Crypto Hacks, Rug Pulls Led to $473M Worth of Losses in 2024: Immunefi

$52 million was stolen in May, with much of it attributed to Gala Games and SonneFinance hacks.

Ethereum experienced the highest volume of hacks, with 43% of total losses.

There was a loss of over $2 billion last year and over $4.2 billion in 2022.

According to a report by security service provider Immunefi, more than $473 million worth of cryptocurrency was lost due to hacking and rug pulling in 108 incidents in 2024.

In May alone, $52 million was stolen, and a large portion of this amount was transferred to Gala Games and SonneFinance, $21 million and $20 million respectively. In total, it represents a decrease of 12% compared to May 2023.

The report stated that the decentralized finance (DeFi) market continues to be the main attack vector for hackers, while centralized finance companies did not witness a single attack in 2024.

Last year, more than $2 billion was lost due to hacking and exploits; this was roughly half of the previous year’s total. North Korean hacking group Lazarus was responsible for $3 billion in crypto losses over the past six years.

Ethereum experienced the highest volume of hacks, with 9 incidents representing 43% of total losses. BNB Chain came in second with 19% of the total.