Crypto Losses Mount As Hacks And Rug Pulls Skyrocket In 2024, Report Finds
Summary
In May 2024, crypto losses decreased by 12% compared to May 2023, totaling $52M. Decentralized finance (DeFi) projects were the primary target for exploits, with Ethereum and Binance Smart Chain being the most targeted chains, accounting for 62% of total losses. Hacks remain the dominant cause of loss, accounting for $50 million in 14 specific incidents. The industry faces the challenge of increased losses from hacks and rug pulls, emphasizing the need to strengthen security measures to protect investor funds and maintain confidence in the market.
