The decline in crypto scams and frauds continued, with only $52 million lost in May compared to $59 million the previous year.
Crypto losses from fraud and hacks declined by 12% year-over-year, according to a May 30 report from blockchain security firm Immunefi. A total of $52 million wasover the course of the month, down from over $59 million in the same month last year. In addition, the figure represents a 28% decline compared to the amount lost in April.
The report illustrates a continuing trend of declining losses from hacks and fraud in the Web3 industry. In March, Immunefi released a report stating that losses in Q1 2024According to the May 30 report from Immunefi, most of the losses came from two individual attacks. The first was a hack of the Web3 gaming protocol Gala Games, which resulted in losses of approximately $21 million. The second was a smart contract exploit against Sonne Finance that led to $20 million in losses.
Fraud continued to represent a small part of overall losses. Only $1.7 million, or 13.6%, of the total losses came from fraud, while the rest were caused by hacks and exploits.