November 2024 was a turbulent month for the cryptocurrency industry. Over 30 hacking incidents caused financial losses of approximately $85.53 million. Notably, around $25.2 million was recovered as a testament to the growing efforts to combat cybercrime in the crypto space.
The most significant breaches included Thala. It lost $25.5 million but managed to recover $25.2 million along with a $300K bug bounty. DEXX suffered a $21 million hit while Gifto, PolterFinance, and DeltaPrime were also among the hardest hit.
The loss amounted to $12 million, $8.7 million, and $4.75 million, respectively. PeckSheildAlert, the blockchain security alert system, has witnessed the November nightmares via its official X account.
Top 5 Crypto Hacks, The Biggest Losses and Recoveries
The November hacks underscored the crypto industry’s vulnerabilities and recovery potential. Thala’s recovery efforts stand out as a prime example of successful damage control. However, DEXX’s $21 million loss reminds us of the persistent threats platforms face.
The breaches faced by Gifto, PolterFinance, and DeltaPrime highlight the persistent threats platforms face. These incidents reflect the complex and ever-evolving challenges in safeguarding digital assets.
A Broader Perspective of November Scams
Beyond those top 5 breaches, the crypto space encountered some other notable scams in November. A phishing attack compromised over 8,600 Solana wallets, stealing $21 million.
A Crypto Whale lost $3.08M by transferring 7M $PYTH to a scammer’s fake address from the transaction history. It is a reminder to double-check addresses. Additionally, DeFi protocols faced breaches, contributing significantly to the month’s losses and highlighting vulnerabilities across platforms.
The November 2024’s hacks highlight the urgent need for stronger security within the crypto sector. The recovery of a significant portion of stolen Thala’s funds demonstrates the potential for effective countermeasures.
The overall landscape underscores the need for continuous vigilance. As the crypto ecosystem evolves, stakeholders must prioritize the implementation of advanced security protocols. They must foster collaborative efforts to mitigate risks and protect assets.
