CRYPTO LOSSESIN MAY 2024
PREPARED BY IMMUNEFICrypto Losses: May 2024
ANALYSIS• In total, we have seen a loss of $473,229,944 to hacks and rug pulls in 2024
YTD across 108 specific incidents. This represents a 20% decrease whencompared with the same period in 2023 at $595,438,324.

May 2024 vs. April 2024
$72,606,827• In May 2024, $52,371,900 was lost due to hacks and fraud across 21 specificincidents. This represents a 12% decrease from May 2023, when registeredlosses were $59,344,389, and a 28% decrease month-over-month.

$52,371,900• Most of the sum was lost in two specific projects: Gala Games, a crypto
gaming project, which incurred a loss of $21 million, and SonneFinance, adecentralized lending protocol, with a $20 million loss.
• In May 2024, DeFi was the main target for exploits, while CeFi did not witness
a single major attack.
• Hacks continued to be the predominant cause of losses as compared to fraud.
A total of $50,618,600 was lost due to hacks across 14 specific incidents. 7
fraud events happened in May, totaling $1,753,300.

April 2024

May 2024

PREPARED BY IMMUNEFI• The most targeted chains in May 2024 were Ethereum and BNB Chain,representing 62% of the total losses across targeted chains.
2Top 10 Losses in May 2024
Gala Games*$21,000,000

SonneFinance$20,000,000

ALEX Lab

$4,300,000

Pump.fun$1,900,000

GNUS$1,270,000

Bloom*$540,000

Fake Pii Park

$490,000NORMIE$490,000

Tsuru$410,000

Galaxy Fox$300,000

PREPARED BY IMMUNEFI

3

Hacks vs. Fraud Analysis
In May 2024, hacks continued to be the predominant cause of losses as comparedto fraud. An analysis of the losses shows that fraud accounted for only 3.3% of thetotal losses in May 2024, while hacks accounted for 96.7%.

Hacks vs. Fraud
May 2024
Fraud
3.3%

OVERVIEW• Hacks
In total, we have seen a loss of $50,618,600 to hacks in May 2024 across 14
specific incidents.
• Fraud
In total, we have seen a loss of $1,753,300 to fraud in May 2024 across 7 specificincidents.

Hacks
96.7%
PREPARED BY IMMUNEFI

4

DeFi vs. CeFi Analysis

DeFi vs. CeFiMay 2024

In May 2024, DeFi again became the main target for exploits in terms of funds lost,
compared to CeFi. This was primarily led by the high-profile attacks on Gala
Games, SonneFinance, ALEX Lab, and Pump.fun. In contrast, CeFi did not witness asingle major exploit.

OVERVIEW• DeFi
DeFi suffered $52,371,900 in total losses in May 2024 across 21 incidents.
• CeFi
CeFi did not suffer from an attack in May 2024.

DeFi
100%
PREPARED BY IMMUNEFI

5

Losses by ChainMay 2024

Losses by Chain
The most targeted chains in May 2024 were Ethereum and BNB Chain,representing 62% of the total losses across targeted chains.

OVERVIEW• Ethereum suffered the most individual attacks, with 9 incidents, representing
43% of the total losses across targeted chains. BNB Chain witnessed 4 incidents,representing 19% of the total. Base, Arbitrum, Solana, TON, Blast, Fantom,Optimism, and Polygon each suffered from 1 incident, each representing 4.8%,respectively.

Others3Base1Arbitrum
1Ethereum
9Solana
1Polygon
1Optimism
1
BNB Chain4PREPARED BY IMMUNEFI6Crypto Losses May 2024
HACKS VS. FRAUDTOTAL LOSSES YTD$473,229,944$50,618,600

Hacks
Fraud

IN MAY

$1,753,300$52,371,900
DEFI VS. CEFI
MAJOR LOSSESDeFi$21,000,000 $20,000,000

CeFi$4,300,000$52,371,900$0TOP LOSSES BY CHAIN$1,900,000 $1,270,000

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For more information about the Crypto Losses Report, please visit immunefi.com/research.

Ethereum

9BNB Chain

4Arbitrum1Base

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Disclaimer:• Immunefi uses publicly available data and news reports in order to access and collect alleged fraud, scams, and rug pulls. Including such incidents
in this report does not constitute a determination from Immunefi that a fraud, scam, or rug pull event did occur.
Notes:• Immunefi assesses the volume of crypto funds lost by the community due to hacks and scams by reviewing, validating, and classifying publicly
available data. In this report, Immunefi considered only rug pulls for its fraud category. A rug pull is a project that creates an image of credibility
and attracts outside capital through token sales or other means with the sole purpose of stealing deposited user funds and disappearing.
• Gala Games later recovered $22 million of the funds stolen; Bloom later recovered $486,000.
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