DeFi
Good news? Losses due to hacking and fraud have decreased by 20% in 2024
According to the latest data from Immunefi, losses due to hacking and carpet theft since the start of 2024 amount to more than $473 million across 108 incidents. This represents a 20% decline compared to the same period in 2023, which saw losses of more than $595 million.
In May 2024, hacking and fraud victims lost $52.4 million across 21 incidents, a 12% decrease from losses of nearly $60 million in May 2023 and a 28% decrease month over month.
The crypto bug bounty platform report observed that a majority of losses in May came from two projects: Gala Games, a crypto gaming project that lost $21 million, and SonneFinance, a decentralized lending protocol that lost $20 million.
During the same period, decentralized finance (DeFi) has been the main target of exploits, while its centralized counterparts, CeFis, have not suffered any major attacks.
Immunefi said hacks were the leading cause of losses compared to fraud. A total of $50.6 million was lost due to 14 hacking incidents. Seven fraud incidents in May resulted in losses of $1.75 million.
Additionally, Ethereum and BNB chains were the most targeted chains in May 2024, accounting for 62% of total losses on targeted chains.
Ethereum saw the most attacks, with nine incidents accounting for 43% of the total losses on the targeted chains. Next came BNB Chain, which saw four incidents, accounting for 19% of the total.
Meanwhile, Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism and Polygon each had 1 incident, each accounting for 4.8% of the total.