According to CryptoPotato, the total losses from hacks and fraudulent activities in the crypto space have reached over $473 million across 108 incidents in 2024, as per the latest data from Immunefi. This figure represents a 20% decrease compared to the same period in 2023, which saw losses exceeding $595 million. In May 2024 alone, victims of hacks and fraud lost $52.4 million across 21 incidents, marking a 12% decrease from May 2023’s losses of nearly $60 million and a 28% decrease month over month.
The report from the crypto bug bounty platform noted that the majority of the losses in May were from two projects: Gala Games, a crypto gaming project that lost $21 million, and SonneFinance, a decentralized lending protocol that lost $20 million. During the same period, decentralized finance (DeFi) was the primary target for exploits, while its centralized counterparts, CeFis, did not experience any major attacks. Immunefi stated that hacks were the main cause of losses compared to fraud. A total of $50.6 million was lost due to hacks across 14 incidents. Seven fraud events in May resulted in losses of $1.75 million.
Additionally, Ethereum and BNB Chains were the most targeted chains in May 2024, representing 62% of the total losses across targeted chains. Ethereum experienced the highest number of attacks, with nine incidents accounting for 43% of the total losses across targeted chains. BNB Chain followed with four incidents, making up 19% of the total. Meanwhile, Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism, and Polygon each had one incident, each accounting for 4.8% of the total losses.