In May, the cryptocurrency community suffered massive losses to hackers, resulting in the highest loss toll recorded in 2024 so far.. according to a report From blockchain security firm Peckshield, hackers were able to steal $385 million in May, highlighting the sophistication of these bad actors and the ongoing need for effective security measures in the digital assets industry.
Cryptocurrency losses surge 666% in May – Pixshield
Based on the Peckshield report, the cryptocurrency space saw approximately 30 hacks in May 2024.
Among these incidents, the attack on Japanese cryptocurrency exchange DMM Bitcoin on May 31 resulted in the loss of more than 4,500 bitcoins worth $305 million. This theft represents the largest hack in the month and year of 2024 so far. It was also the second largest cryptocurrency hack in Japan after the $533 million Coincheck theft in 2018.
#PeckShieldAlert May 2024 saw approximately 30 cryptocurrency hacks, resulting in approximately $574.6 million in losses, with hackers earning approximately $385 million. This represents an increase of approximately 666% from April 2024.#Top5 Hacks:
–#DMBitcoin: 305 million dollars
–#GALAGames: 212 million dollars (hackers… pic.twitter.com/2n5YUaw3OQ– Peak Shield Alert (@peakShieldAlert) June 1, 2024
Another major hack relates to cryptocurrency gaming project Gala Games which suffered a major network hack on May 20, where bad actors were able to mint 5 billion GALA tokens worth around $212 million. However, through quick security measures, the Gala development team was able to mitigate losses to approximately $22.4 million.
Other major hacks in May included DeFi protocol Sonne Finance and a Coinbase account drain, resulting in asset losses of $20 million and $18 million, respectively. In total, the hackers stole $575 million, though the bad actors made just $385 million after the Gala Games' impressive recovery.
Compared with April with total losses The $60 million figures announced in May represent a staggering 666% increase in assets stolen by attackers. Even more alarming is that these numbers indicate a 2,300% increase in… Losses of $14.6 million in May 2023.
There is no doubt that this sharp increase in hacking incidents and loss of assets indicates the continued need for more robust security measures for the digital assets space especially as the new industry strives for mainstream adoption in the global financial landscape.
Crypto market overview
In other news, the cryptocurrency market remains Relatively stable, with major assets seeing minimal volatility over the past 24 hours. According to CoinMarketCap, the total cryptocurrency market capitalization saw a modest 0.65% increase on Sunday, reaching $2.54 trillion.
Bitcoin, the market leader, is currently valued at $67,812, reflecting a slight gain of 0.11% in the last day. Likewise, other major coins such as Ethereum and BNB recorded small increases, with daily gains of 0.31% and 0.35%, respectively.
Featured image from The Economic Times, chart from Tradingview