According to Bug Bounty Platform Immunefi, losses in the cryptocurrency sector due to hackers and fraud decreased by 20% year-on-year

A new report from bug bounty platform Immunefi shows that cryptocurrency losses due to hacks and fraud have declined sharply over the past year.

According to Immunefi, in 2024, there were 108 specific cases of hacking and rug-pulling in the cryptocurrency sector.

Financial losses amounted to $473,229,944, 20% less than the $595,438,324 lost during the same period in 2023.

In May 2024, there were 21 specific incidents of hacking and fraud in the crypto space, resulting in financial losses of $52,371,900. This amount represents a 12% decrease from the $59,344,389 lost in May 2023 and a 28% decrease from the $72,606,827 lost in April 2024.

Crypto gaming project Gala Games and decentralized lending protocol SonneFinance were the most financially successful, losing $21 million and $20 million, respectively.

“In May 2024, DeFi (decentralized finance) again became a top target for exploits in terms of loss of funds compared to CeFi. This was mainly due to high-profile attacks on Gala Games, SonneFinance, ALEX Lab and Pump.fun. In contrast, CeFi (centralized finance) has not witnessed a single major exploit.”

Hacks also caused more losses than fraud. The report found that in May, hacks accounted for 96.7% of total losses, while fraud accounted for only 3.3%.

“A total of $50,618,600 was lost as a result of break-ins in 14 specific incidents. In May, there were 7 frauds totaling $1,753,300.”

Ethereum (ETH) and BNB Chain are the most targeted blockchains, accounting for 62% of total losses on target chains.

“Etherum suffered the highest number of individual attacks, with 9 incidents representing 43% of the total losses on targeted networks. The BNB network witnessed 4 incidents, which constitutes 19% of the total. Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism and Polygon each recorded 1 incident, each representing 4.8% respectively.

Never miss an event – subscribe to receive email updates straight to your inbox

Check the price action

Follow us on XFacebook and Telegram

Surf with Hodl’s daily blend

&nbsp

Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please remember that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated image: Midjourney