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Crypto

Crypto Losses Mount As Hacks And Rug Pulls Skyrocket In 2024, Report Finds

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The ongoing bull run in the crypto market has brought soaring prices, fueled by regulatory breakthroughs and significant events like the Bitcoin (BTC) Halving and approval of crypto exchange-traded funds (ETFs) in the US and Hong Kong. However, alongside this positive momentum, the industry has also experienced increased losses due to hacks and rug pulls. 

May 2024 Sees 12% Decrease In Crypto Losses 

According to a recent report by security services platform Immunefi, in the first months of 2024, the crypto market witnessed a decrease in losses from hacks and rug pulls compared to the previous year. The total loss recorded in 2024 year-to-date is $473 million, a 20% decrease from $595 million during the same period in 2023. 

In May 2024 alone, losses amounted to $52M, a 12% decrease compared to May 2023’s $59M. Additionally, losses in May 2024 decreased by 28% compared to the previous month.

Related Reading: Solana ETF Hopes Take A Big Damper: CME Denies ‘Any Plans’

Among the specific incidents, two projects accounted for the majority of losses in May 2024. Gala Games, a crypto gaming project, suffered a loss of $21 million, while SonneFinance, a decentralized lending protocol, experienced a $20 million loss. 

The report highlights that decentralized finance (DeFi) projects were the primary target for exploits in May 2024, while centralized finance (CeFi) did not witness any major attacks during this period.

Crypto
Top losses in May due to hacks and rug pulls. Source: Immunefi

Ethereum And Binance Smart Chain Targeted

The security services platform also found that hacks remain the dominant cause of loss, accounting for $50 million in 14 specific incidents in May 2024. In contrast, fraud incidents accounted for $1.7 million, or just 3.3% of total losses over the same period. 

Ethereum (ETH) and the Binance Smart Chain (BNB) were the most targeted chains in May 2024, accounting for 62% of the total losses across targeted chains. 

Notably, Ethereum experienced nine incidents, representing 43% of the total losses, while BNB Chain witnessed four incidents, representing 19% of the total. 

Other chains such as Base, Arbitrum (ARB), Solana (SOL), The Open Network (TON), Blast (BLSTR), Fantom (FTM), Optimism (OP), and Polygon (MATIC) each suffered one incident, representing 4.8% respectively.

Related Reading: PayPal Chooses Solana Blockchain For PYUSD Integration, Citing Speed And Low Fees

In sum, as the cryptocurrency market enjoys a fully formed bull run in 2024, the industry also faces the challenge of increased losses from hacks and rug pulls. While losses have decreased compared to the previous year, the total amount remains a significant concern. 

What is certain is that the dominance of hacks over fraud underscores the importance of strengthening security measures and addressing vulnerabilities to protect investor funds. As the market evolves, it will be critical to prioritize security to maintain investor confidence and support the continued growth of the crypto industry.

Crypto
The daily chart shows the total crypto market cap’s valuation at $2.4 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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