Top Crypto Hacks of December 2024: $24.7 Million Lost and the Growing Security Threats

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The December of 2024 was seen to be volatile for the cryptocurrency market. According to Peckshield’s monthly report, 25 hacking attacks occurred with losses of up to $24.7 million. Despite that, the figure is down by 71% from the previous month of November and can be considered one of the months of lowest losses in 2024.

Top 5 Hacks of December 2024:

LastPass Breach:

The worst attack was identified to be on LastPass where intruders used data from a breach in 2022 to siphon around 12.38 million dollars in cryptocurrency. The attackers performed their activity on December 16 and 17, targeting stored seed phrases and wallet credentials. Complicating matters was the emergence of centralized storage security and as a result, the long-term consequences of a data breach.

GemPad Exploit:

GemPad, a no-code smart contract deployment platform, was attacked by a reentrancy vulnerability in Ethereum, BNB Chain, and Base networks. Exploiting the bug was quite simple. Imagine, freely spending $1.9 million on locked assets but that is how serious application exploits reveal critical architectural weaknesses in smart contracts, underlining the need for efficient audits.

MEMECoin Drainer Attack:

A draining attack on the Solana blockchain was designed to target a single user and leave the said user with a loss of $2.2 million in cryptocurrencies. The above-said incident is an example of a relatively new trend in phishing attacks on individual wallet owners.

FEGToken Compromise:

The Feed Every Gorilla (FEG) token for the third time, with the auditors having their way with the token’s SmartBridge feature. The attack led to a 99% loss in value meaning a loss of $1.3 million and loss of community trust.

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Yeifinance Breach:

One of the yield farming DeFi platforms, Yeifinance said that their coins were stolen and the sum was $2.2 million. Still, specifics remain scarce, and the event adds to the list of reasons that necessitate ongoing vigilance and improving the safety of DeFi projects.

Even though the total losses in December 2024 were lower compared to those in November, the threats in the field of cryptocurrencies are only changing. 

Going from complex reentrancy attacks to focused phishing, none of the platforms, let alone individuals, are safe. The LastPass data leak, especially, demonstrated that the consequence of having data exposed for the long term was quite devastating and the importance of practising a strong security system. 

With more platforms and crypto exchanges coming up, the need to be ahead of risks, ensure regular audits, and engage users in creating awareness will go a long way in ensuring more trust in the highly volatile crypto space.