🔔Ring the bells, BTC enthusiasts!🔔 The latest data from Immunefi reveals a 20% decrease in losses from hacks and rug pulls in 2024 year-to-date, amounting to over $473 million across 108 incidents. That's a significant drop from the $595 million lost in the same period in 2023! 📉

May 2024 saw victims of hacks and fraud losing $52.4 million across 21 incidents. This is a 12% decrease from May 2023’s losses of almost $60 million and a whopping 28% decrease month over month. 🗓️

The report highlights two major projects that suffered the most losses in May: Gala Games, a crypto gaming project that lost $21 million, and SonneFinance, a decentralized lending protocol that lost $20 million. 🎮💰

Interestingly, decentralized finance (DeFi) was the primary target for exploits, while its centralized counterparts, CeFis, remained unscathed. Hacks were the main cause of losses, with a total of $50.6 million lost across 14 incidents. Fraud events were less damaging, with seven incidents resulting in losses of $1.75 million. 🎯

Ethereum and BNB Chains were the most targeted chains in May 2024, representing 62% of the total losses across targeted chains. Ethereum experienced the most attacks, with nine incidents accounting for 43% of the total losses. BNB Chain followed with four incidents, making up 19% of the total. 🛡️

While the numbers are still high, the downward trend in losses is a positive sign for the crypto community. Let's keep our fingers crossed for an even safer crypto space in the future! 🤞🚀