May Crypto Hack Report: $347 Million Wiped Out from Markets!

May 2024 unfolded as a dark chapter in the cryptocurrency world, with several enterprises suffering severe losses due to hacker attacks. According to CertiK, a blockchain security firm, a staggering $347.3 million was stolen through hacks, flash loans, and exit scams.

The May Meltdown

Five major hacks rocked the industry, leaving significant financial damage in their wake.

 1. DMM Bitcoin: $305 Million Heist

The largest hack happened to the Japanese-based cryptocurrency exchange DMM Bitcoin when it was hacked on May 31. Hackers succeeded in stealing 4,502. 9 BTC equal to approximately $305 million. The exchange detected the unauthorized transaction at around 1:26 p.m. and immediately introduced security adjustments such as suspending withdrawals and scrutinizing new accounts.

DMM Bitcoin has moved down to ensure users that they will be indemnified with all the loss they have incurred through trading. 

2. Gala Games: $23 Million Plunder  

The Gala Games company faced a severe security violation, as a result of which $23M of the users’ assets were stolen. Specifically, the company’s CEO, Eric Schiermeyer, admitted to internal control failures as the root of the problem and vowed to enhance the security measures. Most of the stolen assets have been retrieved by Gala Games with support from the police and cooperation partners. 

3. Sonne Finance: $21 Million 

Sonne Finance of DeFi industry lost around $21 million after it was attacked by a flash loan. Crooks were able to use the flaws in the systems’ smart contracts to manipulate the price of the assets to steal from them. Currently, Sonne Finance is in touch with security Companies to rectify the bug and get back the lost amount. 

4. Alex Lab: $4.4 Million 

Another DeFi platform, Alex Labs was hacked in a well-orchestrated attack that saw the project lose 4. 4 million. Various attempts were made by the hackers to breach the security systems of the online platforms and make away with the money. This platform has closed down the activities and is doing security investigations to avoid such incidents again in future. 

5. Pump. fun: $2 Million 

Pump. fun, lost $2 million via an exploit. Some instances saw the thieves take advantage of the flaws prevalent in the platform’s code and siphoned off money. Help in is now working with cybersecurity companies in order to improve its protection services. 

Also Check Out : Crypto Hacks & Frauds of May 2024: Here Are the Top 2 Victims!

May 2024 witnessed unprecedented challenges in the cryptocurrency world, highlighting the urgent need for enhanced security measures.

Don’t be a victim! Learn how to protect your crypto: A Comprehensive Guide to Keeping Your Crypto Safe