$24.7 Million Lost and Growing Security Threats

Top 5 hacks for December 2024:

LastPass Violation:

The largest attack in December took place against LastPass, where hackers took advantage of data from a 2022 breach to steal approximately $12.38 million in cryptocurrency. On December 16 and 17, attackers targeted stored seed phrases and wallet credentials. This incident highlights the serious risks of centralized data storage and the long-term consequences of data leaks.

GemPad exploit:

GemPad, a no-code smart contract deployment platform, was attacked via a re-entry vulnerability affecting the Ethereum, BNB Chain and Base networks. The breach allowed hackers to spend $1.9 million in locked assets. This exploit shows how serious weaknesses in smart contract design can be, making it clear that smart contracts require extensive auditing to prevent such attacks.

MEMECoin drainer attack:

A grueling attack on the Solana blockchain targeted a single user, resulting in a loss of $2.2 million in cryptocurrency. This attack is part of a growing phishing trend targeting individual wallet owners, highlighting the need for better personal security practices.

FEGToken compromise:

For the third time, the Feed Every Gorilla (FEG) token has been compromised. This time, the attackers exploited the SmartBridge functionality of the token, causing a loss of 99% of its value, which amounts to $1.3 million. In addition to the financial loss, the attack seriously damaged the trust of the FEG community.

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Yeifinance Violation:

Yeifinance, a DeFi yield farming platform, reported that $2.2 million worth of coins were stolen. Although the details are not yet clear, this breach highlights the ongoing security risks in the DeFi space. As DeFi platforms grow, so does the need for constant vigilance and stricter security measures.

Threats continue to increase

Even though total losses were lower in December than in November, the threats to the world of cryptocurrencies are evolving. From advanced re-entry attacks to targeted phishing, platforms and individual users face risks.

The LastPass breach, in particular, demonstrated how damaging exposing data for a long period of time can be. This highlights the need for strict security measures to protect sensitive information.

As new platforms and exchanges continue to emerge, the cryptocurrency industry must stay ahead of security risks. Regular audits, increased user education and a focus on security awareness will help build confidence in an increasingly volatile market.