Ethereum Under Siege: Most Attacked Blockchain In 2024 Suffers 43% Of May's Crypto Losses

Ethereum ETH/USD was the most targeted blockchain by hackers and fraudsters in May, constituting nearly 43% of the total losses.

What Happened: The world's largest network for decentralized apps and services suffered the most individual attacks, totaling 9, in the month, according to a report released by Web3 security firm Immunefi.

The second on the list was BNB Chain BNB/USD with 4 incidents. Together, Ethereum and BNB Chain accounted for a massive 62% of the total losses across major chains.

Among the most sensational of Ethereum losses was the $21 million exploit on the Web3 game Gala Games GALA/USD.

Overall, total cryptocurrency losses to hacks and rug pulls dropped 20% this year compared with the same period in 2023. Additionally, losses in May declined 28% month-over-month.

Why It Matters: Ethereum was the most targeted chain last month, and also during the first quarter.

With a vast array of decentralized finance projects, the network has been vulnerable to attacks from bad actors. It is the largest DeFi chain, with upwards of $64 billion in deposits as of this writing, according to DeFiLlama.

The Immunefi report specifically underlined that DeFi projects were the main target of exploiters, representing 100% of all the losses.

Price Action: At the time of writing, ETH was trading at $3,743.49, marginally down 0.38% in the last 24 hours, according to data from Benzinga Pro.

Photo by DrawKit Illustrations on Unsplash

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