Ethereum under fire: The most attacked blockchain in 2024 suffers 43% of crypto losses in May

ether (CRYPTO: ETH) was the most attacked blockchain by hackers and fraudsters in May, accounting for nearly 43% of total losses.

What happened: The world’s largest network for decentralized apps and services was hit the hardest this month, with a total of 9,000 attacks, according to a report by security firm Web3. Immunefi.

The second on the list was BNB Chain (CRYPTO: BNB) with 4 incidents. Together, Ethereum and BNB Chain accounted for a whopping 62% of the major chains’ total losses.

One of the most sensational Ethereum losses was the $21 million exploit in the Web3 game Gala Games (CRYPTO:GALA).

Overall, total cryptocurrency losses from hacks and rug pulls decreased by 20% this year compared to the same period in 2023. In addition, losses in May decreased by 28% compared to the previous month.

Why it is important: Ethereum was the most attacked chain last month and also in the first quarter.

With a multitude of decentralized finance projects, the network has been vulnerable to attacks by malicious actors. According to DeFiLlama, it is the largest DeFi chain with over $64 billion in deposits at the time of writing.

The Immunefi report specifically emphasized that DeFi projects are the main target of exploiters and are responsible for 100% of all losses.

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

Continue reading: Ripple CEO Brad Garlinghouse predicts XRP, Solana and Cardano ETFs in wake of Bitcoin and Ethereum approvals

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