Losses of crypto projects reached $85 million in November

November 2024 was a difficult month for the crypto industry. According to the data, projects lost more than $85 million due to hacks and attacks during the month alone. The leaders of the list were Thala, DEXX and Giro. The greatest damage was incurred by Thala project, from which hackers withdrew $25.5 million. DEXX took the 2nd place with a loss of $21 million, and Giro closes the top three with a loss of $13.5 million. These projects became the most vulnerable due to insufficient protection of smart contracts. Polter Finance, Delta Prime and Metawin were also on the list of victims, losing from $4.4 million to $8.7 million. Flash loan attacks deserve special attention. Polter Finance suffered the largest attack this month, losing $8.7 million through a vulnerability related to an unstable collateral calculation algorithm. Delta Prime lost $4.7 million in a similar scheme.

Experts emphasize that flash loan attacks are becoming a popular hacking method. The problem is related to the fact that many DeFi projects do not sufficiently test their protocols before launching. This allows hackers to find loopholes and use them for a quick profit.

November also showed an increase in the number of incidents related to exchanges. For example, XT Exchange lost $1.6 million in a phishing attack on users. This emphasizes the importance of educating users on the basics of security and using two-factor authentication. According to analysts, such incidents can negatively affect investor confidence in the DeFi sector and cryptocurrencies in general. They recommend projects to improve security, conduct audits of smart contracts and create funds to cover losses. Despite the losses, experts see positive aspects. The industry is becoming more mature, and many projects are beginning to pay more attention to security. However, the scale of November’s incidents shows that there is still a lot of work to be done.