New data from crypto security firm ImmuneFi has revealed a concerning trend in the world of cryptocurrency, with hackers and fraudsters targeting the blockchain of Binance to steal tens of millions of dollars this month. Despite this alarming news, ImmuneFi also notes that the overall fraudulent activity in the crypto markets has decreased compared to a year ago, indicating that the industry may be getting safer overall.
In a recent thread on social media platform X, ImmuneFi shared their findings, stating, “Is crypto getting safer? The ecosystem has lost $1.48 billion to hackers and rug pullers year-to-date, a 15% decrease compared to $1.7 billion during the same period last year. The decrease is also noticeable on a month-over-month basis.” This data suggests that while there are still significant losses occurring, there has been a decrease in the amount stolen compared to previous years.
According to ImmuneFi’s Crypto Losses in November 2024 report, bad actors targeted the BNB Chain, the blockchain of the world’s largest crypto exchange by volume, the most. The report also highlights that other leading platforms such as Ethereum, Solana, and Avalanche were impacted as well. BNB Chain suffered 14 individual attacks, representing 46.7% of the total losses across targeted chains, while Ethereum experienced 9 incidents, representing 30% of the total.
While the decrease in fraudulent activity may seem like a positive sign, ImmuneFi cautions investors not to celebrate just yet. The firm notes that bad actors are increasingly targeting centralized exchange platforms, which tend to suffer more significant losses from hacks. This serves as a reminder that the crypto industry is still vulnerable to attacks, and investors should remain vigilant in protecting their assets.
In conclusion, the data provided by ImmuneFi sheds light on the ongoing challenges faced by the crypto industry when it comes to security. While progress has been made in reducing fraudulent activity, there is still work to be done to ensure the safety and integrity of the market. As investors navigate the complex world of cryptocurrency, staying informed and implementing robust security measures is crucial to safeguarding their investments.