May Madness: Crypto Industry Suffers $385 Million Loss To Hackers

Source Bitcoinist
Jun 2, 2024 15:00

In May, the crypto community endured devastating losses to hackers, resulting in the highest loss tally recorded in 2024 to date.. According to a report from blockchain security firm Peckshield, hackers made away with $385 million in May, highlighting the sophistication of these bad actors and the consistent need for effective security measures in the digital asset industry.

Related Reading: Crypto Losses Mount As Hacks And Rug Pulls Skyrocket In 2024, Report Finds

Crypto Losses Up By 666% In May – Peckshield

Based on Peckshield’s report, the crypto space experienced approximately 30 hack cases in May 2024. 

Of these incidents, the attack on Japanese crypto exchange DMM Bitcoin on May 31st resulted in the loss of over 4,500 Bitcoin, valued at $305 million. This heist represented the largest hack of the month and 2024 so far. It was also the second-largest crypto hack in Japan following the $533 million heist of Coincheck in 2018.

Another major hack involved the crypto gaming project Gala Games which suffered a significant network breach on May 20, where bad actors were able to mint 5 billion GALA tokens worth about $212 million. However, via swift security measures, Gala’s development team was able to mitigate the losses to around $22.4 million. 

Other major hacks in May involved DeFi protocol Sonne Finance and a Coinbase account drainer which resulted in the loss of $20 million and $18 million worth of assets, respectively. In total, $575 million was stolen by hackers, albeit, the bad actors made a profit of only $385 million following the Gala Games’ impressive recovery.

In comparison to April with total losses of $60 million, the figures reported in May represent a staggering 666% rise in assets stolen by attackers. More alarmingly, these figures indicate a 2,300% increase on the $14.6 million losses in May 2023.

Undoubtedly, this sharp increase in hacking incidents and asset loss signals the constant need for more robust security measures for the digital asset space especially as the novel industry strives for mainstream adoption in the global financial scene.

Crypto 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 crypto market cap saw a modest increase 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 recorded small increases, with daily gains of 0.31% and 0.35%, respectively.

crypto
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas faces upside pressure as European traders prepare for next heating seasonNatural Gas (XNG/USD) prices are holding ground above $2.00 on Friday after a brief dip earlier this week. Gas prices are quickly recovering as mainland Europe is gearing up for the next heating season, with traders starting to negotiate contracts in
Author  FXStreet
Natural Gas (XNG/USD) prices are holding ground above $2.00 on Friday after a brief dip earlier this week. Gas prices are quickly recovering as mainland Europe is gearing up for the next heating season, with traders starting to negotiate contracts in
placeholder
Bitcoin Price’s Path To $300,000 Cleared By Massive Bullish Pattern, Says AnalystAccording to an analysis shared by renowned crypto analyst Gert van Lagen, the Bitcoin price chart has illustrated a significant technical pattern in the 3-day chart (BTC/USD) that could potentially
Author  NewsBTC
According to an analysis shared by renowned crypto analyst Gert van Lagen, the Bitcoin price chart has illustrated a significant technical pattern in the 3-day chart (BTC/USD) that could potentially
placeholder
Apple sets a string of records and soars 10% in 2 sessions: 21% correction in sight?Investing.com - After breaking through the $200 barrier for the first time in its history on Tuesday, on a day that saw the share price rise by more than 7%, Apple Inc (NASDAQ:AAPL) continued its reco
Author  Investing.com
Investing.com - After breaking through the $200 barrier for the first time in its history on Tuesday, on a day that saw the share price rise by more than 7%, Apple Inc (NASDAQ:AAPL) continued its reco
goTop
quote