Over $347 Million Vanished in Massive Crypto Hacks During May
The cryptocurrency sphere experienced a series of unfortunate events in May 2024, with several businesses falling victim to hacker attacks and suffering significant financial losses. According to the monthly report from CertiK, a blockchain research and security firm, a staggering $347.3 million was stolen through hacks, flash loan attacks, and exit scams.
In this article, we will delve into the details of the five main hacks that took place during the month and provide an estimate of the losses incurred.
Breakdown of Losses:
The majority of the losses in May, amounting to $324.7 million, were attributed to various exploits. The DMM Bitcoin exchange hack was the major contributor to this figure. Additionally, $20.7 million was lost through Flash Loans, while exit scams accounted for $1.8 million in losses.
Top Five Hacks in May:
1. DMM Bitcoin: $305 Million
The largest hack occurred at the Japanese-based cryptocurrency exchange, DMM Bitcoin, on May 31. Hackers managed to steal 4,502.9 BTC, equivalent to approximately $305 million. The exchange detected the unauthorized transaction at 1:26 p.m. and immediately took security measures such as suspending withdrawals and scrutinizing new accounts. DMM Bitcoin assured users that they would be compensated for their losses.
2. Gala Games: $23 Million
Gala Games, a company in the gaming industry, suffered a significant security breach resulting in the theft of $23 million worth of user assets. The CEO of Gala Games, Eric Schiermeyer, acknowledged internal control failures as the root cause of the incident and pledged to enhance security measures. With the assistance of the police and cooperative partners, most of the stolen assets have been recovered.
3. Sonne Finance: $21 Million
Sonne Finance, a DeFi platform, experienced a loss of around $21 million after falling victim to a flash loan attack. The attackers exploited vulnerabilities in the platform’s smart contracts to manipulate asset prices and carry out the theft. Sonne Finance is currently collaborating with security companies to rectify the bug and recover the lost funds.
4. Alex Lab: $4.4 Million
Alex Lab, another DeFi platform, was targeted in a well-planned attack that resulted in a loss of $4.4 million. The hackers made multiple attempts to breach the platform’s security systems and steal funds. As a precautionary measure, the platform has ceased operations and is conducting security investigations to prevent such incidents in the future.
5. Pump.fun: $2 Million
Pump.fun, an online platform, suffered a loss of $2 million through an exploit. The thieves took advantage of vulnerabilities in the platform’s code to siphon off funds. Pump.fun is now working with cybersecurity companies to enhance its protection services.
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Crypto Hacks & Frauds of May 2024: Here Are the Top 2 Victims!
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