SlowMist, a leading blockchain security platform, has recently released its most recent security report. The report, covering the month of May 2024, reveals a staggering total of $124 million in losses across thirty-one different incidents. These incidents include account thefts, rug pulls, address spoofing exploits, and contract vulnerabilities.
The Security Report by SlowMist Sheds Light on $124 Million in Losses
According to the report, not all events were included, with many going unreported or having minimal financial impact. The purpose of the report is to raise awareness about the security risks faced by the market throughout the month and to help prevent similar incidents in the future.
A significant event occurred 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, although the hacker reportedly returned the funds, as reported by SlowMist.
In another incident on May 14th, Sonne Finance fell victim to a flash loan exploit on the Optimism-based lending platform, resulting in losses of over $20 million. Meanwhile, Seal contributors managed to recover $6.5 million by releasing VELO tokens worth around $100 to the market, after an exploiter took advantage of a unique market vulnerability involving a multisig wallet and time lock capabilities.
On May 16th, pump.fun, a meme token generator on Solana, suffered a loss of almost $1.9 million in an attack. The attacker then distributed the stolen coins to various random wallets. SlowMist revealed that a former employee carried out the attack by exploiting unauthorized access privileges for fund extraction.
Gala Games, a Web3 gaming company, experienced 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 for 5,952 ETH. However, on May 22nd, the platform announced that the attacker had returned 5,913.2 ETH coins.