Key Takeaways:
- Crypto hack losses dropped to $24.7 million in December 2024, the year’s lowest, reflecting a 71% decline from November’s $85.53 million, likely due to stronger security measures.
- Despite this improvement, 165 Web3 attacks caused $2.3 billion in losses for 2024, a 40% rise from 2023, though $1.3 billion was recovered using advanced forensics.
- Analysts urge vigilance as hackers evolve, pushing for stricter compliance rules, proactive defenses, and regulated frameworks to safeguard DeFi platforms.
Losses from crypto hacks fell to $24.7 million in December 2024, marking the lowest monthly total of the year, according to PeckShieldAlert on X.
Notably, the report highlights a sharp decline in cyberattacks, down from $85.53 million recorded in November, a 71% drop, which likely signals improved security measures across the industry, such as better security protocols, early threat detection, and enhanced monitoring tools.
The cyber security firm graphically represented the total sum lost to cyberattacks for each month of 2024, in its report on X. Significantly, May recorded the highest losses, with over $574 million lost to hackers, followed by February with about $361 million lost in crypto assets.
Cyvers Alerts, another cybersecurity outfit outlined in a post on X that over 165 Web3 attacks occurred in 2024, leading to the loss of about $2.3 billion, a shocking 40% increase from 2023. In a followup post, Cyvers Alerts reveal that authorities using advanced forensic technology recovered $1.3 billion of this sum.
Consistently, hackers are the bane of the crypto space, manufacturing new tricks to infiltrate crypto asset holdings and cart away millions. With advancing security measures and forensics, their activities can be held in check and diminished.
The Worst Hit Firms in December
According to PeckShieldAlert in the same post, the largest December exploit involved $12.38 million drained from LastPass. This was followed by smaller attacks targeting Yeifinance, GemPad and MEMECoin Drainer at $2.2 million each. FEG was the fifth worst hit, recording $1.3 million in losses, according to the post.
While the decline in losses may boost investor confidence and stabilize decentralized finance (DeFi) platforms, regulated security frameworks and insurance solutions are encouraging safer transactions.
Despite the drop, analysts warn new threats could emerge as hackers adapt to security upgrades. As cybercriminals continue to evolve, defenses must remain proactive.
Looking Ahead: Security Challenges Remain
Regulators are pushing for tighter compliance rules to prevent money laundering and fraud in cryptocurrency markets. Industry leaders expect continued scrutiny as authorities seek broader oversight of digital assets.
PeckShield’s findings highlight progress but also stress the importance of vigilance. With 2025 underway, the focus shifts to sustaining security gains and closing loopholes to block new attack strategies.