Hackers Stole $29M in Crypto Last Month: Report

Scams, exploits, and hacks targeting the crypto industry declined in the last months of 2021, with December seeing the lowest amount of funds stolen.

CertiK, a blockchain security company, reported in a December 31st post that known losses to crypto scams, exploits, and hacks amounted to $28.6 million in December, a significant decrease from $63.8 million in November and $115.8 million in October.

The majority of these losses were due to exploits, with attackers stealing $26.7 million in December. The most notable incident was a $2.1 million exploit on the decentralized finance platform GemPad, where an attacker took advantage of a vulnerability in the project’s smart contracts to steal assets.

Another significant attack occurred on DeFi project FEG, where the hacker drained $1 million by exploiting the project’s token bridge and withdrawing FEG tokens without depositing them in the source chain.

CertiK’s analysis found that this vulnerability was caused by an error in the FEG crosschain message verification process.