Markets
Hacks, losses and security breaches
May 2024 unfolded as a dark chapter in the world of cryptocurrencies, with several companies suffering serious losses due to hacker attacks. According to CertiK, a blockchain security company, a whopping $347.3 million was stolen through hacks, flash loans and exit scams.
The May crisis
Five major hacks have shaken the industry, causing significant financial damage in their wake.
1. Bitcoin DMM: $305 million Burglary
The largest hack took place on May 31, on the Japan-based cryptocurrency exchange DMM Bitcoin. The hackers managed to steal 4,502. 9 BTC equals around $305 million. The exchange detected the unauthorized transaction around 1:26 p.m. and immediately introduced security adjustments such as suspending withdrawals and reviewing new accounts.
DMM Bitcoin went down to assure users that they will be compensated for any losses they incurred while trading.
2. Gala games: $23 million Looting
THE Gala Games The company faced a serious security breach, following which $23 million worth of user assets were stolen. Specifically, the company’s CEO, Eric Schiermeyer, acknowledged that internal control failures were the root of the problem and pledged to strengthen security measures. Most of the stolen assets were recovered by Gala Games with the support of the police and cooperation partners.
3. Sonne Finance: $21 million
Sonne Finance of the DeFi industry lost around $21 million after being attacked by a flash loan. The crooks were able to use flaws in the systems’ smart contracts to manipulate the price of assets in order to steal them. Currently, Sonne Finance is in contact with security companies to rectify the bug and recover the lost amount.
4. Alex Laboratory: $4.4 million
Another DeFi platform, Alex Labs, was hacked in a well-orchestrated attack that caused the project to lose 4.4 million. Hackers have repeatedly attempted to breach the security systems of online platforms and steal money. This platform has stopped its activities and is conducting security investigations to prevent such incidents from happening again in the future.
5. Pump. fun: 2 million dollars
Pump. amusing, lost 2 million dollars via an exploit. In some cases, thieves took advantage of loopholes in the platform’s code and siphoned off money. Help in is now working with cybersecurity companies to improve its protection services.
Also discover: Cryptographic hacks and frauds of May 2024: here are the 2 main victims!
May 2024 was marked by unprecedented challenges in the world of cryptocurrencies, highlighting the urgent need for enhanced security measures.
Don’t be a victim! Learn how to protect your crypto: A Complete Guide to Keeping Your Crypto Safe