The cryptocurrency sector has been a hotbed for exploitation, with a total loss of $42.6 million reported in May alone. Flash loan attacks have been the primary cause of these losses, resulting in approximately $20.7 million in damages. Sonne Finance took the hardest hit, losing $20 million, followed by TLN Protocol at $746,000. GPU and Saturn Token also recorded losses of $32,394 and $8,343, respectively.
Exploits have also played a significant role in the mounting losses, accounting for about $19.7 million. Gala Games experienced the most substantial loss at $21.6 million, followed 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 have contributed around $1.8 million to the overall losses in the cryptocurrency sector. Trees On Sol topped the list with a loss of $1.11 million, followed by Pii Park at $490,000, Novamind at $123,019, and Arbalest at $91,520.
Interestingly, flash loan attacks seem to be a recurring issue, with significant losses occurring in odd-numbered months. The months of January, March, and May saw losses of $15.3 million, $21.9 million, and $20.7 million, respectively. In contrast, losses in February and April were minimal, each under $150,000. February stood out as the month with the most substantial loss overall due to exit scams, totaling $58.3 million.
In the year-to-date of 2024, security service provider Immunefi reported over $473 million worth of cryptocurrency lost to hacks and rug pulls across 108 incidents. Decentralized finance (DeFi) platforms remain the primary targets for hackers, while centralized finance companies have not experienced any attacks in 2024. Last year, over $2 billion was lost to hacks and exploits, marking a significant decrease from the previous year’s total losses.
The cryptocurrency sector continues to face ongoing challenges with security breaches and exploits. Just recently, DMM Bitcoin, a Japanese cryptocurrency exchange, reported a loss of 48 billion yen ($305 million) in Bitcoin due to a hack. With Ethereum and BNB Chain being the most targeted chains in May 2024, representing 62% of the total losses across targeted chains, it is evident that the risks associated with cryptocurrency investments are substantial and require heightened security measures.
Leave a Reply