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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jan 02, 2025 08:40 UTC
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Top Crypto Hacks of December 2024: $24.7 Million Lost as New Threats Emerge
December 2024 saw a significant drop in cryptocurrency hacking losses compared to November, with $24.7 million stolen across 25 attacks.
Notable hacks included the LastPass breach exploiting 2022 data, GemPad's reentrancy vulnerability, and targeted phishing attacks like the MEMECoin Drainer.
Despite the decline in losses, the crypto market remains vulnerable to evolving threats, emphasizing the need for robust security.
December 2024 brought more uncertainty to the cryptocurrency market. According to Peckshield’s monthly report, there were 25 hacking attacks, resulting in losses totaling $24.7 million. While this is 71% lower than November’s losses, it still made December one of the most eventful months of 2024 for security breaches.
Top 5 Hacks of December 2024:
LastPass Breach:
The largest attack in December occurred on LastPass, where hackers took advantage of data from a breach in 2022 to steal around $12.38 million in cryptocurrency. The attackers targeted stored seed phrases and wallet credentials on December 16 and 17. This incident highlights the serious risks of centralized data storage and the long-term consequences of data leaks.
GemPad Exploit:
GemPad, a no-code smart contract deployment platform, was attacked through a reentrancy vulnerability affecting Ethereum, BNB Chain, and Base networks. The flaw allowed hackers to spend $1.9 million in locked assets. This exploit shows how serious weaknesses in smart contract design can be, making it clear that smart contracts need thorough audits to prevent such attacks.
MEMECoin Drainer Attack:
A draining attack on the Solana blockchain targeted a single user, resulting in a $2.2 million loss in cryptocurrency. This attack is part of a growing trend of phishing targeting individual wallet owners, emphasizing the need for better personal security practices.
FEGToken Compromise:
For the third time, the Feed Every Gorilla (FEG) token was compromised. This time, attackers exploited the token’s SmartBridge feature, causing a 99% loss in its value, which amounted to $1.3 million. Along with the financial loss, the attack severely damaged the trust of the FEG community.
Yeifinance Breach:
Yeifinance, a yield farming DeFi platform, reported that $2.2 million in coins were stolen. Though specifics are still unclear, this breach further highlights the ongoing security risks in the DeFi space. As DeFi platforms grow, so does the need for constant vigilance and stronger security measures.
The Threats Are Ever-Increasing
Even though total losses were lower in December than in November, the threats facing the cryptocurrency world are changing. From advanced reentrancy attacks to targeted phishing, both platforms and individual users face risks.
The LastPass breach, in particular, demonstrated how damaging it can be when data is exposed for a long period. This highlights the need for strong security measures to protect sensitive information.
As new platforms and exchanges continue to emerge, the cryptocurrency industry must stay ahead of security risks. Regular audits, increased user education, and a focus on security awareness will help build more trust in an increasingly volatile market.
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