Crypto Hack Report Reveals Loss of $347 Million in Market Value!
The month of May 2024 proved to be a grim period for the cryptocurrency industry, as several companies suffered significant losses due to cyberattacks. According to CertiK, a reputable blockchain security firm, a staggering amount of $347.3 million was stolen through various means such as hacks, flash loans, and exit scams.
The May Meltdown
During this tumultuous month, five major hacks shook the industry, leaving behind a trail of financial devastation.
1. DMM Bitcoin: $305 Million Heist
The largest hack occurred at DMM Bitcoin, a Japanese-based cryptocurrency exchange, on May 31. Hackers managed to steal a whopping 4,502.9 BTC, equivalent to approximately $305 million. The unauthorized transaction was detected by the exchange around 1:26 p.m., prompting immediate security measures such as suspending withdrawals and intensifying scrutiny on new accounts. DMM Bitcoin has reassured its users that they will be fully compensated for their losses resulting from trading activities.
2. Gala Games: $23 Million Plunder
Gala Games, a prominent company in the cryptocurrency industry, fell victim to a severe security breach, resulting in the theft of $23 million worth of user assets. The company’s CEO, Eric Schiermeyer, admitted to internal control failures as the root cause of the incident and pledged to enhance security measures. With the assistance of law enforcement and cooperation partners, Gala Games managed to recover most of the stolen assets.
3. Sonne Finance: $21 Million Loss
Sonne Finance, a major player in the decentralized finance (DeFi) industry, suffered a loss of approximately $21 million after being targeted by a flash loan attack. Exploiting vulnerabilities in the smart contracts, criminals manipulated the asset prices to carry out the theft. Currently, Sonne Finance is collaborating with security companies to rectify the bug and recover the stolen funds.
4. Alex Lab: $4.4 Million Hack
Another DeFi platform, Alex Labs, fell victim to a well-coordinated attack that resulted in a loss of $4.4 million. Hackers made multiple attempts to breach the platform’s security systems and make off with the funds. As a precautionary measure, the platform has temporarily suspended its activities and is conducting thorough security investigations to prevent similar incidents in the future.
5. Pump.fun: $2 Million Exploit
Pump.fun, a cryptocurrency platform, suffered a $2 million loss due to an exploit. The perpetrators took advantage of vulnerabilities in the platform’s code to siphon off funds. Pump.fun is now collaborating with cybersecurity companies to enhance its protective measures.
May 2024 served as a stark reminder of the pressing need for improved security measures in the cryptocurrency world. It is crucial for users to educate themselves on how to safeguard their crypto assets. To that end, a comprehensive guide on crypto protection is available for reference.
Tags: Hack
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