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Crypto losses fall to $29M in December marking 2024's lowest

Crypto losses fall to $29M in December marking 2024's lowest

GrafaGrafa2025/01/02 07:10
By:Mahathir Bayena

In December 2024, losses from crypto hacks, scams, and exploits dropped significantly, reaching the lowest levels of the year.

Blockchain security firms CertiK and PeckShield reported a combined total of $29 million in crypto-related losses for the month.

CertiK recorded $28.6 million in losses, a sharp decline from November's $63.8 million and October's $115.8 million.

The majority of the losses, amounting to $26.7 million, came from exploits.

Two notable incidents were reported: a $2.1 million exploit of the decentralised finance (DeFi) platform GemPad, where attackers exploited a vulnerability in the platform’s smart contracts, and a $1 million loss from the FEG token bridge exploit.

The latter involved hackers draining tokens from the bridge contract without depositing them in the source chain due to a flaw in the cross-chain message verification process.

PeckShield reported $24.7 million in losses for December, marking a 71% decrease from the previous month.

The largest single incident involved the LastPass password management service, which suffered a breach on December 16 and 17.

Hackers drained $12.3 million from affected users, following a data breach in December 2022.

According to on-chain evidence, the attack resulted in the theft of significant amounts of crypto.

Other significant losses included the breach of DeFi protocol Yei Finance on December 2, which saw around $2.2 million taken.

For the year, Cyvers reported that $2.3 billion worth of crypto was stolen across 165 incidents in 2024.

This represents a 40% increase from 2023 but remains 37% below the $3.78 billion stolen in 2022.

The rise in thefts was attributed to a surge in access control breaches, especially within centralised exchanges and custodians.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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