Crypto Scams Drop 71% in December, Investors Lose $24.7 Million

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Crypto Market Faces $310 Million Loss in August Due to Exploits and Scams

  • Crypto scams dropped 71% in December 2024, with losses reduced to $24.7M from $85.53M in November.
  • DeFi platforms YeiFinance and GemPad lost $2.2M each, highlighting vulnerabilities in decentralized systems.
  • CyverAlerts reported $2.3B lost to Web3 hacks in 2024, with Ethereum leading as the most targeted blockchain.

PeckShieldAlert reported a sharp drop in crypto scams for December 2024. Investors lost $24.7 million to fraudulent activities. This marks a significant 71% decline compared to the $85.53 million recorded in November 2024.  

PeckShield noted over 25 successful scam incidents last month. However, the overall reduction highlights improved security measures by crypto firms. Between September and December, the value of stolen assets followed a steady downward trend. Despite this progress, cybercriminals continue to develop new methods to target investors. Experts predict potential increases in future scam activities.  

Major Hacks Reported in December  

PeckShield identified several major scams contributing to December’s losses. The LastPass breach topped the list, costing investors $12.38 million. YeiFinance and GemPad followed closely, with hackers stealing $2.2 million from each platform. Both platforms operate in the decentralized finance (DeFi) sector, exposing lingering vulnerabilities in DeFi security.  

A memecoin drainer scam on Solana targeted a single victim, resulting in $2.2 million in losses. Another notable breach occurred on FEG, where cross-chain verification errors caused a $1.3 million loss. These incidents underscore the ongoing need for robust security measures in the crypto industry.  

2024 Hack Losses Hit $2.3 Billion  

CyverAlerts released a comprehensive report on crypto hacks for 2024. The industry lost $2.3 billion to 165 Web3 hacking incidents. This figure reflects a 40% increase in losses compared to 2023. Access control breaches were the most common, accounting for 81% of attacks.  

Ethereum emerged as the most vulnerable blockchain, with $1.2 billion stolen in total. Despite this, recovery efforts significantly improved in 2024. Blockchain firms reclaimed $1.3 billion in stolen funds. The report emphasized the importance of safeguarding access points to reduce vulnerabilities. Crypto firms are focusing on tighter controls to enhance investor protection.  

The drop in December’s scam activities indicates some progress in security efforts. However, consistent vigilance is essential to curb future incidents. The crypto sector must continue its fight against cyber threats.  

The post Crypto Scams Drop 71% in December, Investors Lose $24.7 Million appeared first on Crypto News Land.

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