We finished May and entered a new month. Last month, a series of significant events shook the cryptocurrency world. Among the most talked-about were undoubtedly the attacks, namely hack incidents. There’s no need to be pessimistic, but unfortunately, there was an increase in hack incidents targeting the cryptocurrency sector in May. Let’s look at what happened throughout the month and the financial aspect of the issue.
Cryptocurrency World Shaken by Hack Incidents
It’s not easy; exactly 30 hack cases were reported in the cryptocurrency world in May. Of course, there is also a financial aspect to the issue. The amount is not small. There is a loss of nearly 575 million dollars. Besides the amount not being small, there is also a 666% increase compared to April.
When the 385 million dollars seized by hackers are also taken into account, the extent of the damage becomes clearer. The most significant attack was the DMM Bitcoin attack, which resulted in a loss of 305 million dollars. Losing such a large amount in just one incident means more than half of all losses.
The second largest in terms of amount was the GALA Games attack. The amount was 212 million dollars. A significant portion of the stolen funds was returned, at least providing some relief to the project. However, I believe the attacker has now fulfilled their retirement plans with this hack incident. After all, they were left with 22.4 million dollars.
Losses in Other Hack Incidents
Another hack incident occurred at Sonne Finance. The project suffered a loss of 20 million dollars. Another incident targeted a mechanism called Coinbase Account Drainer, resulting in an 18 million dollar loss.
Finally, an attack targeting a whale led to a loss of 8.2 million dollars. Although the amount is smaller compared to other major attacks, this incident still represents a significant financial impact and clearly shows that May 2024 was a particularly challenging month for the cryptocurrency industry. Let’s see what surprising developments we will encounter in the cryptocurrency world in June.
