- As of November 2024, losses from cryptocurrency hacks, vulnerabilities, and scams have exceeded $1.4 billion for the year, according to Immunefi.
Spectral Labs revealed that it has discovered a flaw that allowed a hacker to steal $200,000 in liquidity by affecting specific tokens on their Syntax platform, a no-code environment that lets users develop onchain AI agents.
Spectral Labs claims that contracts on the platform were suspended to prevent more issues and that access to Syntax was blocked until the problem was fixed.
In order to address the issue and promptly restore service, the Spectral team further stated that it is collaborating with industry partners.
The crypto business is plagued by hackers and attacks.
Immunefi reports that losses from fraud and cryptocurrency attacks exceeded $71 million in November 2024, with hackers and other code exploits accounting for the vast majority of losses.
On the plus side, the crypto business has seen a 15% decrease in year-to-date losses in 2024 compared to the same period in 2023.
Crypto hacks and exploits continue to pose a significant risk to investors in digital assets, even with the decline in aggregate losses. The second-largest breach of November 2024 occurred on November 15, when $25.5 million was stolen from the decentralized financial project Thala.
According to Thala representatives at the time, the threat actor was able to drain liquidity tokens from the network by taking use of a “isolated vulnerability” in Thala’s v1 farming contracts.
With the help of law police, Thala was able to recover the $25.5 million in money on November 18 and identify the hacker, albeit the culprit’s identity has not been made public.
A private key leak on November 16 caused the largest monthly losses for the DEXX onchain trading terminal. The first estimate of the hack’s losses was about $21 million, but the overall losses eventually increased to about $30 million.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
