December’s Drop in Crypto Hacks - A Glimmer of Hope for New Exchange Businesses?

The crypto industry, which has faced countless hacking incidents over the years, saw a better change in December 2024. Blockchain security firm PeckShield reported over 25 hacking incidents that caused losses of $24.69 million.

While this number sounds high, it marks a big 71% decrease compared to November. For an industry often hit hard by cybercrime, this decline offers a welcome relief. For businesses planning to get into the industry, a white label crypto exchange development company can help.

December’s Hacking Incidents

PeckShield’s detailed report gives us a clearer picture. Although losses in December were significantly lower, the month wasn’t free from notable hacking cases. The largest incident involved LastPass, where hackers stole $12.38 million. Other significant incidents included,

Yeifinance: Lost $2.2 million

GemPad: Lost $2.2 million

MEMECoin Drainer: Stole $2.2 million worth of SOL assets

FEGToken: Lost $1.3 million

Hackers moved these stolen funds cleverly. For example, over 550 Ethereum (ETH), along with significant amounts of USDC and Bitcoin, were transferred through platforms like ChangeNOW. Some of these stolen assets even ended up in wallets linked to Tornado Cash, a platform known for laundering stolen funds.

Why Did Crypto Hacks Decline?

The sharp drop in hacking incidents and losses during December can be explained by several factors.

1. Better Security Systems: After many high-profile hacks earlier in the year, crypto platforms upgrading their security measures. Many now use advanced tools to find and fix vulnerabilities.

2. Hackers Changing Their Strategies: While the numbers show fewer hacks, this doesn’t mean cybercriminals have disappeared. Instead, they might be adjusting their techniques. For example, access control vulnerabilities were a bigger thing, causing 78% of the total losses in 2024.

3. More Awareness in the Community: With the rise in hacking incidents, users and businesses have become more cautious. They now follow best practices like using multi-signature wallets, conducting regular system audits, and enabling real-time monitoring.

A Hopeful Sign for Crypto Exchange Businesses

For those planning to start a crypto exchange, December’s lower hacking numbers are encouraging. Fewer breaches could mean that customers feel safer trading, creating a perfect chance for new businesses to build their reputations as secure and productive platforms.

One great option for these businesses is working with a white label crypto exchange development company. These companies provide ready-made, customizable platforms that save time, reduce development costs, and focus heavily on security.

Learning from 2024’s Challenges

Although December’s figures bring hope, the crypto industry can’t afford to relax. Hacken, a Web3 security firm, reported that crypto hacks in 2024 caused nearly $3 billion in losses. Most of these hacks used access control vulnerabilities, making it clear where improvements are needed.

Frequent Security Audits: Platforms should regularly test and update their systems to prevent new vulnerabilities.

Educating Users: Users need to know how to protect their assets. Teaching them about phishing scams, using two-factor authentication, and other security tips can make a big difference.

Partnering with Security Experts: Working with a white label crypto exchange development company ensures access to the latest security technologies and expert advice.

Decentralized Solutions: Decentralized exchanges (DEXs) can provide extra security by eliminating single points of failure.

Building a Safer Crypto Industry

December’s lower hacking numbers suggest progress, but the crypto industry must remain alert. Cybercriminals are constantly improving, and the only way to reach the top is through creativity and collaboration. For new crypto exchange businesses, success depends on offering strong security alongside a smooth user experience.

Partnering with a crypto exchange development company can help these businesses create secure platforms. Because ‘A strong foundation builds an unshakable future.’

Conclusion:

December’s drop in crypto hacks is an encouraging sign, but it’s just the beginning. Both startups and established companies must continue to improve their defenses and adapt to new threats.

By collaborating with white label crypto exchange development companies and prioritizing security, the industry can reduce cybercrime and build a safer environment for everyone. Hope shines brightest in the darkest of times, and December’s numbers remind us that creativity can light the way forward.