December 2024 marked a positive note for blockchain security as losses from crypto scams and hack cases dipped to their lowest monthly figure of the year. Blockchain security firm CertiK reported that total known losses in December amounted to $28.6 million, a sharp decline from $63.8 million in November and $115.8 million in October.
December Records Lowest Monthly Losses in 2024
Exploits dominated the December losses, accounting for $26.7 million. Among the most significant incidents was a $2.1 million attack on DeFi platform GemPad, where an exploiter took advantage of vulnerabilities in its smart contracts. Another major event involved the DeFi project FEG, whose token bridge was compromised, resulting in a $1 million loss due to flaws in its cross-chain message verification process.
Moreover, DEX platform Clipper reported a loss of $450,000 in an exploit on December 1 due to a private key leak.
Security firm PeckShield corroborated these findings, noting a 71% reduction in hack-related losses in December compared to November. Across over 25 incidents, the LastPass exploit from mid-December emerged as the most severe, with $12.3 million drained from crypto wallets. This breach stems from a December 2022 data leak, which continues to expose LastPass users to hack, compounding losses over time.
Annual Crypto Hack Surges
While December provided a momentary reprieve, the broader picture for 2024 painted a different story. Cyvers’ 2024 Web3 Security Report, shared on Dec. 24, revealed that $2.3 billion worth of crypto was stolen across 165 incidents throughout the year—a 40% increase from 2023’s $1.69 billion but still 37% lower than 2022’s staggering $3.78 billion.
The rise in 2024 was attributed primarily to access control breaches targeting centralized exchanges and crypto custodians, highlighting an evolving threat landscape. Notably, DeFi protocols were significant targets, with vulnerabilities in smart contracts and cross-chain systems repeatedly exploited by attackers.
Incidents like DeFi market protocol Radiant Capital in late October further underscored the sector’s vulnerabilities. Looking ahead, the crypto industry faces mounting pressure to strengthen security measures. With billions at stake and an increasing focus on centralized platforms, 2025 is set to test whether lessons from 2024 can lead to better defenses or if hackers will continue to find new avenues for exploitation.
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