December’s crypto losses from hacks were lowest in 2024: PeckShield

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As a seasoned analyst with over two decades of experience in the digital economy, I have seen my fair share of market fluctuations and cybersecurity incidents. December 2024 was no exception, with a staggering decline in crypto losses, which is certainly a breath of fresh air amidst the turbulence we’ve experienced this year.

However, it’s essential to remember that while the numbers might look promising on paper, these hacks have real-world consequences for individuals and businesses alike. The top incident involving LastPass serves as a stark reminder that no one is immune to cyber threats, not even established companies with robust security measures in place.

In retrospect, it’s interesting to note the shift in attack vectors throughout 2024, with access control vulnerabilities becoming a preferred target for hackers. This trend underscores the need for continuous vigilance and the development of more secure systems to protect our digital assets.

On a lighter note, I can’t help but chuckle at the thought that these stolen funds are likely sitting in some obscure wallet or being laundered through platforms like ChangeNOW, waiting to be discovered by some intrepid treasure hunter in the not-so-distant future. Until then, we’ll keep monitoring the landscape and doing our part to secure the digital frontier!

By December 2024, over 25 cyber-attacks targeting the cryptocurrency sector resulted in an estimated total loss of around $24.7 million, representing a significant decrease of about 71% when compared to the losses experienced in November.

In December 2024, there were over 25 instances of crypto hacks that resulted in a combined loss of approximately $24.69 million, as reported by blockchain security company PeckShield. This total represents a decrease of more than 70% compared to the losses experienced in November, which PeckShield detailed in a recent post.

In the world of cryptocurrency, December 2024 witnessed over 25 hacks with combined losses amounting to approximately $24.7 million – a significant drop by 71% compared to the previous month. Here are the top five hacking incidents:

– LastPass: Resulted in a loss of $12.38 million
– Yeifinance: Led to a loss of $2.2 million
– GemPad: Incurred a loss of $2.2 million
– MemeCoin Drainer: A single victim suffered a drain of an undefined amount, though the exact figure is not specified.

— PeckShieldAlert (@PeckShieldAlert) January 1, 2025

The most significant security breach affected LastPass, causing a total loss of approximately $12.38 million. Additionally, entities such as Yeti Finance, GemPad, FEG, and one unspecified victim each experienced losses estimated at around $2.2 million and $1.3 million respectively.

The graph indicates a significant decrease in monthly losses that reached a high of approximately $574.65 million in April, but surprisingly low losses were experienced in December, which ranks among the smallest monthly losses in 2024.

The funds that had been illegally obtained were followed to various transfers. For example, more than 550 units of Ethereum (ETH) along with substantial quantities of Circle’s stablecoin (USDC) and Bitcoin (BTC) were transferred via platforms such as ChangeNOW. Other stolen funds, including 310 ETH and 520 USDC, were tracked to different wallets through the sanctioned tumbler Tornado Cash.

Previous findings by cybersecurity firm Hacken in the web3 sphere indicated that crypto thefts amounted to approximately $3 billion in the year 2024. Although the overall financial damage was on par with the previous year, there was a significant increase in attacks targeting access control loopholes, accounting for 78% of all incidents. These weaknesses affected various industries, including decentralized finance, centralized exchanges, gaming, and metaverse platforms, demonstrating how attackers adapted their tactics over the course of the year.

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2025-01-02 11:03