The last months of 2024 saw a significant decline in losses due to crypto scams, exploits, and hacks. According to blockchain security firm CertiK, the month of December registered the smallest amount stolen, with a total loss of $28.6 million.
December Sees Smallest Losses of 2024
CertiK reported that there were $28.6 million in known losses due to exploits, hacks, and scams in December, which is significantly lower than November’s $63.8 million and October’s $115.8 million. The decrease in losses can be attributed to various factors, including increased security measures implemented by blockchain platforms and a decline in the number of attacks.
Exploits Account for Majority of Losses
According to CertiK, exploits accounted for the bulk of the losses in December, with $26.7 million stolen by attackers. The most significant incident was a $2.1 million exploit of decentralized finance (DeFi) platform GemPad, where an attacker stole assets by exploiting a vulnerability in the project’s smart contracts.
Other Notable Incidents
The second-most serious incident recorded by CertiK saw a hacker exploit the token bridge of DeFi project FEG, withdrawing FEG tokens from the bridge contract without depositing them in the source chain, draining $1 million. The root cause of the vulnerability was an error in the FEG cross-chain message verification process.
PeckShield Records Similar Data
Blockchain security firm PeckShield shared similar data on January 1st, reporting that it recorded $24.7 million in hack losses in December, which is a 71% decrease from November. Across the more than 25 hacks recorded by PeckShield, the most significant was the Dec. 16 and 17 exploit suffered by Password management service LastPass users, which saw $12.3 million drained.
LastPass Users Affected by Exploit
The LastPass exploit is particularly noteworthy as it occurred in December, with a similar incident occurring in December 2022 when hackers copied a backup of customer vault data from encrypted storage. As a result, users had their crypto stolen, with cybersecurity reporter Brian Krebs estimating that up to $35 million worth of crypto had been stolen from about 150 victims.
Yei Finance Suffers Security Breach
Meanwhile, a Dec. 2 security breach suffered by DeFi market protocol Yei Finance was the second-largest December incident recorded by PeckShield, with around $2.2 million taken.
Cyvers Releases 2024 Web3 Security Report
In Cyvers’ 2024 Web3 Security Report shared with Cointelegraph on Dec. 24, the on-chain security firm said $2.3 billion worth of crypto was stolen across 165 incidents in 2024. According to Cyvers, this marked a 40% increase compared to 2023, when hackers stole $1.69 billion worth of crypto.
Access Control Breaches Key Factor in Increased Losses
Deddy Lavid, co-founder and CEO of Cyvers, attributed the increase in losses to access control breaches, particularly in centralized exchanges (CEXs) and crypto custodians.
Year-Long Trend Shows Decrease in Losses
While the 2024 year saw a significant decrease in losses compared to 2022, when hackers stole $3.78 billion worth of crypto, it is essential to note that there were more incidents reported in 2024 than in previous years.
Conclusion
The last months of 2024 saw a decline in losses due to crypto scams, exploits, and hacks, with December registering the smallest amount stolen. The decrease in losses can be attributed to increased security measures implemented by blockchain platforms and a decline in the number of attacks. However, it is essential to remain vigilant and continue to implement robust security measures to prevent future incidents.
References
- [1] CertiK. (2024). December 2024 Report.
- [2] PeckShield. (2025). January 1st Report.
- [3] Cyvers. (2024). 2024 Web3 Security Report.
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