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.
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.
This kind of vulnerability shows that there is a rising need to intensify security measures within the emerging digital currency market investment environment.
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Riz-A is a seasoned blockchain content writer with a passion for demystifying complex concepts and making cutting-edge technology accessible to a broader audience. With years of experience in the blockchain and cryptocurrency space, Riz-A has a proven track record of creating engaging, informative, and thought-provoking content.
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