Cryptocurrency

World

Bitcoin

Sonne Finance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/hackers-target-cryptocurrency-in-may" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hackers Target Cryptocurrency in May</a><br></p>
<p style="text-align: justify">The cryptocurrency sector faced a turbulent May as a series of hacking incidents resulted in significant <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">financial</a> losses. With a sharp increase in attacks, the month saw an unprecedented rise in the frequency and scale of security breaches targeting digital assets. This surge in hacking activity has left the industry grappling with substantial monetary setbacks.</p>
<h2 id="cryptocurrency-world-shaken-by-hack-incidents">Cryptocurrency World Shaken by Hack Incidents</h2>
<p style="text-align: justify">Throughout May, 30 hacking cases were reported, marking a concerning trend for the cryptocurrency community. Financial losses reached an alarming total of nearly $575 million, reflecting a staggering 666% increase compared to the previous month. This spike underscores the growing vulnerability within the sector.</p>
<p style="text-align: justify">One of the most devastating attacks was on DMM <a href="https://en.bitcoinhaber.net/bitcoin-risks-near-term-downturn-as-long-term-investors-transfer-assets" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>, which alone accounted for a $305 million loss. This single incident represented over half of the month’s total losses, highlighting the severity of the breach.</p>
<h2 id="losses-in-other-hack-incidents">Losses in Other Hack Incidents</h2>
<p style="text-align: justify">GALA <a href="https://newslinker.co/category/gaming/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">Games</a> also suffered a significant hack, losing $212 million. Although a portion of the funds was recovered, the attacker retained $22.4 million. Additionally, Sonne Finance reported a $20 million loss, and an attack on Coinbase Account Drainer resulted in an $18 million deficit.</p>
<p style="text-align: justify">Another notable incident involved a whale, leading to an $8.2 million loss. Although smaller in scale, this attack added to the overall financial damage experienced in May. The cumulative impact of these breaches emphasizes the urgent need for enhanced security measures in the cryptocurrency world.</p>
<h2 id="key-takeaways-from-may-s-hacks">Key Takeaways from May’s Hacks</h2>
<p style="text-align: justify">– A total of 30 hacking incidents were reported in May.<br> – The financial losses from these attacks amounted to nearly $575 million.<br> – The DMM Bitcoin hack was the most substantial, with a $305 million loss.<br> – GALA Games experienced a $212 million hack, with some funds recovered.<br> – Sonne Finance and Coinbase Account Drainer also faced significant losses.</p>
<p style="text-align: justify">The cryptocurrency sector must now brace for what lies ahead in June, hoping to learn from these incidents and strengthen defenses against future attacks.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/hackers-target-cryptocurrency-in-may" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hackers Target Cryptocurrency in May</a></h5>

Hackers Target Cryptocurrency in May

Table of Contents

BH NEWS

Other articles published on Jun 1, 2024

Santiment Identifies Bitcoin’s Potential Bullish Signals

Terraform Labs and Co-Founder Do Kwon Reach Settlement with SEC; LUNA Surges

The Best Crypto Presale in June 2024 Is Here: Dogeverse and NEAR Investors Rush to Join MoonBag; ...

Qubetics Whitelist Gains Traction as Binance and VeChain Fight Their Demons

Can BONK Break The Mold? Analyst Predicts Stellar Rise For The Solana Memecoin

Ethereum ETF Issuers Enter Race For Sponsor Fees With Franklin ETF Charges 0.19%

Join our free newsletter for daily crypto updates!