Hacks

The decline in crypto scams and frauds continued, with only $52 million lost in May compared to $59 million the previous year.

Crypto losses from fraud and hacks declined by 12% year-over-year, according to a May 30 report from blockchain security firm Immunefi. A total of $52 million was lost over the course of the month, down from over $59 million in the same month last year. In addition, the figure represents a 28% decline compared to the amount lost in April.

The report illustrates a continuing trend of declining losses from hacks and fraud in the Web3 industry. In March, Immunefi released a report stating that losses in Q1 2024 declined by 23% over the previous year. In April, CertiK reported that the month had seen its lowest losses ever.

According to the May 30 report from Immunefi, most of the losses came from two individual attacks. The first was a hack of the Web3 gaming protocol Gala Games, which resulted in losses of approximately $21 million. The second was a smart contract exploit against Sonne Finance that led to $20 million in losses. Together, these two attacks represented 78% of total losses for the month.

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