In December 2024, the cryptocurrency sector experienced a significant decline in losses due to hacks, exploits, and scams, marking the lowest monthly total for the year. Blockchain security firm CertiK reported approximately $28.6 million in losses for December, a substantial decrease from $63.8 million in November and $115.8 million in October.
The majority of December’s losses stemmed from exploits, accounting for $26.7 million. Notably, decentralized finance (DeFi) platform GemPad suffered a $2.1 million exploit due to vulnerabilities in its smart contracts. Additionally, DeFi project FEG experienced a $1 million loss when a hacker manipulated its token bridge, enabling unauthorized withdrawals.
Supporting these findings, blockchain security firm PeckShield recorded $24.7 million in hack-related losses for December, indicating a 71% reduction compared to November. Among the over 25 incidents documented by PeckShield, a significant breach involved LastPass users, who collectively lost $12.3 million due to compromised password management services.
Despite the downturn in December, the overall trend for 2024 showed an increase in crypto-related thefts. Cyvers’ 2024 Web3 Security Report revealed that approximately $2.3 billion was stolen across 165 incidents throughout the year, marking a 40% rise from the $1.69 billion reported in 2023. This uptick underscores the persistent challenges in securing digital assets within the rapidly evolving cryptocurrency landscape.
