Good news? By 2024, losses from hacking and fraud will be reduced by 20 percent

By 2024, losses from hacking and carpet dragging will reach more than $473 million in 108 cases, according to the latest data from Eminefi. This represents a 20 percent decrease compared to the same period in 2023, when losses totaled more than $595 million.

In the year

According to the crypto bug bounty platform, the majority of losses in May were caused by two projects: Gala Games, a crypto game project that lost $21 million, and SonneFinance, a decentralized lending protocol that lost $20 million.

At the same time, decentralized finance (DeFi) has been a prime target for exploitation, while its centralized counterparts CeFis have not faced any serious attacks.

Immunefi states that hacking is the leading cause of loss compared to fraud. A total of $50.6 million was lost in 14 cases of hacking. In May, seven fraudulent activities resulted in a loss of $1.75 million.

Additionally, Ethereum and BNB chains were the most targeted chains in May 2024, representing 62% of the total losses on targeted chains.

Ethereum experienced the highest number of attacks, with nine incidents accounting for 43% of the total losses in targeted chains. Next was BNB Chain, which recorded four events, accounting for 19% of the total.

Meanwhile, Base, Arbitrum, Solana, Ton, Blast, Phantom, Optimism and Polygon each experienced 1 event, each accounting for 4.8% of the total.