Staggering Losses in Cryptocurrency Hacks and Rug Pulls in 2024
Immunefi’s latest data reveals that the total losses from hacks and rug pulls in 2024 have surpassed $473 million across 108 incidents, marking a 20% decrease compared to the same period in 2023 when losses were over $595 million.
May 2024: Decrease in Losses
In May 2024, victims of hacks and fraud faced losses amounting to $52.4 million in 21 incidents. This shows a 12% decrease from May 2023, where losses were nearly $60 million, representing a 28% decrease from the previous month.
- A majority of the losses in May were attributed to Gala Games, a crypto gaming project that lost $21 million.
- SonneFinance, a decentralized lending protocol, also faced significant losses of $20 million.
Primary Targets and Causes of Losses
During this period, decentralized finance (DeFi) emerged as the main target for exploits, whereas centralized finance (CeFi) did not encounter any major attacks.
- Hacks were identified as the primary cause of losses, amounting to $50.6 million across 14 incidents.
- On the other hand, fraud incidents resulted in losses of $1.75 million from seven events.
Targeted Blockchain Chains
Ethereum and BNB Chains were the most targeted chains in May 2024, representing 62% of the total losses encountered across various blockchain chains.
- Ethereum recorded the highest number of attacks, with nine incidents contributing to 43% of the total losses among targeted chains.
- BNB Chain followed closely with four incidents, making up 19% of the total losses.
- Other chains such as Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism, and Polygon each experienced one incident, collectively contributing to 4.8% of the total losses.
Hot Take: Stay Vigilant in the Crypto Space
As the cryptocurrency market continues to thrive, it is crucial for investors and users to remain cautious and adopt stringent security measures to safeguard their assets. With the evolving landscape of hacks and rug pulls, staying informed and implementing robust security protocols is essential to mitigate potential risks in the volatile crypto space.
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