Cryptocurrency scams and hacks continue to be a major problem, costing the industry a whopping $2.2 billion in 2024—a 21% increase from the previous year. This marks the fourth consecutive year where losses exceeded $1 billion. However, there’s some good news.
December’s Losses: A Significant Drop
December 2024 saw a dramatic decrease in losses from crypto hacks and scams. Independent security firms CertiK and PeckShield reported significantly lower figures compared to previous months.
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CertiK’s Findings: CertiK reported only about $28.6 million in losses in December, the lowest monthly total for the entire year. This is a significant drop from $115.8 million in October and $63.8 million in November. The majority of December’s losses were attributed to phishing scams, with one victim losing over $7.8 million. Exploits also played a role, with Gempad and FEG suffering losses of over $2 million and $1 million respectively.
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PeckShield’s Report:
PeckShield echoed CertiK’s findings, reporting over $24.7 million in losses from 25+ hacks in December. This represents a 71% decrease from November. Their top five hacks included LastPass ($12.38 million), Yetifinance ($2.2 million), and GemPad ($2.2 million).
The Big Picture: Still a Major Concern
While December’s figures are encouraging, the overall trend remains concerning. A separate report by Cyvers showed that over $2.3 billion worth of cryptocurrency was stolen in 2024—a 40% increase compared to 2023. The report suggests that vulnerabilities in access controls at storage providers and centralized platforms are likely contributing factors. Despite the positive news from December, the crypto community needs to remain vigilant against these ongoing threats.
