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Ethereum Under Siege: Most Attacked Blockchain in 2024 Suffers 43% of May Cryptocurrency Losses
May 31, 2024 02:59 | 1 minute read
Ethereum (CRYPTO: ET) was the most targeted blockchain by hackers and scammers in May, accounting for nearly 43% of total losses.
What happened: The world’s largest network of decentralized apps and services suffered the most individual attacks, a total of 9, in the month, according to a study. relationship released by security company Web3 Immune.
Second on the list was BNB chain (CRYPTO: BNB) with 4 accidents. Together, Ethereum and BNB Chain accounted for as much as 62% of the major chains’ total losses.
Among Ethereum’s most sensational losses it was the $21 million exploit of the Web3 game Gala Games (CRYPTO: GALA).
Overall, total cryptocurrency losses due to hacks and rug pulls have decreased by 20% this year compared to the same period in 2023. Additionally, May losses decreased by 28% month-on-month.
Because matter: Ethereum was the most targeted chain last month and also during the first quarter.
With a wide range of decentralized financial projects, the network has been vulnerable to attacks from malicious actors. It is the largest DeFi chain, with over $64 billion in deposits as of this writing. second at DeFiLlama.
The Immunefi report specifically highlights that DeFi projects are the main target of exploiters, accounting for 100% of all losses.
Price action: At the time of writing, ETH was trading at $3,743.49, down slightly by 0.38% over the past 24 hours, according to data from Benzinga Pro.
Photo by DrawKit Illustrations on Unsplash
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