The crypto industry suffered a devastating loss of $385 million to hackers in May, the highest monthly total so far in 2024.
Major Hacks
- DMM Bitcoin Exchange: Lost over 4,500 Bitcoin (valued at $305 million) in a hack on May 31st.
- Gala Games: Suffered a network breach on May 20th, resulting in the theft of 5 billion GALA tokens (initially worth $212 million). However, swift security measures mitigated the losses to $22.4 million.
- Sonne Finance: DeFi protocol lost $20 million.
- Coinbase: Account drainer stole $18 million.
Rising Losses
Overall, hackers stole $575 million in May, but the profit they made was only $385 million due to Gala Games’ recovery efforts. This represents a 666% increase from April and a 2,300% increase from May 2023.
Need for Security
The sharp increase in hacking incidents highlights the need for stronger security measures in the crypto industry. As the industry aims for mainstream adoption, robust security is crucial to protect digital assets.
Market Overview
Despite the hacks, the crypto market remains stable. Bitcoin is valued at $67,812, Ethereum at $4,230, and BNB at $652.
