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

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BNB Chain, Ethereum Blockchains Suffer 20 Attacks in October, Taking the Hardest Hits: Report
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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.

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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.

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