SKY Eye

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.