Crypto security firm Immunefi reports that losses from hacks and rug pulls in the blockchain industry have decreased by 20% year-to-date in 2024, compared to the same period in 2023. The total loss for this year currently stands at over $473 million across 108 incidents.

In May 2024, the losses amounted to $52.4 million across 21 incidents, marking a 12% decrease from May 2023 and a 28% decrease month over month. The majority of these losses were from two projects: Gala Games and SonneFinance, losing $21 million and $20 million respectively.

Decentralized finance (DeFi) platforms were the primary targets for these exploits, with no major attacks reported on centralized finance platforms (CeFis). Hacks were the main cause of losses, accounting for $50.6 million of the total losses.

Ethereum and BNB Chains were the most targeted, representing 62% of the total losses across all chains. Ethereum experienced the highest number of attacks, with nine incidents accounting for 43% of the total losses, followed by BNB Chain with four incidents, making up 19% of the total.

This downward trend in losses from hacks and frauds is a positive sign for the blockchain industry, indicating improved security measures and increased vigilance among users and platforms.