Losses from crypto scams, exploits, and hacks saw a significant decline in December 2024, marking it as the lowest month for such incidents throughout the year. According to blockchain security firm CertiK, the total losses amounted to $28.6 million, a stark contrast to the $63.8 million lost in November and $115.8 million in October.
Key Takeaways
-
December 2024 recorded $28.6 million in crypto-related losses, the lowest for the year.
-
The majority of losses were due to exploits, totaling $26.7 million.
-
Significant incidents included a $2.1 million exploit on the DeFi platform GemPad and a $1 million hack on the FEG token bridge.
-
Overall, 2024 saw $2.3 billion stolen across 165 incidents, a 40% increase from 2023.
Overview of December Losses
The decline in losses during December can be attributed to a combination of factors, including improved security measures and a decrease in the number of successful attacks. CertiK's analysis highlighted that exploits were the primary source of losses, with $26.7 million stolen by attackers.
The two most notable incidents in December were:
-
GemPad Exploit: An attacker exploited a vulnerability in the smart contracts of the decentralized finance (DeFi) platform GemPad, resulting in a loss of $2.1 million.
-
FEG Token Bridge Hack: A hacker managed to withdraw $1 million worth of FEG tokens from the bridge contract without proper deposits, exploiting a flaw in the crosschain message verification process.
Comparison with Previous Months
The losses in December represent a significant decrease compared to previous months:
-
October: $115.8 million
-
November: $63.8 million
-
December: $28.6 million
This trend indicates a potential stabilization in the crypto market, as security measures continue to evolve and adapt to emerging threats.
Notable Incidents in December
In addition to the major exploits, several other incidents contributed to the overall losses:
-
LastPass Breach: A significant breach affecting LastPass users resulted in $12.3 million being drained from accounts. This incident was linked to a data breach from December 2022, where hackers accessed customer vault data.
-
Yei Finance Security Breach: Another notable incident involved a security breach at Yei Finance, leading to a loss of approximately $2.2 million.
Yearly Overview of Crypto Losses
According to the Cyvers 2024 Web3 Security Report, the total amount of crypto stolen in 2024 reached $2.3 billion across 165 incidents. This figure represents a 40% increase from the $1.69 billion stolen in 2023, although it remains 37% lower than the $3.78 billion stolen in 2022.
Deddy Lavid, co-founder and CEO of Cyvers, attributed the increase in losses to a rise in access control breaches, particularly within centralized exchanges and crypto custodians.
Conclusion
The data from December 2024 suggests a positive trend in the crypto space, with a notable decrease in losses from hacks and scams. As the industry continues to mature, the implementation of robust security measures will be crucial in safeguarding assets and maintaining user trust in the evolving landscape of cryptocurrency.
Sources
-
Crypto hacks, scam losses reach $29M in December, lowest in 2024, Cointelegraph.