- Losses from crypto hacks and scams fell to $28.6M in December 2024, marking the lowest monthly total of the year, according to CertiK.
- Despite a year-end decline, 2024 saw $2.3B stolen in crypto incidents, a 40% rise from 2023 but 37% below 2022’s $3.78B.
Losses from cryptocurrency scams, exploits, and hacks decreased significantly in the final months of 2024, with December recording the lowest monthly losses of the year.
According to blockchain security firm CertiK, December saw $28.6 million in losses from exploits, hacks, and scams—less than half of November’s $63.8 million and significantly below October’s $115.8 million.
Exploits accounted for the majority of December’s losses, with $26.7 million stolen. The most significant incident involved a $2.1 million exploit targeting decentralized finance (DeFi) platform GemPad. Hackers exploited vulnerabilities in the platform’s smart contracts to siphon off assets. Another notable case saw $1 million drained from the token bridge of DeFi project FEG due to flaws in its cross-chain message verification process, CertiK reported on Dec. 31.
Blockchain security firm PeckShield corroborated these findings, reporting $24.7 million in December losses, marking a 71% decrease compared to November. Among the more than 25 hacks documented by PeckShield, the most substantial was a December 16–17 exploit impacting LastPass users.
According to a Web3 investigator, $12.3 million in crypto was stolen from users who fell victim to a 2022 data breach that compromised encrypted vault backups.
Other incidents in December included a $2.2 million security breach at DeFi market protocol Yei Finance. Despite the overall decline in monthly losses, the year-end figures still highlight ongoing vulnerabilities in the crypto ecosystem.
According to Cyvers’ 2024 Web3 Security Report, $2.3 billion worth of cryptocurrency was stolen across 165 incidents during the year—a 40% increase from 2023’s $1.69 billion.
However, the total remains significantly below the $3.78 billion stolen in 2022. Cyvers CEO Deddy Lavid attributed the 2024 increase to a rise in access control breaches, particularly targeting centralized exchanges and crypto custodians.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by Harshajit Sarmah.
