As a researcher who has been closely following the crypto space, I find the surge in hacking incidents and resulting losses in May 2024 alarming. According to Peckshield’s report, the crypto industry suffered a staggering increase of approximately 666% in losses compared to April, with a total of $575 million stolen from various exchanges and projects.
In May, the crypto community experienced significant losses due to hacking attacks, marking the highest recorded total for 2024 so far. A report from Peckshield, a blockchain security firm, revealed that hackers successfully stole approximately $385 million during this period, underlining the growing sophistication of these cybercriminals and the continuous requirement for robust security solutions in the digital asset sector.
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Crypto Losses Up By 666% In May – Peckshield
According to Peckshield’s recent analysis, around thirty cryptocurrency hacks occurred in May 2024. From my perspective as a security analyst, this number is concerning and underscores the importance of implementing robust security measures within the crypto industry.
As a security analyst, I’ve been closely monitoring the crypto market for significant incidents. Among these events, the attack on DMM Bitcoin exchange on May 31st stands out as particularly noteworthy. In this incident, over 4,500 Bitcoin were stolen, equating to a staggering $305 million in value. This heist marked the largest hack of the month and indeed, of the entire year 2024 up to that point. It’s important to note that this is the second-largest crypto hack in Japan’s history, following the $533 million theft from Coincheck back in 2018.
In May 2024, approximately 30 cryptocurrency hacks occurred, leading to an estimated total loss of around $574.6 million and profits for hackers amounting to roughly $385 million. This represents a significant surge of nearly 700% compared to the previous month, April 2024.
— PeckShieldAlert (@PeckShieldAlert) June 1, 2024
A significant cyberattack targeted the crypto gaming project, Gala Games, on May 20, allowing malicious actors to produce approximately 5 billion GALA tokens, equivalent to around $212 million. Fortunately, Gala’s development team implemented quick security responses, reducing the damage to an estimated $22.4 million in losses.
As a crypto investor, I’ve experienced some significant hacks in May that left a mark on the community. Sonne Finance, a Decentralized Finance (DeFi) protocol, was unfortunately targeted, resulting in a loss of approximately $20 million worth of assets. Moreover, an account drainer on Coinbase led to an additional $18 million in losses. In total, these attacks cost the crypto world a staggering $575 million. However, it’s important to note that not all of this amount was kept by the hackers. The impressive recovery of Gala Games resulted in the bad actors only profiting around $385 million from their nefarious activities.
Compared to April’s $60 million in total losses, the reported figures for May show a shocking 666% surge in assets stolen by attackers. This is even more concerning when considering that these numbers reflect a startling 2,300% jump from the $14.6 million in losses seen in May of the previous year.
It’s clear that the recent surge in hacking attacks and resulting asset losses underscores the importance of stronger security measures in the rapidly growing digital asset sector. As this industry continues to push towards mainstream acceptance within the global financial system, it becomes even more crucial to fortify security protocols.
Crypto Market Overview
Recent developments in the cryptocurrency sector indicate a fairly steady market. Notable assets have undergone minimal price changes during the last 24 hours. As reported by CoinMarketCap, the overall crypto market capitalization grew by 0.65% on Sunday, amounting to $2.54 trillion.
The front-runner cryptocurrency, Bitcoin, is currently priced at approximately $67,812, representing a modest growth of 0.11% within the past day. Likewise, notable tokens such as Ethereum and BNB experienced minor increases, with daily progressions of 0.31% and 0.35%, respectively.
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2024-06-02 18:11