Report: Cryptocurrency Industry Losses Drop in 2024
Since the beginning of 2024, the cryptocurrency industry has suffered losses amounting to $473 million due to hacker attacks and fraud. This figure is 20% lower compared to the same period in 2023 when losses totaled over $595 million, according to a report by the blockchain service Immunefi.
May 2024: Decrease in Hacks and Fraudulent Activities
In May 2024, losses from hacks and fraudulent activities amounted to $52 million, marking a 28% decrease compared to April of the same year. This figure is also 12% lower than in May of the previous year when losses reached $59 million. The biggest victims in May were the gaming project Gala Games, which lost $21 million, and the DeFi protocol SonneFinance, which suffered a $20 million loss.
DeFi Projects Targeted in May
The Immunefi report highlights that in May, DeFi projects were the main targets of attacks. In 14 incidents within this sphere, $50 million was stolen. Moreover, cases of fraud only accounted for 3.3% of the total losses, amounting to $1.7 million.
Ethereum and Binance Smart Chain: Most Vulnerable Networks
The report reveals that Ethereum and Binance Smart Chain were the most vulnerable networks in May 2024, together responsible for 62% of the total volume of losses among all blockchains. Ethereum experienced nine incidents, comprising 43% of the total number of incidents, while Binance Smart Chain was targeted in four attacks, making up 19% of the total number.
Other networks, such as Base, Arbitrum, Solana, The Open Network, Blast, Fantom, Optimism, and Polygon, each experienced one exploit in May.
