Losses from hacks and rug pulls in 2024 year-to-date quantity to over $473 million throughout 108 incidents, in accordance with Immunefi’s newest knowledge. This marks a 20% lower in comparison with the identical interval in 2023, which noticed losses of greater than $595 million.

In Could 2024, victims of hacks and fraud misplaced $52.4 million throughout 21 incidents, a 12% lower from Could 2023’s losses of virtually $60 million and a 28% lower month over month.

The crypto bug bounty platform’s report noticed {that a} majority of the losses in Could have been from two tasks: Gala Video games, a crypto gaming challenge that misplaced $21 million, and SonneFinance, a decentralized lending protocol that misplaced $20 million.

Throughout the identical interval, decentralized finance (DeFi) was the first goal for exploits, whereas its centralized counterparts, CeFis, didn’t expertise any main assaults.

Immunefi acknowledged that hacks have been the principle reason for losses in comparison with fraud. A complete of $50.6 million was misplaced attributable to hacks throughout 14 incidents. Seven fraud occasions in Could resulted in losses of $1.75 million.

Moreover, Ethereum and BNB Chains have been probably the most focused chains in Could 2024, representing 62% of the full losses throughout focused chains.

Ethereum skilled the very best variety of assaults, with 9 incidents accounting for 43% of the full losses throughout focused chains. Subsequent up was BNB Chain, which recorded 4 incidents, making up 19% of the full.

In the meantime, Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism, and Polygon every had 1 incident, with every accounting for 4.8% of the full.