Web3 lost over $52 Million to Hackers in May and $473 Million so far in 2024: Immunefi

In May 2024, Web3 saw a loss of $52,371,900 to hackers across 21 specific incidents and a loss of $473,229,944 in the 2024 year-to-date (YTD) across 108 specific incidents. 

According to a report by security service provider Immunefi, in comparison to May 2023, when recorded losses were $59,344,389, this indicates a 12% decrease and a 28% decrease month over month. 

The decentralized finance (DeFi) market was the primary target of exploits in May 2024, whereas centralized finance organizations saw no significant attacks. The high-profile attacks on DeFi, such as Gala Games, SonneFinance, ALEX Labs, and Pump.fun, were largely responsible for this. SonneFinance, a decentralized lending protocol, which lost $20 million, and Gala Games, a cryptocurrency gaming project that lost $21 million, were the two projects with the majority of the money lost.

The report by Immunefi stated that hacks continued to be the main source of losses as compared to fraud. In addition, a total of $50,618,600 was lost due to hacking in 14 specific incidents, and 7 fraud incidents occurred in May, for a total of $1,753,300. 

In May 2024, 62% of the total losses across targeted chains were on the Ethereum and BNB chains, which were the most targeted chains. Ethereum experienced nine separate incidents, accounting for 43% of the total losses across all targeted chains. This was the most frequent attack type. 19% of the total incidents were observed by BNB Chain, with 4 incidents. There was only one incident for Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism, and Polygon, which accounted for 4.8% of the total. 

Over $60 billion in user funds are protected by Immunefi, the top platform for web3 bug bounty and security services. A large community of white-hat hackers uses Immunefi to evaluate smart contracts and blockchain code for projects, identify vulnerabilities, and responsibly disclose them in exchange for payment to make cryptocurrency safer.

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