As a researcher with several years of experience in the blockchain and cryptocurrency space, I find the recent data released by Immunefi on hacks and rug pulls in the crypto industry to be both intriguing and concerning. According to their report, losses from these incidents amounted to over $473 million in the first five months of 2024, marking a significant decrease compared to the same period last year.
As a crypto investor, I’ve closely monitored the market trends this year-to-date, and unfortunately, we’ve experienced over $473 million in losses due to hacks and rug pulls according to Immunefi’s latest report. That’s a significant decrease of about 20% compared to the same period last year when the losses reached an alarming $595 million.
In the month of May 2024, a total of $52.4 million was stolen from victims through hacks and fraud across twenty-one separate occurrences. This represents a 12% reduction compared to the losses incurred in May 2023, which amounted to nearly $60 million. Additionally, there was a significant decrease of 28% when comparing the monthly totals.
In their monthly report, the crypto bug bounty platform identified that over half of the total losses in May could be attributed to two specific projects: Gala Games, a cryptocurrency gaming initiative suffered a setback of $21 million, and SonneFinance, a decentralized financing protocol experienced a loss of approximately $20 million.
In the identical timeframe, decentralized finance (DeFi) underwent the majority of exploit attempts, whereas centralized financial systems (CeFis) remained untouched by significant assaults.
According to Immunefi’s report, hacking incidents accounted for the majority of the losses, amounting to a total of $50.6 million across 14 occurrences. In contrast, there were seven instances of fraud in May that led to losses worth $1.75 million.
In May 2024, Ethereum and Binance Smart Chain accounted for approximately two-thirds (62%) of the overall losses experienced on targeted blockchain networks.
Nine attacks on Ethereum resulted in the largest share of overall losses, equating to approximately 43%. Following close behind was BNB Chain, which experienced four attacks resulting in around 19% of the total damages across targeted blockchains.
As a researcher studying the incident reports of various blockchain platforms, I’ve discovered that each of Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism, and Polygon experienced one incident apiece. These incidents accounted for approximately 4.8% of the total number of reported occurrences across all platforms.
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2024-06-30 16:56