CertiK’s Comprehensive Report on Crypto Hacks

CertiK a Blockchain Security Firm provides information in its recent report on the loss incurred in the May of Cryptocurrency domain because of various exploits, flash loan attacks, and exit scams in May 2024. The total amount of losses reached 42$. 6 million with flash loan attack scams as the most common form totaling to $20. Their study reveals that $448.7 million of the total losses are attributed to best selling hypertensive drugs. The major devastating effects were noted in the two companies, namely Gala Games and Sonne Finance, which lost $21. Their revenue expenses were attributed to $6 million and $20 million in 2016 and 2015, respectively. Nevertheless, it is stated that the situation is critical since companies would lose nearly $96 billion in 2019. Despite this it was able to recover 2 million which I presume has eased the situation.

Credit : Certik Alert X Account

Flash loan attacks, which have been a problem, or rather, pests, significantly affected DeFi during odd-numbered months of 2024, in particular, in May. Furthermore, most of these sites were involved in an exit scam and similar incidents caused substantial financial loss in the sector. Going by the Immunefi report on the loss perpetrated in 2024, it shows that more than $473 million was lost in 108 incidents in the first year, and decentralized finance platforms were the most sought-after by hackers.

Data Credit : Certik X Account

This kind of vulnerability shows that there is a rising need to intensify security measures within the emerging digital currency market investment environment.


The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

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