Crypto Industry Sees Significant Decline In Hacks For December 2024

According to ShibDaily, the crypto industry witnessed a notable decrease in hacking incidents in December 2024, as reported by blockchain security firm PeckShield. The firm highlighted that there were 25 hacks during the month, resulting in a total loss of $24.7 million. This marks a significant 71% decline in comparison to the previous month. The attacks targeted various sectors, including decentralized finance (DeFi) platforms and exchanges. Among the most significant breaches, the password manager service LastPass suffered a major security incident, leading to the theft of approximately $12.38 million in cryptocurrency. This breach was linked to a previous hack in 2022 and occurred on December 16 and 17, specifically targeting encrypted password vaults containing sensitive information from crypto wallet users. Other notable victims included Yeifinance and GemPad, each losing around $2.2 million due to security breaches, highlighting vulnerabilities in DeFi protocols and smart contract platforms. The report also detailed a targeted draining attack on the Solana blockchain, which resulted in a $2.2 million loss from a single user. Additionally, the FEG Token project experienced a significant security breach, with hackers exploiting a vulnerability in the platform’s SmartBridge, leading to a theft of approximately $1.3 million. The stolen funds were traced through various transaction flows, with significant amounts of Ethereum, Circle’s stablecoin, and Bitcoin being transferred through platforms like ChangeNOW. Some of the stolen assets were also traced to multiple wallets using the sanctioned mixer Tornado Cash. Despite the decline in total losses, the incidents serve as a reminder of the persistent vulnerabilities within the crypto space. Looking forward to 2025, there is optimism for continued improvement in reducing the frequency and impact of crypto heists. The industry hopes for advancements in security measures and clearer regulatory frameworks, which are expected to create a more secure environment for investors and users. This could help mitigate risks and encourage further growth within the cryptocurrency sector.