SlowMist, a leading blockchain security platform, has recently released its latest security report, which focuses on the month of May 2024. The report reveals a total loss of $124 million across thirty-one different incidents. These events were caused by various security breaches, including account thefts, rug pulls, address spoofing exploits, and vulnerabilities in contracts.
The report emphasizes that it does not cover all the incidents that occurred during the month. Many events went unreported, and some had a lesser financial impact. The main objective of the report is to raise awareness about the security risks that the market faced throughout the month and to help prevent future incidents.
One notable event took place on May 3rd, when a malicious actor targeted a whale using a phishing attack with address spoofing. The whale lost 1,155 WBTC tokens worth nearly $70 million. However, the hacker later returned the stolen funds, as reported by SlowMist.
Another incident occurred on May 14th, when Sonne Finance, an Optimism-based lending forum, fell victim to a flash loan exploit, resulting in losses of over $20 million. In response, Seal contributors recovered $6.5 million by releasing VELO tokens worth approximately $100 to the market. The exploiter took advantage of a vulnerability in an exclusive market, utilizing a multisig wallet and the time lock capability.
On May 16th, pump.fun, a meme token generator on Solana, experienced an attack that led to a loss of almost $1.9 million. The attacker then distributed the stolen coins to various random wallets. According to SlowMist, the event was carried out by a former employee who exploited unauthorized access to extract funds.
Gala Games, a Web3 gaming company, suffered losses of nearly $21.8 million in an attack on May 20th. The attacker minted five billion GALA coins, equivalent to $200 million, and quickly traded 592 million GALA tokens, resulting in the acquisition of 5,952 ETH. However, on May 22nd, the platform announced that the exploiter had returned 5,913.2 ETH coins.
