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December records the lowest crypto hacks in 2024 -Report 

AFRIC TRENDS 

 

In December 2024, the crypto industry experienced over 25 hacks, resulting in approximately $24.69 million in losses, a 71% decline compared to November, according to blockchain security firm Peckshield.


This marks a significant reduction in monthly losses, with December becoming one of the least damaging months of the year.


The report was shared by Peckshield Alerts via their X page revealing details of the hacks that occurred in the last month of 2024.



The most substantial single incident was the LastPass hack, which accounted for $12.38 million in losses.


Other notable victims included Yeti Finance, GemPad, and FEG, each losing around $2.2 million, as well as another entity identified as “Victim,” which suffered $1.3 million in damages.


Industry Trends and Stolen Funds 

PeckShield’s analysis shows that stolen funds were moved through various platforms. For example, over 550 Ethereum (ETH), along with substantial amounts of USDC and Bitcoin, were transferred using platforms like ChangeNOW.


Additional amounts of 310 ETH and 520 USDC were traced to wallets connected to the sanctioned mixer Tornado Cash.


The data also highlights a broader trend in 2024, where crypto losses peaked in months like April, which saw a staggering $574.65 million in damages.


Despite this, December’s relatively low figure represents a sharp decline, underscoring improved security measures or changing attacker strategies.


Broader context in 2024 hacks 

Web3 security firm Hacken reported that crypto hacks in 2024 totalled nearly $3 billion, a figure comparable to 2023.


However, there was a notable increase in attacks exploiting access control vulnerabilities, which accounted for 78% of total losses.

These vulnerabilities affected various sectors, including decentralized finance (DeFi), centralized exchanges, gaming, and metaverse platforms, signaling a shift in attackers’ focus throughout the year.

The declining losses in December may suggest evolving defensive strategies in the industry or changing market dynamics, but the persistence of access control exploits highlights areas where further security improvements are still needed.

What to Know  

Pig butchering was revealed to be the leading form of scam in the crypto space in 2024 accounting for over 30% of all crypto scams. Pig butchering involves engaging a potential victim for a long time building trust before eventually stealing their funds in one fell swoop.

Crypto investment and romance scams were very common in the United States jurisdiction. In Nigeria, memecoin rug pulls were very prevalent in 2024.

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