Good News? Losses from Hacks and Fraud Down 20% in 2024

Losses from hacks and rug pulls in 2024 year-to-date amount to over $473 million across 108 incidents, according to Immunefi’s latest data. This marks a 20% decrease compared to the same period in 2023, which saw losses of more than $595 million.

In May 2024, victims of hacks and fraud lost $52.4 million across 21 incidents, a 12% decrease from May 2023’s losses of almost $60 million and a 28% decrease month over month.

The crypto bug bounty platform’s report observed that a majority of the losses in May were 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) was the primary target for exploits, while its centralized counterparts, CeFis, did not experience any major attacks.

Immunefi stated that hacks were the main cause of losses compared to fraud. A total of $50.6 million was lost due to hacks across 14 incidents. Seven fraud events in May resulted in losses of $1.75 million.

Additionally, Ethereum and BNB Chains were the most targeted chains in May 2024, representing 62% of the total losses across targeted chains.

Ethereum experienced the highest number of attacks, with nine incidents accounting for 43% of the total losses across targeted chains. Next up was BNB Chain, which recorded four incidents, making up 19% of the total.

Meanwhile, Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism, and Polygon each had 1 incident, with each accounting for 4.8% of the total.