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SlowMist Security Report Shows Losses of $124M in 31 Incidents in May 2024

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SlowMist Security Report Shows Losses of $124M in 31 Incidents in May 2024

  blockchainreporter.net 50 m

SlowMist Security Report Shows Losses of $124M in 31 Incidents in May 2024

SlowMist, a top blockchain security platform, has recently published its latest security. The report takes into account the month of May 2024, disclosing the cumulative losses of up to $124M in the cumulative thirty-one events. These events potentially took place because of account thefts, rug pulls, address spoofing exploits and contract vulnerabilities.

SlowMist’s Security Report for May Highlights Losses of $124M Worth

In its report, the platform pointed out that the report does not cover all the events. As per it, many of such events went unreported while some others had a less significant financial impact. The report potentially targets raising awareness regarding the security hazards that the market experienced during the entire month. In addition to this, it also assists in avoiding such incidents in the future.

One of the chief events took place on the 3rd of May when a malicious actor victimized a whale. The exploiter reportedly utilized a phishing attack with address spoofing. As a result of this, the whale lost up to 1,155 WBTC tokens with a value of almost $70 million. Nonetheless, the hacker reportedly returned funds, as SlowMist reported.

Exploiters Behind a Couple of Events Reportedly Return Stolen Funds

Following that, Sonne Finance experienced such an incident on the 14th of May. The Optimism-based lending forum reportedly saw a flash loan exploit, leading to losses of above $20 million. After that, Seal contributors recovered up to $6.5M by putting VELO of nearly $100 worth to the market. The exploiter targeted an exclusive market vulnerability with the use of a multisig wallet as well as the time lock capability.

After that, on the 16th, pump.fun (a meme token generator on Solana) witnessed an attack that paved the way for a loss of almost $1.9M). The attacker subsequently airdropped the stolen coins to diverse random wallets. According to the firm, a former employee executed the event by exploiting the privileges for unauthorized fund extraction access.

On the 20th of May, Gala Games (a Web3 gaming company) incurred losses of nearly $21.8M in an attack. The attacker reportedly minted five billion GALA coins (equaling $200M) and instantly traded 592M GALA tokens. Thus, the attacker obtained up to 5,952 ETH. However, the platform revealed on the 22nd that the exploiter returned 5,913.2 ETH coins.

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