TLDR
- Crypto losses from hacks and exploits totaled $29 million in December.
- This is the lowest monthly figure from the past year.
- CeFi platforms were the hardest hit in 2024.
Things went a little quieter on the crypto hacking front in December 2024, but that doesn’t mean cybercriminals took the month off. They were still busy finding creative ways to swindle millions from the unsuspecting and unwary.
The Stats
According to data from security firms like PeckShield and CertiK, crypto losses from hacks, exploits, and scams totaled $28.6 million in December — a significant drop compared to earlier months in 2024 but still a tough pill to swallow for the victims.
This figure marks the lowest monthly total for crypto-related losses in 2024, a year otherwise marked by increasing cybercrime activity, mostly centered around the CeFi space.
Though December offered a brief (and relative) reprieve, the overall numbers for the year aren’t great.
The Chainalysis 2024 report reveals that cyberattacks cost the industry $2.2 billion over the past 12 months, a 21% hike from last year’s losses.
The Good, The Bad, and the Ugly
The $28.6 million lost to exploits in December represents a significant slide in activity from earlier months. For comparison, losses in November crossed the $85 million mark, so we’re looking at a 71% drop. This decline might hint at improved security measures — or hackers simply taking a winter break.
We like to think it’s because readers like you are listening to what we have to say about due diligence, security, and taking care of your assets so that they can take care of you. But don’t pop the champagne just yet.
Cyberattacks don’t follow your calendar. December may have been a “quiet” month, but the big picture isn’t so comforting. Chainalysis logged a jaw-dropping 303 major incidents throughout 2024, with hackers pulling in $1.58 billion by the halfway point of the year alone.
Most of the activity targeted centralized finance (CeFi) platforms and exchanges — places where large amounts of crypto are stored and traded. These systems are especially vulnerable as hackers increase their focus on private key vulnerabilities, finding ways to swipe these all-important keys that unlock user wallets.
Crypto Hacks in 2024 by the Numbers
Let’s zoom out to understand how December’s figures fit into the larger puzzle of 2024.
- $2.2 billion stolen overall: That’s the total damage reported by Chainalysis for the entire year.
- 21% increase from 2023: It’s not going unnoticed that hackers are getting craftier by the day.
- Major incidents: 303 hacks happened in 2024, almost one every 1.2 days.
- Biggest winners (or losers): Hackers focused on CeFi services, pointing to some massive vulnerabilities in mainstream platforms.
The silver lining? While this year was worse than 2023, the numbers don’t come close to 2022, where losses were even higher. It seems the crypto industry is learning to fight back — slowly but surely.
How Do Scams and Hacks Actually Happen?
If you want to keep your assets safe, you have to understand where the risks are. Here’s a breakdown of the most common traps set by bad actors in the crypto world.
1. Phishing Schemes
Have you ever gotten an email that looks super official asking for your wallet information? Yep, that’s phishing. Hackers create fake sites and emails that trick people into giving up their private keys.
2. Fake Tokens and Smart Contracts
Smart contracts are great — until they’re not. Hackers often inject vulnerabilities into these contracts to access funds, draining accounts before you even notice.
3. Centralized Exchange Attacks
CeFi platforms are hot targets because they hold large sums of money. A single loophole in their security can mean millions (or billions) gone in seconds.
4. Social Engineering
Sometimes, hackers don’t even need tech to dupe you — they just trick you via social media or fake “investment opportunities.” If it sounds too good to be true, it definitely is. That’s one of the reasons we’ve tried to caution our users on taking crypto advice from influencers on TikTok.
5. Rug Pulls
You’ve seen the headlines — new tokens or projects pop up, promise great returns, and then the creators vanish with all your funds.
What Should You Take Away From This?
While December 2024’s lower losses may offer a glimpse of hope, the bigger picture highlights that there’s still a long way to go in battling cybercrime in crypto. Staying cautious and proactive is the wisest move you can make.
Want to learn more about staying safe in the crypto space? Join our community of crypto enthusiasts who are always keeping our ears to the ground. Stay safe, stay informed, and make sure your next crypto move is a secure one.
