๐๐Crypto losses from fraud and hacks have taken a 12% dip YoY, says a report from blockchain security firm Immunefi. A cool $52 million was lost in May, down from a not-so-cool $59 million last year. That's a 28% drop from April! ๐
Most of the losses came from two big attacks - a $21 million hack on Web3 gaming protocol Gala Games and a $20 million smart contract exploit against Sonne Finance. Together, they made up 78% of May's total losses. ๐ฑ
Ethereum and BNB Chain were the most targeted networks, with 62% of attacks. All attacks were on decentralized protocols, with no centralized exchanges losing funds.
Only 13.6% of the losses came from fraud, the rest were from hacks and exploits. Why the decline in losses? No speculation from Immunefi, but experts suggest advancements in security tech and police practices might be the reason. ๐ต๏ธโโ๏ธ
What do you think? Are we getting better at fighting crypto crime or are the bad guys just taking a break? Let's chat in the comments! ๐ฌ