Crypto Industry Loses IDR 8.3 Trillion Due to Hacking

Previously, according to the latest Immunefi report, digital assets worth USD 52.3 million or equivalent to IDR 851.3 billion (assuming an exchange rate of IDR 16,255 per US dollar) were lost due to hacking and fraud in 21 specific incidents throughout May 2024.

The report stated that this loss was 12% lower than that of May 2023 worth USD 59.3 million or equivalent to IDR 963.9 billion and 28% lower than the loss in April 2024.

Hacking and fraud incidents in May 2024 brought crypto losses throughout 2024 to USD 473.2 million or equivalent to IDR 7.6 trillion. This figure is much lower than the USD 595.4 million or equivalent to IDR 9.67 trillion recorded in the same period last year.

As the report data shows, there are two projects that stand out, namely Gala Games, which suffered a loss of USD 21 million, and Sonnefinance with USD 20 million, which accounted for almost 80% of the total loss.

In addition, there were three other top-ten incidents where attackers took digital assets worth $1 million or more. In the remaining attacks, losses ranged between $540,000 and $300,000.

Just like in April, hackers only managed to attack decentralized finance (defi) platforms. Centralized finance platforms did not experience a single major attack.

Outlining the attacks, Immunefi’s report highlights that hacking remains the most potent attack method for cybercriminals.

“Hacks continue to be the leading cause of losses compared to fraud. A total of USD 50.6 million was lost due to hacking in 14 specific incidents. 7 fraud events occurred in May, totaling USD 1.75 as well,” said the report, quoted from Bitcoin.com , Wednesday (5/6/2024).

Meanwhile, the report also revealed that Immunefi, a security services platform, has facilitated the largest payments in software history. In one of these payments, Immunefi said it helped pay $10 million for a vulnerability found in Wormhole.