Blockchain security firm PeckShield reported that the crypto industry suffered 25 hacks in December 2024, representing a significant 71% drop from the previous month. In a job on X, the company revealed that the 25 crypto heists resulted in a total loss of $24.7 million. PeckShield also noted that these attacks targeted various industries, including decentralized finance (DeFi) platforms and exchanges.
Chart data revealed a dramatic decline 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 various transaction flows. For example, over 550 Ethereum, as well as large sums of Circle’s stablecoin and Bitcoin, have been transferred through platforms like ChangeNOW.
Additionally, other stolen assets, including 310 ETH and 520 USDC, were allocated to multiple wallets using the sanctioned mixer Tornado Cash.
Top 5 PeckShieldAlert Hacks of December 2024
Of the 25 cryptocurrency thefts reported in December 2024, five attacks accounted for the largest share of total financial losses.
The company most affected by a recent hack was password management service LastPass. A major security breach linked to the 2022 LastPass hack has resurfaced, resulting in the theft of approximately $12.38 million in cryptocurrency. The breach took place on December 16 and 17, with the attackers specifically targeting encrypted password vaults containing sensitive information from crypto wallet users.
Yeifinance and GemPad were also victims of major security breaches, with each platform losing approximately $2.2 million to hackers. The attacks have focused on vulnerabilities in DeFi protocols and smart contract platforms.
Additionally, a targeted and exhausting attack on the Solana blockchain resulted in a loss of $2.2 million for a single user.
The FEG Token project was also hit by a major security breach, resulting in the theft of approximately $1.3 million. The hack specifically targeted the platform’s SmartBridge, taking advantage of a vulnerability in the way the relay processed messages from the Wormhole Bridge.
While the decline in total losses is a welcome change from the more staggering numbers of previous months, it serves as a reminder that vulnerabilities persist in the crypto space.
By 2025, we can hope for continued improvement, not only by reducing the frequency and impact of cryptocurrency heists, but also by promoting innovation to strengthen security.
With clearer regulatory frameworks on the horizon, it can be hoped that these developments will create a more secure environment for investors and users, helping to mitigate risks and encourage future growth of the cryptocurrency sector.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be considered 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 a qualified financial advisor before making any investment decisions.
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