May 2024: Crypto Hacks Result in $385 Million Losses

In May, cybercriminals struck the crypto community hard, orchestrating numerous hacking incidents that resulted in substantial losses.

According to a report by blockchain security firm Peckshield, the total amount stolen in May 2024 reached a staggering $385 million, making it the most financially damaging month of the year so far.

#PeckShieldAlert May 2024 witnessed ~30 hacks in the crypto space, resulting in ~$574.6 million in losses, w/ ~$385 million in hackers’ profits. This marks an increase of about 666% from April 2024.#Top5 Hacks:
–#DMMBitcoin: $305 million
–#GALAGames: $212 million (hackers’… pic.twitter.com/2n5YUaw3OQ

— PeckShieldAlert (@PeckShieldAlert) June 1, 2024

Peckshield’s findings revealed that over 30 hacking incidents occurred throughout May, with one of the most notable attacks targeting the Japanese crypto exchange DMM Bitcoin on May 31st. In this single breach, hackers managed to pilfer over 4,500 Bitcoin, equivalent to a whopping $305 million. This heist not only marked the largest single hack of 2024 but also ranked as the second-largest crypto hack in Japan’s history, trailing only behind the infamous $533 million Coincheck hack of 2018.

Another significant breach occurred within the crypto gaming sector when Gala Games suffered a major network breach on May 20th. During this attack, hackers were able to create and mint a staggering 5 billion GALA tokens, valued at approximately $212 million. Despite the severity of the breach, Gala Games swiftly implemented security measures that mitigated the financial impact, reducing the overall losses to approximately $22.4 million.

Additionally, DeFi protocol Sonne Finance and a Coinbase account were targeted in separate hacking incidents, resulting in losses of $20 million and $18 million, respectively. In total, cybercriminals managed to steal $575 million worth of assets throughout May. However, due to the swift actions of affected platforms and entities, particularly Gala Games, the net profit for hackers was ultimately reduced to $385 million.

Comparing these figures to the previous month, April saw losses totaling $60 million, making May’s losses a shocking 666% increase. Furthermore, the total amount lost in May 2024 represents a staggering 2,300% surge compared to the same period in 2023.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.