In May, the crypto community suffered devastating hacker losses, leading to the highest number of losses recorded so far in 2024. According to the study report from blockchain security firm Peckshield, hackers looted $385 million in May, underscoring the sophistication of these bad actors and the ongoing need for effective security measures in the digital asset industry.
Cryptocurrency losses increased by 666% in May – Peckshield
Peckshield’s report shows that in May 2024, there were approximately 30 hacking incidents in the cryptocurrency space.
Of these incidents, the May 31 attack on Japanese cryptocurrency exchange DMM Bitcoin resulted in the loss of over 4,500 Bitcoins worth $305 million. This heist was the biggest hack of the month and 2024 so far. It was also the second-largest cryptocurrency hack in Japan after the $533 million Coincheck heist in 2018.
#PeckShieldAlarm In May 2024, approximately 30 crypto hacks occurred, resulting in ~$574.6 million in losses and approximately $385 million in hacker profits. This represents an boost of approximately 666% compared to April 2024.#Top5 Hacks:
–#DMMBitcoin: $305 million
–#GALAGames: $212 million (hackers… pic.twitter.com/2n5YUaw3OQ— PeckShieldAlert (@PeckShieldAlert) June 1, 2024
Another major breach involved crypto gaming project Gala Games, which suffered a major network breach on May 20, during which rogue actors were able to mint 5 billion GALA tokens worth approximately $212 million. However, thanks to quick safety measures, the Gala development team was able to limit losses to approximately $22.4 million.
Other major hacks that occurred in May involved the DeFi protocol Sonne Finance and the Coinbase account emptying tool, resulting in the loss of $20 million and $18 million in assets, respectively. In total, the hackers stole $575 million, although after Gala Games’ impressive recovery, the rogue actors only made $385 million.
Compared to April with total losses $60 million, the numbers reported in May represent a staggering 666% boost in the value of assets stolen by attackers. More worryingly, these numbers represent an boost of 2,300%. Losses of $14.6 million in May 2023.
Undoubtedly, this surge in hacking incidents and asset losses signals the continued need for more strong security measures in the digital assets space, especially as the cutting-edge industry strives for mainstream adoption on the global financial scene.
Cryptocurrency market overview
In other news, the cryptocurrency market remains relatively stable, with major assets experiencing minimal fluctuations over the past 24 hours. According to CoinMarketCap, the total market capitalization of cryptocurrencies saw a modest boost of 0.65% on Sunday, reaching $2.54 trillion.
Bitcoin, the market leader, is currently valued at $67,812, reflecting a slight gain of 0.11% in the last day. Similarly, other major tokens such as Ethereum and BNB saw modest gains, with daily gains of 0.31% and 0.35%, respectively.
Featured image from The Economic Times, chart from Tradingview
