Markets
Hacks, leaks and security breaches
May 2024 has proven to be a dark chapter in the world of cryptocurrencies, with several companies suffering major losses due to hacker attacks. According to CertiK, a blockchain security company, a staggering $347.3 million has been stolen through hacks, flash loans, and exit scams.
The May meltdown
Five major hacks have rocked the industry, leaving significant financial damage in their wake.
1. DMM Bitcoin: $305 million Robbery
The most serious attack occurred on May 31st on the Japanese cryptocurrency exchange DMM Bitcoin. The hackers managed to steal 4,502 of them. 9 BTC equal to about $305 millions. The exchange detected the unauthorized transaction at around 1.26pm and immediately introduced security adjustments such as suspending withdrawals and screening new accounts.
DMM Bitcoin has gone down to assure users that they will be compensated for all losses incurred while trading.
2. Gala Games: $23 million Loot
THE Gala Games the company faced a major security breach, as a result of which $23 million of user assets were stolen. Specifically, the company’s CEO, Eric Schiermeyer, admitted that weaknesses in internal controls are the cause of the problem and promised to strengthen security measures. Most of the stolen goods 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. Fraudsters were able to exploit flaws in the systems’ smart contracts to manipulate the price of goods and steal from them. Sonne Finance is currently in contact with security companies to fix the bug and recover 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. Hackers have made several attempts to breach the security systems of online platforms and steal the money. This platform has shut down operations and is carrying out security investigations to prevent such incidents from happening again in the future.
5. Pump. entertainment: $2 million
Pump. fun, lost 2 million dollars via an exploit. In some cases, thieves took advantage of prevalent flaws in the platform’s code and stole money. Help in is now working with cybersecurity companies to improve their protection services.
Also check: Crypto Hacks and Frauds of May 2024: Here are the 2 main victims!
May 2024 saw unprecedented challenges in the world of cryptocurrencies, highlighting the urgent need for strengthened security measures.
Don’t be a victim! Find out how to protect your cryptocurrency: A complete guide to keeping your cryptocurrencies safe