In May, the cryptocurrency industry faced significant losses totaling $42.6 million due to various hacking schemes, including flash loan attacks, exit scams, and exploits. Despite these successful hacks, blockchain security experts managed to recover approximately $96.2 million, offering some relief to affected crypto users.
The report by Blockchain Security Firm Certik highlighted the most impacted crypto projects and detailed the prevalent hacking techniques used during the month.Exit scams, although less common, contributed $1.8 million to the total losses in May. Notable incidents included losses by Trees On Sol ($1.11 million), Pii Park ($490,000), Novamind ($123,019), and Arbalest ($91,520). The most significant loss from exit scams in recent months occurred in February, amounting to $58.3 million.
According to Security service provider Immunefi, over $473 million worth of cryptocurrency has been lost to hacks and rug pulls across 108 incidents in 2024, with decentralized finance (DeFi) projects being the primary targets.The report noted that Ethereum and BNB Chain were the most targeted blockchains in May, accounting for over 62% of total losses.
While decentralized projects continue to bear the brunt of these attacks, centralized projects have yet to experience any hacks this year. Despite the persistent threats, the partial recovery of funds demonstrates ongoing efforts to enhance blockchain security and protect users from financial losses.