Originally published on: November 28, 2024
Cybercriminals are wreaking havoc in the cryptocurrency industry, with November witnessing the theft of over $71 million in digital assets. This staggering amount adds to the total value stolen in 2024, reaching a whopping $1.48 billion. However, there is some relief as this represents a 15% decrease compared to the previous year, but the threat of further attacks looms large.
In a recent report by Immunefi shared with Cointelegraph, the industry’s vulnerability to hackers was highlighted. Mitchell Amador, the CEO of Immunefi, emphasized the importance of maintaining vigilance to prevent significant losses. The allure of the top cryptocurrencies and the exponential growth of decentralized finance (DeFi) platforms make them prime targets for hackers seeking to capitalize on the soaring total locked value (TVL).
As TVL surges by over 164% since the end of 2023, investors and project founders must prioritize security measures to safeguard against potential attacks. The recent incidents in November, including the $25.5 million Thala hack and the $21 million DEXX hack, underscore the constant threat faced by the crypto community.
With losses in the industry surpassing $19 billion across 785 reported hacks and exploits in the last 13 years, the imperative for robust security practices cannot be overstated. Stay informed and protect your investments as the crypto landscape continues to evolve and adapt to the ever-present danger of cyber threats.
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