The crypto community continues to reel from losses due to scams and hacks. According to Chainalysis data, funds stolen from crypto platforms increased by 21% from last year to $2.2 billion.
And for the fourth straight year, losses from hacking and crypto scams have exceeded $1 billion. While hacking and crypto scams remain a concern for investors, merchants, and the public, at least one development deserves everyone’s attention.
According to PeckShield and Certik, hacking and fraud losses in December only reached $29 million, the lowest figure in 2024. Reports and analysis of market analysts suggest that fraud and hacking incidents decreased in the last quarter of the year, as December registered the lowest number of market analysts. loss.
Lowest December Loss This Year
In a Twitter/X post on December 31, Certik announced that the industry lost $28.6 million to hacking, exploitation, and scams in December, compared to $115.8 million in October and another $63.8 million in November. The security company shared a chart to show the reasons for this loss.
#CertiKStatsAlert 🚨
Combining all events in December we confirmed ~$28.6m lost due to exploits, hacks and scams.
December’s loss is the lowest monthly loss we’ve recorded in 2024.
Exit fraud: ~$0.2m
Flash loan: ~$1.7m
Material: ~$26.7mMore information below 👇 pic.twitter.com/gkQ06y4ndz
– CertiK Alert (@CertiKAlert) December 31, 2024
In the same post, November’s loss was the second lowest, at $63.8 million. According to Certik, the loss in November can be attributed to exit scams, loans, and exploitation, which amounted to $ 48.5 million in total.
In December, total losses reached $28.6 million, with most of the losses due to phishing attacks. According to Certik’s chart, one victim lost more than $7.8 million to a phishing scam.
Exploitation was also a problem in December, with Gempad losing over $2 million. Next on the list is the exploitation of FEG, which registered a loss of $1 million. According to Certik’s analysis, the loss to FEG was due to an error in the message authentication process.
PeckShield Shares Similar Data
PeckShield, a popular blockchain security company, also shared the same data in a recent post on Twitter/X. According to its post, the industry has seen more than 25 hacks, resulting in a loss of more than $ 24.7 million, which shows a decrease of 71% from the previous month.
#PeckShieldAlert December 2024 saw 25+ hacks in the crypto space, resulting in the loss of ~$24.7 million—a 71% decrease compared to the previous month. #Up5 Hacks:
–#LastPass: $12.38 million
–#Yeifinance: $2.2 million
–#GemPad: $2.2 million
–#MEMECoin Drainer: The victim is drained of water… pic.twitter.com/p1Y8vjLMfp— PeckShieldAlert (@PeckShieldAlert) January 1, 2025
In the same post, PeckShield shared the top five hacks in December, including Last Pass, which lost $12.38 million, Yetifinance ($2.2 million), and GemPad ($2.2 million).
The Cyvers 2024 Web Security Report shows similar data
The Cyvers 2024 Security report revealed that in 165 cases in 2024, cryptocurrencies worth more than 2.3 billion dollars were lost. The security team said this is 40 percent more than what hackers got last year, when they stole $1.69 billion worth of tokens.
Deddt Lavid, CEO and founder of Cyver, thinks that the increase in crypto theft this year is most likely due to security holes in access control, especially in crypto storage providers and centralized crypto platforms.
Featured image from Pexels, chart from TradingView