Cyber Threats in the Crypto Space: December 2024 Records Lowest Losses of the Year

According to CertiK, a cybersecurity company, December 2024 saw the lowest losses from exploits, hacks, and fraud for crypto companies throughout the year. Total damages amounted to $28.6 million, significantly lower than the monthly figures reported earlier in the year.

Major Sources of Financial Losses

The largest share of losses, $26.7 million, was attributed to exploits. Flash loans and exit scams also contributed to the statistics, resulting in losses of $1.7 million and $200,000, respectively. Among the most notable flash loan attacks were incidents involving:

• CloberDex, with losses totaling $501,279;
• Clipper DEX, which suffered damages of $450,811;
• MoonMaker, with losses estimated at $319,320.

The most significant exploit of the month targeted the Gempad platform, resulting in damages of $2.14 million. Other notable attacks included:

• FBD, which lost $1.07 million;
• Vesta DAO, from which hackers stole $401,428.

Decrease in Threat Levels

CertiK analysts noted that the total losses from cyberattacks in December were significantly lower compared to early 2024, when crypto services faced monthly damages amounting to tens of millions of dollars. This suggests progress in security measures and increased attention from companies to safeguarding their systems.

The Growing Threat of Phishing

Despite the overall reduction in losses, phishing remains a serious threat. One user lost $7.87 million in crypto assets due to a malicious link, while other users collectively suffered losses ranging from $1.4 million to $2.8 million after clicking on phishing links.

High-Profile Hacks

One of the most attention-grabbing incidents was the hack of the social media account of Animoca Brands chairman Yat Siu on the platform X (formerly Twitter). Hackers bypassed two-factor authentication (2FA) and used the account to promote a fraudulent token, MOCA, based on the Solana blockchain.

Conclusions and Prospects

The reduction in cyber threats during December 2024 demonstrates that efforts to improve security in the crypto space are yielding results. However, emerging threats such as phishing and social engineering require ongoing vigilance. Both users and companies must enhance their security measures and remain cautious to minimize the risk of losses.