Blockchain security firm CertiK has released data indicating that the cryptocurrency industry incurred losses amounting to $42.6 million in May, attributable to exploits, flash loans, and exit scams. Despite these adversities, there was a silver lining, with approximately $96.2 million recovered, providing some relief from the economic toll.
Flash loan attacks emerged as the primary source of losses in the crypto sector, amounting to about $20.7 million. Notably, Sonne Finance bore the brunt of these losses, totaling $20 million, followed by TLN Protocol, which lost $746,000.
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Additionally, GPU and Saturn Token faced lesser losses, amounting to $32,394 and $8,343, respectively. Exploits also significantly impacted the sector, contributing to approximately $19.7 million in losses.
Source: @CertiKAlert on X
Gala Games incurred the most substantial loss at $21.6 million, trailed by AlexLab at $4.3 million, Pump Fun at $1.9 million, GNUS.ai at $1.28 million, and Orion at $947,000. While less common, exit scams still played a role, contributing around $1.8 million to the overall losses. Notable among these were Trees On Sol, which lost $1.11 million, Pii Park at $490,000, Novamind at $123,019, and Arbalest at $91,520.
Interestingly, flash loan attacks have consistently been the leading cause of significant losses in the crypto industry during odd-numbered months throughout the year. January, March, and May recorded losses of $15.3 million, $21.9 million, and $20.7 million, respectively.
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In contrast, losses in February and April were relatively minimal, each amounting to less than $150,000. Notably, February witnessed the most significant overall loss, primarily due to exit scams, which totaled $58.3 million, with less than 10% of this total reported in other months.
Crypto Sector Faces $473 Million Losses in 2024: DeFi Hacks Remain Key Concern
Immunefi, a security service provider, has released data revealing that in the year-to-date period of 2024, the cryptocurrency sector suffered losses amounting to over $473 million across 108 incidents involving hacks and rug pulls.
Notably, the decentralized finance (DeFi) market remains the primary target for hackers, with centralized finance companies reporting no attacks throughout 2024. This contrasts with the previous year, where over $2 billion was lost to hacks and exploits, marking a significant reduction compared to the previous year's total.
In May 2024, Ethereum and BNB Chain emerged as the most targeted chains, collectively representing 62% of the total losses incurred across the targeted chains. Despite efforts to enhance security measures, crypto hacks and exploits persist as an ongoing challenge within the industry.
Read more: Understanding Ethena and Its Impacts to CeDeFi
A recent example underscores this issue, as DMM Bitcoin, a Japanese cryptocurrency exchange, fell victim to a hack resulting in the loss of 48 billion yen ($305 million) worth of Bitcoin (BTC). In a blog post addressing the incident, DMM Bitcoin disclosed that 4,502.9 BTC had "leaked" out of the exchange.
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