December 2024 proved to be a month of significant change in the cryptocurrency market, marked by volatility and noteworthy security breaches. According to Peckshield’s monthly report, there were 25 hacking incidents leading to losses amounting to $24.7 million. While these figures may seem alarming, they actually represent a 71% reduction in losses compared to the previous month of November, making December one of the months with the lowest losses in 2024.
Top 5 Notable Hacks of December 2024
LastPass Breach
The most severe attack occurred on LastPass, where hackers exploited data from a 2022 breach, stealing approximately $12.38 million in cryptocurrency. The attack took place on December 16 and 17, targeting stored seed phrases and wallet credentials. This incident highlights the risks associated with centralized storage and the long-term consequences of data breaches.
GemPad Exploit
GemPad, a no-code smart contract deployment platform, fell victim to a reentrancy vulnerability on Ethereum, BNB Chain, and Base networks. The exploit allowed attackers to siphon off $1.9 million from locked assets, revealing critical weaknesses in smart contract architecture and emphasizing the importance of thorough audits.
MEMECoin Drainer Attack
An attack on the Solana blockchain targeted a single user, resulting in a loss of $2.2 million in cryptocurrencies. This incident exemplifies a new trend in phishing attacks aimed at individual wallet owners, highlighting the increasing sophistication of such threats.
FEGToken Compromise
The Feed Every Gorilla (FEG) token faced its third compromise due to vulnerabilities in its SmartBridge feature. The exploit led to a 99% drop in value, translating to a $1.3 million loss and eroding community trust. This underscores the need for continuous scrutiny and improvement of security protocols.
Yeifinance Breach
Yeifinance, a yield farming DeFi platform, reported the theft of $2.2 million worth of coins. While details remain sparse, this breach adds to the growing list of incidents necessitating vigilance and enhanced security measures in the DeFi sector.
Despite the decrease in total losses in December 2024 compared to November, the evolving nature of threats in the cryptocurrency realm remains evident. From sophisticated reentrancy attacks to targeted phishing schemes, no platform or individual is immune. The LastPass incident, in particular, underscores the devastating impact of long-term data exposure and the critical importance of robust security systems.
With an increasing number of platforms and crypto exchanges emerging, it is essential to stay ahead of potential risks, conduct regular audits, and engage users in fostering security awareness. These efforts are crucial for building trust in the dynamic and unpredictable world of cryptocurrencies.
