Michaela Alvez
Blockchain security firm PeckShield has reported that the crypto industry experienced 25 hacks in December 2024, marking a significant 71% decline compared to the previous month. In a post on X, the firm revealed that the 25 crypto heists led to a total loss of $24.7 million. PeckShield also noted that these attacks targeted various sectors, including decentralized finance (DeFi) platforms and exchanges.
Chart data revealed a dramatic drop in monthly losses within the crypto industry, which had peaked earlier in 2024 at a high of $574.65 million in April.
The stolen funds were traced through a variety of transaction flows. For example, more than 550 Ethereum, along with large sums of Circle’s stablecoin and Bitcoin, were transferred through platforms like ChangeNOW.
Additionally, other stolen assets, including 310 ETH and 520 USDC, were traced to multiple wallets using the sanctioned mixer Tornado Cash.
PeckShieldAlert’s Top 5 Hacks of December 2024
Out of the 25 crypto heists reported in December 2024, five attacks accounted for the largest share of the total financial losses.
The company most affected by a recent hack was the password manager service, LastPass. A major security breach tied to the 2022 LastPass hack resurfaced, leading to the theft of approximately $12.38 million in cryptocurrency. The breach took place on December 16 and 17, with attackers specifically targeting encrypted password vaults that contained sensitive information from crypto wallet users.
Both Yeifinance and GemPad also fell victim to major security breaches, with each platform losing approximately $2.2 million to hackers. The attacks emphasized vulnerabilities in DeFi protocols and smart contract platforms.
Additionally, a targeted draining attack on the Solana blockchain resulted in a loss of $2.2 million from a single user.
The FEG Token project was also hit by a major security breach, leading to the theft of around $1.3 million. The hack specifically targeted the platform’s SmartBridge, taking advantage of a vulnerability in the way the relayer processed Wormhole bridge messages.
While the drop in total losses is a welcome shift from the previous months’ more staggering figures, it remains a reminder that vulnerabilities persist within the crypto space.
Looking ahead to 2025, there is hope for continued improvement, not only in reducing the frequency and impact of crypto heists but also in fostering innovation to strengthen security.
With clearer regulatory frameworks on the horizon, there is optimism that these developments will create a more secure environment for investors and users, helping to mitigate risks and encourage further growth within the cryptocurrency sector.
Read More
- Crypto Hacks Cost Over $88 Million in October– Report
- Hacker Buffet: September Served Up $120 Million in Crypto Hacks
- Crypto Hacks Decline In March, More Than Half The Funds Recovered: PeckShield Data
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
