Crypto Sector Losses to Hacks and Fraud Are Down 20% Year-on-Year, According to Bug Bounty Platform Immunefi

A new report from bug bounty platform Immunefi shows that crypto losses due to hacks and fraud plummeted over the past year.

According to Immunefi, the crypto sector saw 108 specific incidents of hacks and rug pulls in 2024 year-to-date.

The financial losses amounted to $473,229,944, or 20% less than the $595,438,324 lost during the same period in 2023.

In May 2024, the crypto space saw 21 specific incidents of hacks and frauds causing $52,371,900 in financial losses. The amount represents a 12% drop from the $59,344,389 lost in May 2023 and a 28% decrease from the $72,606,827 lost in April 2024. 

Crypto gaming project Gala Games and decentralized lending protocol SonneFinance sustained the biggest financial hit, losing $21 million and $20 million, respectively.

“In May 2024, DeFi (decentralized finance) 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 (centralized finance) did not witness a single major exploit.”

Hacks also caused more losses than fraud. The report says that hacks accounted for 96.7% of the total losses in May while fraud accounted for only 3.3%.

“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.”

Ethereum (ETH) and BNB Chain are the most targeted blockchains, accounting for 62% of the total losses across targeted chains.

“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.”

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