Study: Crypto Losses 28% Lower in May; Attackers Primarily Targeting Defi Platforms

Defi Platforms: Decreasing Cyberattacks and Losses in May

In May, cybercriminals were less successful in their attacks on decentralized defi platforms, resulting in losses attributed to hacks and fraud incidents amounting to approximately $52.4 million. During the same period last year, digital assets worth $59.3 million were lost to similar attacks. Gala Games, which incurred a loss of $21 million, and Sonnefinance with $20 million, accounted for almost 80% of the total losses.

Year-to-Date Crypto Losses Lower Than Corresponding Period Last Year

According to the latest Immunefi report, digital assets worth $52,371,900 were lost due to hacks and fraud across 21 specific incidents in May alone. The report stated that these losses were 12% lower than the $59,344,389 incurred in May 2023 and 28% lower than April 2024 losses.

The May 2024 hacks and fraud incidents bring the year-to-date crypto losses to $473,229,944.This is significantly lower than the $595,438,324 recorded in the same period last year.

As shown by the report data, two projects stood out: Gala Games, which incurred a loss of $21 million, and Sonnefinance with $20 million, accounting for almost 80% of the total losses. Additionally, there were three more top-ten incidents in which attackers made off with digital assets worth $1 million or more. In the remaining attacks, the losses ranged between $540,000 and $300,000.

Just as in April, hackers were only successful in their attacks against decentralized finance (defi) platforms. Centralized finance platforms did not witness a single major attack. Breaking down the attacks, the Immunefi report highlights that hacks remain cybercriminals’ most potent attack method.

“Hacks continued to be the predominant cause of losses as compared to fraud. A total of $50,618,600 was lost due to hacks across 14 specific incidents. [Some] 7 fraud events happened in May, totaling $1,753,300,” the report stated.

Over $18 Million Paid in Bug Bounty Rewards

In terms of the protocols with the most attacks, the report singled out Ethereum and the BNB Chain as the most targeted. With nine recorded incidents, Ethereum accounted for 43% of the total individual attacks, while BNB Chain’s four incidents accounted for 19%.

Meanwhile, the report also revealed that Immunefi, a bug bounty and security services platform, had facilitated the largest bug bounty payments in the history of software. In one of these payments, Immunefi said it assisted in the payment of $10 million for a vulnerability discovered in Wormhole.

Immunefi also facilitated two other payments: $6 million for a vulnerability discovered in Aurora and $2.2 million for a vulnerability discovered in Polygon.

Source: Bitcoin

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