the most stolen tokens.
Part of the H1 2024 report read,
“This represents a significant increase of 293% compared to the same period in 2023 (with losses reaching $480 million). DeFi protocols remained the primary target, accounting for 59% of the total stolen value”
Source: Peckshied
So far in the second half of the year, the industry has lost $889.6 million. Although monthly crypto crime losses have declined since August WaziriX sagaDeFi protocols will remain the main targets in the second half of 2024.
Most of the hacks were carried out via phishing attacks (fake links to DeFi platforms), compromising the platform and users trying to connect to their wallets.
This requires due diligence on shared links and when connecting wallets to your favorite DEX (decentralized exchange) or DeFi platform.