Here's how much cryptocurrency was lost in May due to hacks
Fraud and hacking operations continue in the cryptocurrency sector, and their frequency sometimes increases and sometimes decreases from month to month.
According to the CertiK platform, the cryptocurrency sector lost $42.6 million in May due to exploits, flash loans, and fraud.
Despite these setbacks, approximately $96.2 million was recovered, providing some mitigation of the economic impact of these thefts.
Flash loan attacks dominate crypto and blockchain market losses:
Flash loan attacks caused the largest losses in the cryptocurrency sector, totaling approximately $20.7 million.
Sonne Finance was the most affected company, losing $20 million, followed by TLN Protocol, which lost $746,000.
“GPU” and “Saturn Token” also faced losses totaling $32,394 and $8,343, respectively.
Exploit software also greatly affected the sector, causing losses worth approximately $19.7 million.
Gala Games had the biggest loss at $21.6 million, followed by AlexLab with $4.3 million, Pump Fun with $1.9 million, GNUS.ai with $1.28 million, and Orion with $947,000.
Carpet roll-outs and exits, although less common, still contribute about $1.8 million to losses.
In May 2024, Ethereum and Binance were the most targeted networks, collectively accounting for 62% of the total losses across the targeted blockchain networks.
Cryptocurrency hacks and exploitation remain an ongoing problem.
Recently, due to the hack, DMM Bitcoin, a Japanese trading platform, announced the loss of 48 billion yen ($305 million) worth of Bitcoin (BTC).
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