With nearly $29 million in losses in cryptocurrency hacks and thefts, December was the worst month of 2024. What were the biggest losses?
December resulted in nearly $29 million in losses from cryptocurrency thefts and hacks
According to its latest report, blockchain security company CertiK estimates that December was the safest month of 2024 in terms of hacks and cryptocurrency theft. Indeed, the company shared an infographic on its X account on Tuesday, estimating said losses at $28.6 million:
#CertiKStatsAlert 🚨
Combining all the incidents in December we've confirmed ~$28.6m lost to exploits, hacks and scams.
December's losses are the lowest monthly losses we recorded in 2024.
Exit scams: ~$0.2m
Flash loans: ~$1.7m
Feats: ~$26.7mMore details below 👇 pic.twitter.com/gkQ06y4ndz
— CertiK Alert (@CertiKAlert) December 31, 2024
đź’ˇ What are the most common cryptocurrency scams?
In comparison, November had generated more than $200 million in losses according to the same observation criteria. In this case, CertiK will observe 3 types of losses due to malicious activities:
- exit scams (or rug pull);
- flash loan attacks;
- exploits (including both code flaws and phishing attacks).
Here, it is the exploits in the general sense which, as often, generated the most losses. In fact, they amount to $26.7 million in damage. While this sum should not be taken lightly, December is nevertheless the second weakest month of 2024 after April, with $21 million in losses on this criterion.
Ledger: the best solution to protect your cryptocurrencies đź”’
As shown in the infographic below, Gempad is the protocol that recorded the most losses with $2.14 millionbut phishing attacks against individuals far surpass it:
Harm from exploits and phishing attacks in December 2024
If from one year to the next, the losses caused by malicious activities in the cryptocurrency sector can vary randomly, several factors can nevertheless accentuate the phenomenon.
On the one hand, there are certainly technical flaws, but bull market phases are also fertile ground. Indeed, during these periods of increase, the protocols welcome more liquidity, while the arrival of new investors can also facilitate certain scams such as phishing.
👉 Also in the news — Vitalik Buterin makes a significant donation for the release of Tornado Cash developers
This then does not necessarily mean that the ecosystem is less secure, but rather that these malicious actions are then more profitable. At the end of this cycle, we will therefore be able to draw conclusions compared to previous years.
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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