Cryptocurrency losses fell 28% in May, with attacks concentrated on DeFi platforms

According to the latest report from Immunefi, cryptocurrency losses from hacking and fraud in May amounted to approximately $52.4 million, a 12% decrease from the same period last year and a 28% decrease from April. Gala Games and Sonnefinance suffered the largest losses, totaling $21 million and $20 million, respectively, accounting for 80% of the total losses.

The total cryptocurrency losses from the beginning of the year to date amount to $473,229,944, significantly lower than the $595,438,324 during the same period last year. All major attacks were focused on decentralized finance (Defi) platforms, with Ethereum and BNB chains being the main targets. Immunefi facilitated the largest bug bounty payout in history, including $10 million for the discovery of the Wormhole vulnerability.