Overview of Blockchain Security Incidents in May 2024

The loss amount from blockchain security incidents in May increased compared to April. This month, there were more than 37 typical security incidents, resulting in a total loss of 154 million USD, an increase of 52.5% from last month. Among them:

• The hacker attack resulted in a loss of approximately $54.51 million, which is roughly the same as last month.
• Fishing scam losses amount to approximately $97.4 million, a significant increase of 754%.
• Rug Pull loss of approximately $2.04 million, down 94.5%

This month, there were 2 major hacker attacks resulting in losses exceeding ten million dollars:

1. The gaming platform Gala Games lost $22.5 million due to a private key leak.
2. Sonne Finance lost 20 million USD due to a contract vulnerability.

The number of phishing scams has surged, with multiple incidents resulting in losses exceeding one million dollars, including one address poisoning scam that caused losses as high as 72 million dollars.

In addition, several large-scale cryptocurrency crime cases occurred this month, with the amounts involved often exceeding one hundred million dollars.

Hacking Incident

This month, there have been 11 typical hacker attacks, with total losses of approximately $54.51 million. The main incidents include:

1. On May 5th, Fantom blockchain GNUS was attacked, resulting in a loss of $1.27 million.
2. On May 9th, the Blast ecosystem Bloom project was attacked, resulting in a loss of $540,000. ( has recovered 90% of it. )
3. On May 10th, the Web3 game Galaxy Fox was attacked, resulting in a loss of $300,000.
4. On May 10, the Base ecosystem Tsuru was attacked, resulting in a loss of $410,000.
5. On May 14th, the Arbitrum Blockchain Predy Finance was attacked, resulting in a loss of $460,000.
6. On May 15, Alex Lab lost 6.3 million USD on the Stacks and BSC chains due to a private key theft.
7. On May 15, Sonne Finance was attacked due to a contract vulnerability, resulting in a loss of 20 million dollars.
8. On May 16, the Solana ecosystem pump.fun was attacked, resulting in a loss of 1.9 million USD.
9. On May 20th, a gaming platform was attacked, hackers minted 5 billion tokens, and have returned 22.5 million USD.
10. On May 21, the TON ecosystem TonUP was attacked due to misconfiguration, resulting in a loss of $107,000.
11. On May 26, the Base ecosystem Meme coin Normie was attacked, resulting in a loss of $490,000.

Rug Pull and Phishing Scams

This month, there have been 6 typical Rug Pull and phishing scam incidents, with a total loss of approximately $87.9 million. The main ones include:

1. On May 3rd, a certain whale address fell victim to address poisoning fraud, resulting in a loss of 72 million USD.
2. On May 14th, the Polygon chain fraudulent project Rug Pull made a profit of 490,000 USD.
3. On May 14, a certain address was targeted by Pink Drainer phishing, resulting in a loss of $1.66 million.
4. On May 16, a certain address was targeted by a phishing scam, resulting in a loss of 1.25 million USD.
5. On May 18, a certain address was targeted by a phishing scam, resulting in a loss of 5.6 million USD in Pendle tokens.
6. On May 26, a certain address was targeted by a phishing scam, resulting in a loss of 6.9 million dollars.

Cryptocurrency Crime Cases

This month, there were 20 typical cryptocurrency crime cases, mainly including:

1. The Chongqing court has concluded a dispute case involving virtual currency pyramid schemes.
2. The Tianshui police dismantled a virtual currency money laundering gang, involving 13 people.
3. Chengdu cracked a major underground money laundering case involving virtual currency, with a total of 13.8 billion yuan involved.
4. Jilin cracked down on a cross-border virtual currency underground bank case, involving 2.14 billion yuan.
5. Fujian has cracked a virtual currency fraud case, with losses amounting to 387,000 yuan.
6. Heilongjiang has arrested 4 suspects involved in money laundering using virtual currency.
7. Hong Kong has cracked multiple cases involving cryptocurrency fraud and money laundering.
8. The United States has filed multiple large-scale cryptocurrency money laundering and fraud cases.
9. Turkey launched a large-scale cryptocurrency operation, detaining 127 suspects.
10. Malaysia arrests a gang suspected of using cryptocurrency for money laundering

Blockchain Policy

1. Zhejiang has introduced multiple policies to support the application of Blockchain and other new technologies.
2. Hubei promotes the construction of "Credit Hubei" and explores the application of technologies such as Blockchain.
3. Suzhou Industrial Park launches the national-level Blockchain digital bill of lading system
4. Fuzhou Cangshan District creates an MR Metaverse immersive experience project
5. The State Grid released the "Blockchain + Green Power Label" international standard
6. The world's first "Blockchain + Internet of Things Security" international standard led by China has been released.
7. Shanghai "Blockchain + Cross-border Electronic Tax Payment" Function Launched

Digital Assets and Industry Regulation

1. The Brazilian Central Bank plans to formulate regulations for stablecoins and cryptocurrencies this year.
2. The U.S. House of Representatives passed the cryptocurrency bill FIT21
3. Anhui launches the "Wan Jian-2024" special operation, focusing on cracking down on virtual currency and other online pyramid schemes.
4. South Korea's new "Donation Law" prohibits the use of cryptocurrency donations.
5. The Philippines plans to launch a regulatory framework for cryptocurrency asset trading.
6. Indonesia establishes a cryptocurrency assets committee to supervise the industry.
7. The US SEC proposed to establish a "digital securities sandbox" in the UK and the US.
8. South Korea will crack down on market manipulation and other activities in the virtual asset market.
9. Russia plans to impose heavy fines on cryptocurrency mining in residential areas.
10. Switzerland plans to adopt global cryptocurrency tax reporting standards
11. Hong Kong emphasizes that the Anti-Money Laundering Ordinance applies to the virtual asset industry.
12. The Canada Revenue Agency strengthens efforts to combat tax evasion involving virtual assets

Other Important Events

1. The Hong Kong Securities and Futures Commission warns the public to be vigilant of "Quantum AI" suspected of fraud.
2. The Hong Kong Securities and Futures Commission requires that every aspect of the operation of virtual asset ETF products must be licensed.
3. HashKey Group becomes a fully licensed unicorn for virtual assets in Hong Kong
4. The report shows that this year, crypto hacks and fraud have caused losses of $473 million.
5. The Qian Zhimin case: 61,000 Bitcoins may belong to the British police and the Home Office.
6. The President of Colombia is accused of accepting donations from illegal cryptocurrency projects during the election campaign.
7. A U.S. court ordered the seizure of 279 virtual currency accounts containing proceeds from North Korean hacker crimes.
8. The cryptocurrency super political action committee has raised over $100 million for the 2024 US elections.