Crypto hacking losses fell 60% in December to $76 million: PeckShield

Crypto-related losses from hacks and cybersecurity exploits declined sharply in December, falling 60% month-over-month to around $76 million, according to blockchain security firm PeckShield.

This figure marks a notable decline from November’s $194.2 million, providing a rare breather after months of high attack activity in the sector.

Poisoning Scam Leads to $50 Million Loss in December Crypto Exploits

PeckShield said December saw 26 major crypto exploits, with a handful of incidents accounting for the bulk of the losses. The largest involved a single user who lost $50 million in an address poisoning scam.

In such attacks, malicious actors send small transactions from wallet addresses that closely resemble legitimate addresses, in the hopes that victims will copy or mistakenly select the fraudulent address when making a transfer.

These scams often rely on visual similarity. Typically, the first and last characters of the fake address match the real one, making it easy for users to miss subtle differences when analyzing transaction history. Attackers exploit this moment of inattention to irreversibly redirect funds.

Another major incident in December involved a private key leak linked to a multi-signature wallet, which resulted in losses of approximately $27.3 million.

PeckShield said the breach highlights continued risks related to key management, even for wallets that rely on multiple approvals for transactions.

While the overall drop in stolen funds may seem encouraging, security experts caution that it does not necessarily mean lasting change.

PeckShield highlighted several notable attacks during the month, including a Christmas Day exploit targeting Trust Wallet’s browser extension that cost around $7 million, as well as a $3.9 million hack affecting the Flow protocol.

Browser-based wallets remain a common target for attackers due to their constant internet connectivity. In contrast, hardware wallets, offline devices designed to store private keys, are widely considered one of the most secure options for long-term asset storage, a distinction often highlighted by security researchers and media outlets such as Cointelegraph.

PeckShield said users can significantly reduce their exposure to common exploits by adopting basic precautions.

These include checking every character of a destination address before sending funds, avoiding relying on recorded transaction histories, and keeping private keys offline whenever possible.

Brooklyn man charged in $16M crypto scam targeting Coinbase users

As reported, US prosecutors have charged Ronald Spektor, a 23-year-old Brooklyn resident, with stealing approximately $16 million in cryptocurrency from around 100 Coinbase users through an alleged phishing and social engineering scheme.

According to the Brooklyn District Attorney’s Office, Spektor posed as a Coinbase employee and contacted victims claiming their funds were in immediate danger, pressuring them to transfer crypto to wallets he controlled.

Authorities said the scheme relied on panic tactics rather than technical hacks. Operating under the online pseudonym “lolimfeelingevil,” Spektor allegedly warned victims of an impending theft in order to overcome their skepticism and force quick decisions.

Post Crypto Hack Losses Plummeted 60% in December to $76M: PeckShield appeared first on Cryptonews.

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