📣 $52 Million Lost in Crypto Industry in May
posted 30 May 2024
Data from security service provider Immunefi reveals that since the start of 2024, cryptocurrency projects have suffered $473 million in losses (108 incidents) from hacker attacks and rug pulls. Last month, the industry lost $52 million, a decrease of 20% from April 2024 and 12% from May of the previous year.
Hacker breaches caused the most damage, totaling $50.6 million, while fraud accounted for only $1.7 million. The number of successful attempts stands somewhat comparable: 14 hacks compared to 7 fraud incidents. The projects most affected were Gala Games ($21 million), SonneFinance ($20 million), and ALEX Lab ($4.3 million).
In terms of ecosystems, Ethereum (43%) and BNB Chain (19%) were the most impacted blockchains. Notably, over the past month, no centralized platforms were compromised: 100% of the assets were stolen from decentralized applications.
This statistic indicates that asset losses were primarily fostered by the poor security of decentralized applications rather than user negligence. This is a stark reminder to developers of the urgent need to invest more in preventing hacking attacks.
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