Cryptocurrency losses due to hacks and rug pull attacks surpassed $1.75 billion between January and November 2023, according to cybersecurity firm Immunefi.

November 2023 saw record-breaking losses of $343 million, $335 million of which were attributed to hacking incidents.

Fraudulent activities also resulted in $7.4 million in losses.

Centralized Finance (CeFi) overtook Decentralized Finance (DeFi) as the primary target for exploits.

The BNB Chain and Ethereum blockchains accounted for 83% of total losses.

Immunefi, a bug bounty and security services provider, has prevented over $25 billion from being stolen.

Immunefi advises investors to secure wallets, practice good cybersecurity hygiene, choose reputable platforms, stay informed and educated, and backup keys to protect digital assets.