Immunefi Crypto Losses May 2024 Report
Crypto Losses: May 2024
Analysis
- In total, we have seen a loss of $473,229,944 to hacks and rug pulls in 2024 YTD across 108 specific incidents. This represents a 20% decrease when compared with the same period in 2023 at $595,438,324.
- In May 2024, $52,371,900 was lost due to hacks and fraud across 21 specific incidents. This represents a 12% decrease from May 2023, when registered losses were $59,344,389, and a 28% decrease month-over-month.
- Most of the sum was lost in two specific projects: Gala Games, a crypto gaming project, which incurred a loss of $21 million, and SonneFinance, a decentralized lending protocol, with a $20 million loss.
- In May 2024, DeFi was the main target for exploits, while CeFi did not witness a single major attack.
- Hacks continued to be the predominant cause of losses as compared to fraud. A total of $50,618,600 was lost due to hacks across 14 specific incidents. 7 fraud events happened in May, totaling $1,753,300.
- The most targeted chains in May 2024 were Ethereum and BNB Chain, representing 62% of the total losses across targeted chains.
Top 10 Losses in May 2024
- Gala Games* — $21,000,000
- SonneFinance — $20,000,000
- ALEX Lab — $4,300,000
- Pump.fun — $1,900,000
- GNUS — $1,270,000
- Bloom* — $540,000
- Fake Pii Park — $490,000
- NORMIE — $490,000
- Tsuru — $410,000
- Galaxy Fox — $300,000
Hacks vs. Fraud Analysis
In May 2024, hacks continued to be the predominant cause of losses as compared to fraud. An analysis of the losses shows that fraud accounted for only 3.3% of the total losses in May 2024, while hacks accounted for 96.7%.
Overview
- Hacks — In total, we have seen a loss of $50,618,600 to hacks in May 2024 across 14 specific incidents.
- Fraud — In total, we have seen a loss of $1,753,300 to fraud in May 2024 across 7 specific incidents.
DeFi vs. CeFi Analysis
In May 2024, DeFi again became the main target for exploits in terms of funds lost, compared to CeFi. This was primarily led by the high-profile attacks on Gala Games, SonneFinance, ALEX Lab, and Pump.fun. In contrast, CeFi did not witness a single major exploit.
Overview
- DeFi — DeFi suffered $52,371,900 in total losses in May 2024 across 21 incidents.
- CeFi — CeFi did not suffer from an attack in May 2024.
Losses by Chain
The most targeted chains in May 2024 were Ethereum and BNB Chain, representing 62% of the total losses across targeted chains.
Overview
- Ethereum suffered the most individual attacks, with 9 incidents, representing 43% of the total losses across targeted chains. BNB Chain witnessed 4 incidents, representing 19% of the total. Base, Arbitrum, Solana, TON, Blast, Fantom, Optimism, and Polygon each suffered from 1 incident, each representing 4.8%, respectively.
Crypto Losses May 2024 — Summary
Total Losses YTD: $473,229,944
In May: $52,371,900
Hacks vs. Fraud
- Hacks — $50,618,600
- Fraud — $1,753,300
DeFi vs. CeFi
- DeFi — $52,371,900
- CeFi — $0
Major Losses
- Gala Games — $21,000,000
- SonneFinance — $20,000,000
- ALEX Lab — $4,300,000
- Pump.fun — $1,900,000
- GNUS — $1,270,000
Top Losses by Chain
- Ethereum — 9
- BNB Chain — 4
- Arbitrum — 1
- Base — 1
Download the full report here.
Get the full dataset here.
For questions about this study or Immunefi itself, reach out at press@immunefi.com
About Immunefi
Immunefi is the leading security platform for crypto, protecting more than $180 billion in user funds, and securing protocols across the full development lifecycle, from pre-deployment through production.
