Cryptocurrency Losses Drop to Annual Low in December 2024

According to PANews, losses from cryptocurrency hacks, exploits, and scams in December 2024 fell to an annual low of $29 million. This marks a significant decrease from November's $63.8 million and October's $115.8 million. Key incidents included a $2.1 million theft from the GemPad platform due to a vulnerability, a $1 million exploit of the FEG cross-chain bridge, and $12.3 million in crypto assets stolen from LastPass users following a data breach. Data from CertiK and PeckShield indicate a 71% month-over-month decline in related attacks for December. The total losses for the year amounted to $2.3 billion, representing a 40% increase from 2023 but remaining below the $3.78 billion recorded in 2022. The rise in losses is attributed mainly to increased access control vulnerabilities in centralized exchanges and custodial platforms.