- Hackers are targeting DeFi projects more than centralized crypto entities according to ImmuneFi
- ImmuneFi revealed that hackers have stolen close to $500 million since January this year
- A report by the bug bounty platform noted that losses from hacks dropped 28% in May compared to the previous month
Bug bounty platform ImmuneFi has disclosed that crypto hackers pocketed $52 million in May, representing a 28% decline from what they stole in April. ImmuneFi, however, noted that malicious actors in the crypto space are targeting decentralized projects more than their centralized counterparts leading to a loss of close to $500 from DeFi projects since January this year. The platform noted that hacks accounted for a huge chunk of funds lost in May when compared to fraud, an indication that malicious actors are increasingly exploiting vulnerabilities in DeFi projects.
$41 Million Siphoned From Two Projects
According to ImmuneFi, most of the funds lost to hacks in May came from Gala Games and SonneFinance. Gala Games lost 21 million while Sonne Finance lost $20 million. Gala Games, however, recovered the funds after working with law enforcement agencies.
Gala Games and Sonne Finance were among 14 hacking incidents in May with seven others being fraud events. ImmuneFi disclosed that only $1.7 million out of the $52 million was attributed to fraud.
Ethereum and BNB Chain were the most targeted chains, registering a total of 13 incidents. Other networks like Solana, TON, and Ethereum scaling layers Polygon, Optimism, Arbitrum and Base recorded one attack each.
Rain Loses $14 Million
A recent report by blockchain security firm Certik indicated that malicious actors stole $25.7 million in April which is a 140% decrease from what was recorded in March. Other projects that were hacked in May include Rain which admitted to losing more than $14 million.
With malicious hackers posing as DeFi protocol developers, the amount of funds siphoned from DeFi projects will likely continue to rise.
