In November 2024, hacks accounted for an overwhelming 99.96% of total losses. During the same period, fraud and rug pulls fell significantly, contributing to just $25,300 in total losses across two incidents.

According to the latest report by Immunefi shared with CryptoPotato, decentralized finance (DeFi) was the primary victim, with $71 million in total losses recorded in November. This was the second-lowest monthly figure of the year and a stark improvement from the $343 million lost during the same period in 2023.

Meanwhile, centralized finance (CeFi) reported no incidents for the month. Despite the decline, Immunefi said that the sector has reemerged as a “prime target” for hackers. Nearly 50% of YTD losses – totaling $724 million – stemmed from CeFi breaches. This is in sharp contrast to recent years when such attacks have declined. In Q3 2024 alone, CeFi hacks accounted for 72% of all losses, with a single incident at India’s WazirX exchange costing $235 million.

Infrastructure vulnerabilities, especially those involving hot wallets, make these breaches particularly catastrophic. Just nine CeFi attacks this year caused as much damage as 200 DeFi breaches. Hackers have resorted to refining their strategies, employing techniques such as impersonating recruiters or planting fake hires to penetrate security systems.

The rise in these sophisticated attacks highlights a growing threat that often remains unnoticed until significant damage is done.

Zooming out, among the targeted blockchain networks, BNB Chain suffered the most significant impact, with 14 separate attacks accounting for 46.7% of November’s total losses. Ethereum followed with nine incidents, contributing to 30% of the month’s losses.

On the other hand, Solana, Polygon, Fantom, Avalanche, Arbitrum, and Aptos each experienced one attack, collectively representing 3.3% per chain. Year-to-date (YTD), the ecosystem has endured losses totaling $1.49 billion across 209 incidents, with May and July being the most devastating months, recording losses exceeding $359 million and $282 million, respectively.