• In May, $52 million was stolen with the majority of that being attributed to the Gala Games and SonneFinance hacks.
• Ethereum experienced the highest volume of hacks, with 43% of total losses.
• Over $2 billion was lost to hacks last year and $4.2 billion in 2022.

Over $473 million worth of cryptocurrency has been lost to hacks and rug pulls across 108 incidents in 2024, according to a report by security service provider Immunefi.

In May alone, $52 million was stolen, with the majority of that being siphoned out of Gala Games and SonneFinance, which were hacked for $21 million and $20 million, respectively. The total marks a 12% decrease compared to May 2023.

The decentralized finance (DeFi) market remains the key attack vector for hackers, whilst centralized finance companies did not witness a single attack in 2024, the report said.

Last year, over $2 billion was lost to hacks and exploits, which was roughly half the total from the previous year. North Korean hacking group Lazarus has been responsible for $3 billion worth of crypto losses over the past six years.

Ethereum experienced the highest volume of hacks, with 9 incidents representing 43% of the total losses. BNB Chain was in second with 19% of the total.